Credit scores, three-digit scores in the range of 300 to 900, are an essential parameter used by financial institutions (banks, NBFIs, insurance companies, etc) across the world in determining the creditworthiness of an individual. In India, credit scores are issued by four credit information companies viz, TransUnion CIBIL Ltd; Equifax, Inc; Experian Credit Information Co of India Pvt Ltd; and, CRIF High Mark Credit Information Services Pvt Ltd. A credit report issued by any one or all of these credit bureaus is available to individuals free of cost once per year.
` It becomes more difficult for individuals to avail credit facilities from financial institutions if the credit score issued by a credit information company is low. A low credit score is due to bad credit decision making by the concerned persons. One can make several mistakes during their credit history. However, a step-by-step credit repair process helps persons improve their credit scores and be creditworthy again.
The Iyer and Associates Credit Repair Process (Click to expand)
* Nomenclature as per Credit Information Companies (Regulation) Act, 2005 and Credit Information Companies Regulations, 2006
|Likely issues or problems found in the CCR||Documents needed||Normal time frame||Charges|
|To update accounts after paying overdues||No overdues letter or statement||2 - 3 Weeks||Rs. 6000.00/-|
|Savings or current account removal||SB / CB Passbook or letter or statement||2 - 3 Weeks||Rs. 6000.00/-|
|Stranger or unknown loan account removal||No documents||2 - 3 Weeks||Rs. 6000.00/-|
|Closed loans reporting||Closure letter or statement||2 - 3 Weeks||Rs. 6000.00/-|
|Mismatch in reports between bank and other sources||Copy of report fron bank with control number||2 - 3 Weeks||Rs. 6000.00/-|
|Reporting of renewal of KCC, Overdraft, etc||Renewal letter or statement||2 - 3 Weeks||Rs. 6000.00/-|
|Removal of deliquency remarks like - SMA, SUB, DBT or LSS||Adequete proof that the same was not caused by the client||3 - 4 Weeks||Rs. 6000.00/-|
|Settled / Write off / Suit filed / Closed loans with overdraft removal||No-dues letter or statement or we will get the same ourselves on the condition that you are ready to pay your dues to banks or Credit Institutions if any||3 - 4 Weeks||Rs. 6000.00/-|