The covid-19 pandemic is prompting consumers to keep a tab on their credit scores. There has been a 25% increase in the number of inquiries for credit reports in India in June compared with May 2020, according to the data from online marketplace for financial products BankBazaar.com and credit information company Experian.
Opting for the loan moratorium would not affect your credit score. However, it’s important you keep a track on your credit score and check for any errors, especially if you plan to apply for a fresh loan. Here is how you can get a free credit report and keep track of your scores.
69% of Indian consumers believe their data is valuable to businesses says Experian 2020 Global Identity & Fraud Report
Experian recently released the Experian 2020 Global Identity & Fraud Report. One of the key findings is that consumers seem to have a heightened awareness about the value of their information with about 69% of Indian consumers saying they like the changes being made to the customer experience as a result of their data being used.
Information services firm Experian on Wednesday said it is offering free credit reports to its customers in the country for the current year. The Reserve Bank of India (RBI) has mandated all credit information companies (CICs) to provide access to one free full credit report (FFCR), including credit score, once in a calendar year, to consumers whose credit history is available with them.
Dublin headquartered consumer credit company Experian has tied up with Chennai-based technology distributor Redington India to market the former’s software solutions to the banking, financial services and Insurance (BFSI) industry.
RBI cuts repo rate by 40 bps: It is unexpected like rain in summer; regulatory, monetary measures to boost economy, say experts
The Reserve Bank of India (RBI) on Friday slashed its key policy rate for a second time this year in an emergency meeting to counter the economic fallout from an ongoing nationwide lockdown to contain the spread of the coronavirus.
Banks will have to reduce their loan approval rate to 61% from the current 70% to maintain the bad loan ratio witnessed in 2009, a year after the global financial crisis, credit bureau Experian said in a webinar.
Lenders say the larger challenge is to communicate to borrowers the difference between moratorium and waiver. What’s more, experts from the credit rating industry and even bankers say the change in customer behaviour post moratorium may nudge them to revisit their lending strategy.