It is necessary to keep track on your CIBIL report !

Do you know that more than 50% of consumers have errors or mistakes in their credit report?  It will directly affect your credit score because the bureaus use information from your credit files to calculate your credit score. But if you keep checking your credit report then you can easily correct it on time. Here are few steps on how you can keep track on your CIBIL report?

 Get Your Credit Report:
 Get a copy of your credit report and review it regularly, identify changes and any incorrect  accounts information.

Check Your Credit Report for Errors:
Check your credit report very cautiously for any errors —like accounts that are not yours, missed out accounts, loan amounts are incorrect, account balances which are incorrect, showing late payments, etc.

 Report your Errors to the Credit Agency:
If you detect any error in your report, immediately report it to your credit counsellor. Be specific and explain exactly why an item is inaccurate in your report. Remember that  credit agencies receive information from your creditors and then prepare your credit score.

Contact the Creditor:
Call the creditor which is responsible for an error in your report and then let them know that why you are disputing an item which is mention in your CIBIL report.

Wait for a Resolution:
A credit agency can take maximum 45 days to resolve and investigate your dispute against the error in your report with your creditors.

Get Your Dispute Results:
you will get notification from the agency about the investigation results. The error will get removed from your credit report if it is confirmed by the agency.

 Add a Statement of Dispute:
 If an error was not removed and you disagree with the decision, you can add a statement of dispute of up to 100 words to your credit report. That allows you tell your side of the story and future creditors and merchants may take your statement into consideration when evaluating you.

Get your credit report ,renew, revamp and retain your score along with dispute resolution by opting for service packages available at www.cibilconsultants.com

Source: Secondary

Safety tips for credit card frauds !

 Identity theft forms the path way to Credit card fraud. Stay safe and keep your card secure with following tips :

Cut old credit cards and shred papers where you have written your credit card information:

You may be aware of credit card fraud by dumpster divers where thieves dive into trash cans and take out information from thrown away receipts and statements. Therefore it is advisable to shred such statements and receipts into pieces rather than tossing them in the dustbins to save your credit card number from getting in the hands of the dumpster divers. Also, cut your expired/cancelled cards and put them in different bags to thwart thieves from putting it together again.

Avoid sharing your credit card information on-line or phone: 

Many thieves posing as credit card issuers and banks may call you or email you asking for your credit card number. Though they may look or sound genuine, beware of such people they are scammers. Even while paying something on-line, be careful and check if it is secured website before giving out your credit card details. Check for a lock beside the URL to see if the website is safe.

Don’t sign empty receipts:

Always verify the amount before signing the receipt. Also check for any blank spaces on the receipt, if there are- then draw through them as the cashier could write an amount there and get the money from your credit card issuer.

Keep your credit card in safe places:

Always keep your credit card in safe places, tucked away in your purses and wallets properly. Specially take care of them in crowded places and always check your credit card is with you before you leave from a shop where you have used your credit card to pay.

Report stolen/ lost cards immediately:

Report your stolen card to your bank as soon as you can, to save yourself from fraudulent charges made from your account. The faster you will report to the bank, the faster will they freeze your accounts, thus saving you from any further losses.

Review your monthly statements monthly:

Reviewing your reports regularly will make you aware if any unauthorized charge have been made from your account. Even though the charge may be small but it’ll make you aware and you can report it to the bank and avoid credit card fraud.

Credit cards even play a vital role in generation of credit score thus keep your card safe and secure .

Source: Secondary