Credit Rating is the score based on the previous record which enables the banks and financial institutes to provide loan to the individual or companies at a specific interest rate. The basic idea to retain a good credit rating is to pay back all the loans within the specified time period. All the bills should [...]
Credit Rating is the score based on the previous record which enables the banks and financial institutes to provide loan to the individual or companies at a specific interest rate. The basic idea to retain a good credit rating is to pay back all the loans within the specified time period. All the bills should always be paid on time. Sometimes availing a credit card from a bank and then keeping purchasing items through the credit card also enables one to get a good credit rating. All the debts of the credit cards should be cleared as soon as possible and it are preferred that one should keep a positive balance in the credit card itself. Normally a good credit rating is based on the expenditure as well as the ability to pay back the loans that are availed. The number of accounts should always be kept a watch as a minimum number of accounts keep a high amount of savings in the account. Apart from this, if there is any problem in the credit rating, a letter to the credit bureau depicting the problem should be sent. The action taken by the credit bureau is within 14 days.
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