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Credit Score On This Page: A Beginner’s Guide

What Is It?

Although the firm you want to cooperate with has the best of intentions, that doesn’t mean they have the necessary experience to accommodate you. Credit repair can be a complicated process at times, and the repair company you work with should have a strong understanding of how to deal with any contingencies that may arise.

You will get a good idea of what you should expect to pay by researching and comparing repair fees between companies. This will directly help you rule out any companies charging exorbitant fees for the same quality of service as their competitors. You can visit this page to know more.

The Types

The Reserve Bank of India currently approves four major credit bureaus in India. They publish their credit ratings:

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  • CRIF Credit Score
  • Experian Credit Score
  • CIBIL Score
  • Equifax Credit Score

What Constitutes A Good Credit Score?

While each bank and lending institution calculates its score differently, each score factor:

  • Your track record of timely debt repayment.
  • The total amount of loans you currently owe.

These factors account for 65 percent of the FICO credit score.

Credit card companies and banks may take into account factors other than your credit scores, such as your previous interactions with debt products, your income, and whether you have a history of overdraft charges or small account balances.

How Fast Does It Gets Updated?

Before it can update your credit score, the credit bureau must first receive the information from the bank or lender.

These factors account for 65 percent of the FICO credit score. You can go to this page to know more.

Generally, your balances and on-time or late payments are updated briefly after your bank generates your monthly statement. So, if you pay off a credit card, it could take up to a month before it appears on your report and is factored into your score.