{"id":68,"date":"2018-07-17T02:40:13","date_gmt":"2018-07-17T02:40:13","guid":{"rendered":"http:\/\/biatconsultant.com\/blog\/?p=68"},"modified":"2018-07-17T02:40:13","modified_gmt":"2018-07-17T02:40:13","slug":"why-is-your-credit-report-important","status":"publish","type":"post","link":"https:\/\/www.biatconsultant.com\/blog\/why-is-your-credit-report-important\/","title":{"rendered":"WHY IS YOUR CREDIT REPORT IMPORTANT?"},"content":{"rendered":"

When we go for financial advice, first thing we get is advice about checking the\u00a0credit report. But what is credit report? And why is it so important? Let\u2019s find
\nout!
\nWhat is credit report?<\/strong>
\nCredit report is the report of all your borrowings. It contains details about all
\nyour current and past loans, credit cards. It sums up the entire details of your
\nlife regarding loans and credit cards. It contains a 3 digit number ranging from
\n300 to 900 which is assigned by the credit bureaus. It is similar to grading of
\nyour credit history as good, average and bad.
\nWhat is considered a good and bad credit report?
\nA good credit report shows all the positive feedback of your credit history. If
\nyou have a score more than 700, then you are considered to have a good credit\u00a0report. A good credit score mean that you have paid all you instalments timely.<\/p>\n

However, less credit score ranges from 300 to 500. If you have a bad score
\nthen it means that you have not paid instalments at proper times. If a person
\nhas a credit score ranging from 500 to 700, then he has moderate credit score.<\/p>\n

Why is credit report essential?<\/strong>
\nCredit report is essential if you want to take a loan or want to take
\nresponsibility to pay someone else\u2019s loan. The banks check that you have a
\ngood credit score or not and accordingly they allow you to take loan. Let us
\nlook at some points and understand why credit report is important.
\n\uf0b7 Approval for your loan is much simpler with good credit report as the
\nbanks trust the person who has good credit score
\n\uf0b7 Lower Interest rates are available for loans
\n\uf0b7 You are able to negotiate better loan terms
\n\uf0b7 You can easily get best credit cards.
\nWhen you are co-signing a loan for you relative or friend, it is essential to have
\na good credit score because the co-signer is responsible for paying the loan or\u00a0credit if the loan borrower fails to pay. So this is very essential when someone
\nis co-signing.<\/p>\n

Why it is important to check your credit report regularly?<\/strong>
\nIt is important to check the report regularly because it is updated periodically
\nby financial institutions. There are various benefits of checking your credit
\nreport regularly. Some of them are:
\n\uf0b7 You will always know the credit score so there is no need to worry
\nabout.
\n\uf0b7 If the credit score is decreasing, you can always increase it by paying the
\ncredits timely.
\n\uf0b7 You can correct the errors if there are any in your reports. This may
\nimprove the score if your error is corrected.
\nInference
\nAs we can see how much the credit report is valuable in taking financial
\ndecisions. You must consult a chartered accountant before taking any financial\u00a0decision. These are designated people that will guide you to take better\u00a0decisions. Maintain a good credit score and it will assist you in taking financial\u00a0decisions like taking a loan etc.<\/p>\n

 <\/p>\n

BIATconsultant<\/a> is providing financial consultant<\/a> to small , medium as well as large enterprises since 2004 .<\/p>\n","protected":false},"excerpt":{"rendered":"

When we go for financial advice, first thing we get is advice about checking the\u00a0credit report. But what is credit report? And why is it so important? Let\u2019s find out! What is credit report? Credit report is the report of all your borrowings. It contains details about all your current and past loans, credit cards. … <\/p>\n

Continue reading “WHY IS YOUR CREDIT REPORT IMPORTANT?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":69,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[26,21,33,32],"class_list":["post-68","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-financial-advisory-service-in-india","tag-financial-advisory-services","tag-financial-consultant","tag-financial-consultant-in-india"],"yoast_head":"\nWHY IS YOUR CREDIT REPORT IMPORTANT? - Business , Financial & Legal Consultant In India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biatconsultant.com\/blog\/why-is-your-credit-report-important\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WHY IS YOUR CREDIT REPORT IMPORTANT? - Business , Financial & Legal Consultant In India\" \/>\n<meta property=\"og:description\" content=\"When we go for financial advice, first thing we get is advice about checking the\u00a0credit report. 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