What is credit repair?

credit repair

What are the kinds of credit repair services available?

What is credit repair?

Credit repair involves rebuilding your credit health to a level where you become eligible for loans. People typically need credit repair services to help them improve their credit score and undo the damage done to their credit health because of faulty financial behaviour in the past.

How do I know if I need credit repair?

In general, if you have a credit score of less than 750, it is advisable to seek professional help to improve your score and prevent rejection of your loan applications in the future. Any rejection further decreases your score as it implies that lenders have turned you down because of your poor credit history.

What are the kinds of credit repair services available?

There are several ways of resolving credit problems, depending on each individual’s situation. CreditMantri, for instance, offers a free credit report and credit health check that identifies the customer’s problem areas and makes recommendations for improving the credit score. If you do not have the time to follow up on the recommendations yourself, you can opt to have help in executing them. For example, if there are errors in your report, CreditMantri will file a dispute with the credit rating agency on your behalf, and follow it up until it is resolved.

Similarly, you could increase your credit score by availing of a secured credit card against a fixed deposit to ensure that you do not miss any payments on your credit card account. This is one way to ensure that your score does not drop due to delayed or missed payments.

How long will it take for my score to improve?

Depending on the extent of your credit issues, it can take up to 6-8 months to reach a stage where you are loan-eligible. Those with relatively minor issues can rebuild their credit in a much shorter time frame. A score in the 600 range will naturally take less time to improve than one in the 500 range.

Rebuilding your credit is not an impossible task. Though there is no magic wand that will instantly fix all your credit issues, all it needs is a certain amount of commitment and perseverance to achieve your credit goal.

CreditMantri offers a range of tailored services that will help you improve your credit score and general credit health. The experienced team can identify your credit issues and help you turn around your credit profile in the most efficient and effective way possible.

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Comments (21)

Anonymous


Commented on 20, March , 2016

It is excellent, some times completed loans are also exhibiting in the cibil, more so some banks issueing credit cards and on same financial grounds some are rejecting,, we dont know how to over come this situation. Now this facility is useful. Good service.

Anonymous


Commented on 18, March , 2016

very commendable sir..keep it up

Anonymous


Commented on 16, March , 2016

I got valuable information

Anonymous


Commented on 13, March , 2016

Valuable information on what is meant by Credit Repair.

Anonymous


Commented on 11, March , 2016

Nice piece of information.

Kathirvel


Commented on 11, March , 2016

very good options and details

Anonymous


Commented on 15, February , 2016

Very nice kind of suggestion for future credit planning

Anonymous


Commented on 9, February , 2016

Very good and simple analytical writeup for people at large.

Anonymous


Commented on 2, February , 2016

Useful

Anonymous


Commented on 6, January , 2016

Like

Anonymous


Commented on 6, January , 2016

I am senior citizens so could not loan or credit card even though I am income tax payer plz.let know policy of bank or financial institutions. Thanks

Anonymous


Commented on 31, December , 2015

Yes. You should clear your loan arrears first and continue to make prompt payments on your installments. This automatically improves your score over time. On average, it takes 4-12 months to reach a stage where you can become loan-eligible. If your score is between 650 and 700, it will take a few months to reach 750. If your score is less than 650, it will take more time.

Anonymous


Commented on 31, December , 2015

Hello, You can reach out to CreditMantri at care@creditMantri.com or you can also call @ +91-72999 10805.

Anonymous


Commented on 24, December , 2015

Could we improve our credit score by making prompt repayment of our loan installment as well as loan arrears?

Anonymous


Commented on 26, December , 2015

Good thing tkt come out from our past

Anonymous


Commented on 26, December , 2015

How to contact creditmantri ??

Anonymous


Commented on 30, December , 2015

So what are the charges of your company

Anonymous


Commented on 17, December , 2015

That's true

Anonymous


Commented on 15, December , 2015

It's true

Anonymous


Commented on 12, December , 2015

Thanks a million for this writeup

Anonymous


Commented on 22, November , 2015

Im Joseph. Due to some dispute in my Standard Chartered Bank cc my score has gone low. Now its more than 4 months but the bank hasnot reached any conclusion.

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