Do you ever wonder why your credit card application got rejected or why your gadget loan request got disapproved?
Well, your bad records might probably be getting in the way of things.
Available data gives someone the right qualifiers to identify and verify a person. Whether it’s for loan validation, score-card rating or simply applying for a credit card, one’s credit performance and verification results become crucial in the whole credit investigation process.
Now, the question all boils down to, how does one manage his/her credit performance to generate a better rating?
Payment behavior for one is a big factor in the credit performance of a person. Habits like paying on or before the due date, maintaining good standing with enrolled bank accounts, and paying of utilities on time are some of the best ways to manage one’s credit performance.
Evaluating the credit performance of an individual is highly useful in mitigating risk. The risk for one is a big issue that needs to be addressed. Credit scores play an important role in mitigating risks and continuous tests and development should be exercised by banks and financial institutions to ensure that generated scores are reliable and up to standard.
CIBI customized products like KYC as part of its products and services to help FinTechs and other sectors in assessing applicants and to avoid fraud accounts. Whenever we cross-check individuals or corporations, our vast database holds reports and even negative records that allow us to capture reliable background check reports for individuals and businesses.
So the next time you missed your payment and other bank loan transaction bear in mind that this will have an effect on your credit performance. Now, it’s high time you check your financials and monitor your budget wisely.
For more details, here’s a quick video from CIBI.