Frequently Asked Questions
A credit score is a three-digit number between 300-900 that is calculated using the items on your credit report which represents your creditworthiness as an individual. The higher the score, the more favourable and trustworthy you are to lenders.
An individual's Credit Score provides a credit institution with an indication of the "probability of default" of the individual, based on their credit history. A Credit Score tells a lender / credit institution (typically banks or NBFCs) how likely you are to pay back a loan based on your past pattern of credit usage and loan repayment behaviour.
Credit Information report (CIR) summarizes your history of managing debt and certain other financial obligations. Credit reports are maintained by four Credit Information Companies (CICs) in India, namely TransUnion®, CRIF HIGHMARK®, Experian®, and Equifax®, which compile debt and payment data reported voluntarily by lenders. They’re comprised of among other things:
- Total debt you have today
- Credit accounts you opened in the past
- Your history of repaying debts (on time, late or missed)
Sometimes credit reports may also include your history of rent or utility payments, but the number of landlords and utilities that report payment information to the credit bureaus is very small.
Your credit report might report issues such as:
- Loan defaults
- Settled/Write off Loans
- Disputes
The things not available in a Credit report are:
- Race
- Ethnicity
- Marital status
- Income
- Medical history
- Purchase history
- Bank balances
- Criminal records
- Level of education
Credit bureaus are the agencies that package all of your credit information and provide the credit reports. They then sell that information to businesses inquiring about your credit score and history. The most influential bureaus in India are TransUnion Cibil, Experian, CRIF Highmark and Equifax.
We analyze Credit Information Report (CIR) provided by Credit Bureaus (Transunion CIBIL, Equifax, Experian and/or CRIF Highmark).
Credit Report Analysis helps:
- To understand/highlight area of improvement in CIR.
- To improve & increase Credit Score.
- To improve Credit Score after default.
Our Credit experts will make you understand how to improve your Credit Profile and how to improve Credit Score after default.
Banks calculate your loan eligibility based on the transactions recorded in your bank statement. It provides a complete picture of the financial transactions entered into over a period of time. An in-depth analysis of your Bank statements helps you in managing your finances better.
Bank Statement Analysis leads:
- To identify sources of income and expenditure.
- To understand loan eligibility.
To identify areas of improvement in future transactions.
At times there are erroneous entries in your Credit Information Report (CIR), such as closed loan status yet to be updated, wrong Days Past Due (DPD) data, incorrect address or contact details, etc. We will help you in identifying and correcting these errors with Credit bureaus.
BCB CIP is a comprehensive mechanism individually tailored to the requirements of each individual. The goal of the program is to improve the Credit Score by targeting the areas of improvement in financial history and future transactions. Our program is built on the following principles:
- Transparent and genuine advice: We understand that each individual has different needs and financial constraints/resources. We believe in guiding you but will never make false or misleading promises. Our role is limited to providing you with impactful advice, but the implementation of the same remains your sole responsibility.
- Personalized service: We assign each individual to a specific Credit Expert on our team. The Credit Expert’s role is to understand your Credit history and provide you with the best possible solutions/support.
- Data based scientific approach: Our unique data driven approach helps us in understanding your specific requirements and suggest optimum solutions.
You are unique, and so is your Credit Score composition. Each individual has a different Credit situation, and a lot depends on where you are in the journey. On an average, our members are expected to see results in six months.
We are professionals who charge for a specialized set of services. We request you to consider service-related payments to us as an investment for a better financial future. A relatively small amount today may save you lakhs on future loans and save you from loan rejections.
Sadly, no! Credit Score Improvement depends on your individual profile and cannot be universally guaranteed. However, we do confirm that our team will leverage all the expertise at our disposal to help you reach the credit score you deserve.
The BCB Dispute Resolution service refers to situations where instances of “Settled”, “Write Off”, “Post Written Off Settled” or similar issues are present in your Credit Information Report. We help you by following the under mentioned steps:
- BCB will arrange for the Payable amount from the lender.
- Exclusive repayment options which may include discount/EMI.
- Once paid in full, Credit Bureaus will be updated for clean closure.
BCB’s will refer your issue(s) to experienced lawyer(s) empaneled with us for a speedy, fair and effective resolution.
Credit Builder Loans are designed to promote good financial behaviour and help you establish and/or rebuild a positive payment history. As long as you make payments on time, your loan payments are reported to the national credit bureaus, helping you establish a positive credit history. (If you miss payments, that will reflect negatively on your credit.)
In case you subscribe to the service, BCB will refer your proposal/profile to appropriate Banks/NBFCs for their consideration/approval.