Is your loan application rejected repeatedly due to discrepancies in your credit report? And you had tried to rectify those by yourself but you are stuck in this process. Now you are looking for a credit consultant, who can guide you in a proper way to rectify the discrepancy & improve your credit profile. There are many credit bureau consultants & agencies present in India, but you should be aware of a few things before contacting any credit bureau consultant.
Why you should contact with credit Bureau consultant:
Recently, your loan application gets rejected and from the lender, you came to know that you have a default/ negative status in one of your prior loans. And, the lender advises you to rectify the default, after that only they can able to approve the loan. Now, there can be several cases for which you can approach a credit bureau consultant.
Lack of knowledge about credit report:
You have no idea about credit score & credit report. And also, you haven’t that much knowledge in this field, so you can rectify the discrepancy by yourself.
Lack of time:
You have a very argent loan requirement, but you don’t have enough time & patience to rectify the error.
Difficulty of the problem:
Since nowadays, there are many free tutorials & articles are present in the internet. You can get an idea of the rectification process. By following those methods, you have already raised a dispute of the error by yourself to the concerned credit Information company for rectification. But your problem remains unchanged.
You have raised the dispute many times to the credit bureau & lender, but they did not reply properly. Now you are stuck in the whole process. For, those difficult cases, you should contact a credit consultant; because they knew what appropriate ways to solve the issue.
Experience & expertization:
One thing is very true that a credit consultant has enough knowledge & experience to solve different kinds of defaults of a credit report. For example, you have a Suit filed in your SBI loan account. Since this is new to you, it may take a long time to rectify the issue.
But a credit consultant has prior knowledge to deal with SBI and solve these types of problems. So, they will take all possible optimized actions to solve your problem in a short time. (Approximately, 30-40 days). This will definitely help you in your financial urgencies.
Services provided by Credit bureau consultant:
Since credit consultants fix your credit report on your behalf & help you with credit score improvement; that’s they may charge fees for their services. And, the fees will depend on the types of services, difficulty of the problem, number of delinquencies in your credit report. In general, they provide these services.
Credit report pull-out & report analysis:
when you contact a credit repair consultant, first they will request you to send your recent credit report. If you don’t have your credit report, they will pull out your credit report from the official website of the concerned credit reporting company (TransUnion CIBIL, Experian, Equifax, CRIF Highmark). For this purpose, they may ask you to share your KYC documents & contact details.
After pulling out the report, they will review your credit report in detail, identifying any errors or inaccuracies and may ask you a few questions to get confirmation of the exact problem.
Be noted, some of the credit consultants may provide this whole service (Credit report pull-out + report analysis) for free or may charge a basis fee.
Dispute rectification:
After report analysis; If there are inaccuracies or errors on your credit report, they will rectify your credit report on your behalf by contacting the credit bureau & lenders. For, rectification purposes, they will charge a moderated fee. Throughout the rectification process, they will update from time to time about the progress.
Advice about credit score improvement:
Credit repair consultants can provide guidance and strategies to help improve your credit score. They will review your credit history, payment patterns, credit utilization, and other factors influencing your score. Based on this analysis, they will suggest a few steps. By following those, you can enhance your creditworthiness and boost your credit score.
Debt negotiation:
They may also negotiate with creditors or collection agencies on your behalf to manage your bad debts account.
Few things to be consider before contact with a credit bureau consultant:
- Be noted, a credit bureau consultant could not make any changes by themselves. The lending institute, which has submitted the inaccurate information to the CICs, is only authorised to make the changes.
- Before contacting a credit consultant, research about their reputation, and years of experience in this field. And also, check their online presence (Website, google review by their past clients, etc.)
- Tally the service charges between all the credit bureau consultants.
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