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How to choose the best credit monitoring services for you?

Posted on by Credit Triangle
Personal Finance

When it comes to managing your personal finances, one of the most important things you can do is keep track of your credit score.

Your credit score plays a major role in everything from getting approved for a loan to renting an apartment, so it’s important to stay on top of any changes or fluctuations. That’s where credit monitoring services come in – these tools can help you keep tabs on your credit score, alert you to any suspicious activity, and give you insights into how to improve your credit over time. But with so many options on the market, how do you choose the best credit monitoring service for your needs?

Here are a few key factors to consider:

  • Features

Different credit monitoring services offer different features, so it’s important to think about what you need most. Do you want a service that will give you daily credit-score updates? One that offers identity theft protection? Look for a service that offers the features that are most important to you.

  • Price:

Credit monitoring services can range from free to several hundred dollars per year, so it’s important to consider your budget. Keep in mind that the most expensive service isn’t always the best – make sure you’re getting good value for your money.

  • Reputation:

Do your research and read reviews from other customers to get a sense of the reputation of the credit monitoring service you’re considering. Look for a service that has a track record of reliability and customer satisfaction.

  • Customer support:

If you have questions or concerns about your credit score, it’s important to have access to good customer support. Look for a credit monitoring service that offers multiple ways to get in touch with support, and make sure they have a reputation for being responsive and helpful.

  • Ease of use:

Finally, consider how easy the credit monitoring service is to use. Is the website or app user-friendly? Can you easily access your credit score and other important information? Look for a service that is easy to navigate and won’t add unnecessary stress to your financial management routine.

Conclusion

By considering these factors and doing your research, you can choose the best credit monitoring service for your needs and keep your credit score in great shape.

To understand More click on the link for credit score knowledge.

Blog/CIBIL/Fix credit/Online credit repair/ways to build credit score

How to Use Credit Monitoring to Track Your Finances

Posted on by Credit Triangle
Credit Triangle

Benefits of Credit Monitoring

Credit monitoring tracks changes in a borrower’s financial behavior to alert lenders of potential fraud and changes to creditworthiness. It protects against identity theft, where personal information is stolen and used without permission. Credit monitoring detects different buying patterns and sends alerts to the credit card holder if a stolen credit card is used.

Helps in planning your finances well in advance

Not managing and planning your finances can make effects delicate in the long run. It’s one of the biggest reasons behind a low credit score. A credit monitoring service will warn you about the changes to your credit score and this knowledge will help you in giving a better understanding of how your fiscal conditioning is affecting your score. It’ll also help you to make better fiscal opinions. Besides this, you’ll also be suitable to estimate your credit health, all about your fiscal conditioning, identify the wrong areas, and how you can apply corrective measures. 

It can help you to help identity theft

Identity theft is a veritably serious problem that can fluently go undetected if you do not pay close attention to it. The longer the fraud persists, the worse your credit report and credit score will get. To avoid such a situation, you can take the help of credit monitoring services to fix your credit with the credit reporting agencies in lower time. To mileage of this service, you would need to pay a lot of redundant bucks to the credit monitoring companies to get similar information. 

You can customize cautions

Some credit monitoring companies give you comprehensive services. You can customize the reports, announcements, and cautions that you’ll admit. For illustration, you can choose to give an announcement whenever there is a particularly suspicious purchase on one of your credit cards, or if you are applying for any loan, they can shoot you information on the stylish rates depending on your fiscal demand and condition. 

Effects of Credit Monitoring on Your Credit Score 

Credit monitoring does not have any negative effects on your credit score. A consumer’s credit scores do not change if they access their own credit reports. A “soft pull” or “soft inquiry” occurs when a credit report is reviewed; this means that the review will only be visible on a personal credit report. A “hard inquiry” will be added to a consumer’s credit report when they apply for loans or credit cards. The lender will look at the applicant’s credit report. Hard inquiries are sent to other lenders because they could be a sign of new debt that doesn’t yet appear as an account on your credit report, which hurts your credit score. At least once a year, everyone should check their reports. Good credit management includes it.

Blog/Online Security

What to Do If You Suspect Identity Theft

Posted on by Credit Triangle
Identity Theft

In today’s digital age, identity theft has become increasingly prevalent and devastating. With a few clicks of a button, criminals can steal your personal information and wreak havoc on your finances and credit score. If you suspect that you may be a victim of identity theft, don’t panic! There are several steps you can take to protect yourself and minimize the damage. In this blog post, we’ll discuss what to do if you suspect identity theft and provide practical tips for safeguarding your sensitive data. 

First and foremost, you need to take action right away when you notice any suspicious activity with your finances or credit. This includes contacting the proper authorities and financial institutions if necessary. It’s important to note that some states have their own consumer reporting agencies.

Next, you should consider signing up for an identity theft protection service that can monitor your personal information for suspicious activity. These services can help you keep tabs on your credit score, alert you of any changes in your profile, and provide advice on what steps to take if there is a breach of security. 

Finally, now is the time to review the safety practices you have in place for protecting yourself from identity theft. Be sure to make a list of all of the personal information that is stored on your computer and devices so that you can clean up any weak spots in your security system. Additionally, it’s important to regularly update passwords, avoid public Wi-Fi hotspots whenever possible, limit who has access to sensitive data, and never click  on unknown emails or links. All of these practices can help you stay one step ahead of cybercriminals and protect yourself from identity theft in the future.

Blog/Credit Bureau/credit card/Online Security

What is Financial Fraud and How to Prevent it?

Posted on by Credit Triangle

As technology improves and develops at a quicker pace, accessibility becomes easier and more convenient. However, there are a few drawbacks associated with this; having everything available to us online has made us vulnerable to online scams and fraud. These risks are even more alarming when scammers target our finances.

The term “Financial Fraud” essentially encompasses any fraudulent transaction undertaken using debit, credit, or prepaid cards. Cardholders around the globe run the risk of experiencing such unauthorized activities, and each type of card may face a unique challenge.

How to Safeguard Against Financial Fraud?

Financial Fraud occurs when one causes a financial loss to someone by stealing or causing any harm to one’s financial standing through illegal means. Such a crime may be accomplished using a number of methods, including identity theft, investment fraud and card cloning.

In order to safeguard oneself from such a mishap, it is essential that one takes a number of steps to create a secure barrier.

First, Keep Your Cards Safe. Store or place them in a location that others, including known individuals, cannot individually access.

Secondly, Monitor Your Transactions. Periodically go through your bank statement and/or credit card statement to verify activities and transactions that may reflect there. Also, always link your phone to your cards as it is easier to get an alert in times of an emergency.

Thirdly, Double Check Your Online Transactions. If you have transacted online, you should spend time keeping track of them and verifying them periodically. Always use sites with a secure payment gateway. Never let the site save crucial data pertaining to your card or your CVV number.

Finally, Create A Strong Password. Your online presence is only as strong as you password. Try using a group of words instead of a single word. Also, use special characters and numbers to strengthen your passwords further.

Card Fraud continues to affect millions of people worldwide. However, it is completely avoidable. A few simple steps in ensuring safety and security can go a long way in protecting you and your family from fraud and other malicious activities.

Blog/CIBIL score

Getting loans with a low credit score

Posted on by Credit Triangle
low credit score

A less than perfect CIBIL score can leave you wondering whether a bank would give you a loan or approve your credit card application. While it is indeed tougher than it would be with a higher score, you’ll find that it’s not impossible. 

Don’t panic if you have a low credit score that is less than perfect. While it may seem difficult to borrow money with bad credit, read on to know how you can avail of a loan even under these conditions.

What is a credit score?

Banks bank and other financial institutions gauge your credit worthiness through your Credit Score. It is a 3-digit number that ranges from 300 to 900 and is a barometer of your credit health. A score of 750 and above is considered to be a good score, indicating that lenders will look at your loan application favorably. 

A low credit score, puts your financial health at risk. That itself is reason enough to work on improving the score. Improving one’s credit score requires time and patience. 

The lending process with a low score

Given that your CIBIL score is not the only parameter that a lender considers when approving a loan, you can negotiate to get the best deal even if your credit score is low.  There must be a few factors in your financial profile which are stronger despite a low credit score. You just need to capitalize on that.

Good earning potential: 

While a lender may approve your loan application, it would be at a higher rate of interest than for someone with a good score. Of course, the bank would also look at your current employment details as well the loan amount you have requested for. Someone with unstable employment history, which would mean fluctuating income levels, may not be given the entire loan amount. A lender would evaluate income and the type of loan (whether secured or unsecured) as well as the loan amount before taking a decision.

If you have stable income with good earning potential, it is likely that the lender may approve your loan, despite a low credit score.

Tips to get a loan with a low score

Here’s how you can get a loan even with a low credit score:

  • Consider an NBFC: A bank may not be as flexible with their approvals as an NBFC. Consider applying to one, but do keep in mind that the rate of interest might be higher here. Compare all available options to get yourself the best deal.
  • Consider alternate lending solutions: Peer-to-peer or P2P lending websites provide small ticket loans, often without collateral to a profile with a low credit score. Besides paperless disbursals and flexibility in terms of loan tenure, these platforms also offer competitive interest rates. 
  • Improve your credit score: Don’t let your credit score become a regular part of your financial life. It’s ideal if you can work towards building your score before applying for the loan itself, but if not, work on improving it over a period of time.
  • Apply with a guarantor or co-applicant: Get a co-signer or co-applicant on your loan application. If they have a strong credit history, your application is more likely to go through. However, this means that the person signing for you is equally responsible for loan repayment.
  • Opt for a secured loan: If you have a low credit score, then banks may still provide you secured loans wherein you would be expected to pledge collateral or security. These collaterals include shares, property, fixed deposit, gold and many other assets. A lender is more likely to approve the application since they know they can repossess the asset in case of a loan default. 

The bottom line

While keeping the above tips in mind, it is important that you start working on your credit score, since it largely determines your financial future. Take the necessary steps to improve and build your credit score. Rectifying your credit health will take time but is the best way to avoid loan rejections in the future. 

Credit Triangle is a one-stop solution for all your credit and finance needs. We help you with credit health management, repair and improvement.

Blog

Side Effects Of Multiple Credit Cards

Posted on by Credit Triangle
Multiple Credit Cards

With the significant rise in credit card usage, credit card companies come up with tempting card offers for investors, by offering freebies and exciting perks. Customers already possessing credit cards, often find themselves taking up such offers and ending up with multiple credit cards. Having multiple credit cards can either help or hinder your credit score, depending on how well you manage them. 

Let’s understand what are the benefits and pitfalls of having multiple credit cards:

Why would one need more than one credit card?

Credit Limit: With each new credit card you get, your credit limit increases.  Having more than one credit card can actually help your credit score by making it easier to keep your credit utilization ratio low. If you feel that your credit limit on the single card doesn’t suffice, then you may need more than one card. Multiple credit cards help you afford not only your everyday purchases but also your emergency expenses.

Nevertheless, remember, if you have a good payment history, credit card companies reward you by enhancing your credit limit, which may eliminate the need to go in for an extra card. So make sure you make your credit card payments on time- the benefits are manifold. 

Improves credit score– The only key to having a good credit score is to use your credit card effectively. Those who have several credit cards and are still able to make all payments on time, are likely to have a good credit score. This would also increase their credit worthiness and open access to more credit opportunities.

Convenience: At times, merchants do not accept all cards, for example, some may accept only Visa or MasterCard. So if you have only one card, you may face inconvenience. Additional credit cards work as financial backup for emergencies.

More rewards and cashbacks: Each credit card offers its own benefits and rewards. There are some cards which provide maximum privileges or a good deal if used for a particular purpose. Travel credit cards offer benefits for travelers, while a fuel credit card offers benefits to daily commuters. Multiple credit cards give customers access to more card-related perks and benefits, which may be in the form of cashbacks and rewards. Choosing the right mix of credit cards involves taking a look at where you spend most of your money. 

What are the drawbacks of having multiple cards?

Risk of missing payment dates: Maintaining a clean credit history is increasingly important. The probability of missing a payment date is higher if you possess several credit cards as you will have to keep track of the payment date of each of the credit cards. If you default on your payments, your credit history will be get affected, which will adversely impact your credit score and your ability to get loans in the future.

Increased debt: Having access to more credit can often be tempting. Credit cards give you purchasing power, and if you are impulsive, then having multiple cards can prove to be a recipe for disaster, as you may spend without thinking of your repayment capability. If cardholders are not cautious, it can easily lead to overspending and accumulation of debt.

Effort: Managing credit cards is an effort because it requires a proper schedule, which you need to figure out and keep a tab on. You need to keep track of the payment dates, the interest free period and the credit limit. This can get overwhelming and missing the due date for even a single payment can have an effect on credit scores.

There is no clear cut method that determines how many cards are enough. One may not suffice, because you need a backup. At the same time, having too many cards requires you to act responsibly, so that you do not tarnish your credit history and find yourself in a financial mess. So the next time you receive a call for a credit card, ask yourself whether it adds any value for you and whether you will be able to manage it responsibly!

Credit Triangle is a one-stop solution for all your credit and finance needs. We help you with credit health management, repair and improvement.