Millennium Credit Solutions is a pure Indian based CIBIL Consultant company made for Indians. It continues to grow its relationship base and develop innovative products to help consumers better understand their credit. It helps an individual and non individuals to manage clean credit, Clear bad/Inaccurate credit, assist in loan offers and automate / easy decision making to lenders. It also give consumers quick, easy, and fast access to their credit reports and provide clean error tracking report. We provide customer with credit reports, credit resolution, credit monitoring, and other credit related information services about CIIBIL Consultation.
Now days the banking segment is the one where most consumers begin their financial journey. And it has been observed that though the industry has seen a rapid growth, its consumer is still not powered with knowledge. The word 'consumer Knowledge' is hardly taken in the right spirit. For those who sell certain banking products, an educated consumer can put customer supporter in awkward position. However Consumer education makes consumers buy, settle, close loans at right price, which helps the banking institution grow in the future. A financially literate consumer can use better banking services for his benefits, his family benefits and frequently the growth of the society.
The score tells a lender about your creditworthiness, i.e. both the ability and willingness of a borrower to repay a loan they have availed of. Higher the score better are the chances of your application being reviewed favourably. Once the loan is approved, a higher score is more likely to get you the loan at the most competitive interest rates and other terms and conditions. A low score on the other hand triggers a red flag for a lender, because someone with a score below 500 is likely to be insolvent, or at the very least unable to handle credit well. In such cases a lender would not want to extend fresh credit facilities, because the chances of repayment look dim.
What you do need to keep in mind is that lenders do not review a CIBIL score in isolation and that they assess an application in totality and take into account other factors such as income, expenses and any other fixed commitments you may already have. That said though, a CIBIL score still plays a very crucial role in the process as it is the first things lenders take into account and it therefore becomes important to maintain a good score and understand how to increase CIBIL score over the long run.
There could be various reasons for a loan application being rejected. These can be broadly categorised into to the following:
Poor payment history — Making late payments or defaulting on EMIs are a sign of financial trouble, which are viewed negatively and affect your CIBIL Score.
Indiscriminate use of credit — while a high usage of credit will not directly affect your score, an increase in your current balance is a clear indication of an increased repayment burden and this could affect your score for the worse.
A higher share of unsecured loans — a relatively high share of unsecured loans, such as auto and/or personal loans, is likely to have a negative effect on your score. It is best to have a mix of secured (home loans) and unsecured loans.
Opening of new multiple accounts — if you have recently applied for multiple credit cards and/or opened personal loan accounts, it is most likely that your lender will look at your fresh application with a certain level of concern. Multiple accounts indicate an additional debt burden and would surely affect your score, which in turn could lead to your application being rejected.
Carelessness while closing an account – Sometimes while closing an account the account holder does not complete all the formalities and procedures or leaves a small balance pending due to oversight. This account, which is still reflected in the account holder’s outstanding obligations, has a negative impact on the CIBIL score.
Guaranteeing a defaulter – Quite often as a goodwill gesture, we sign as guarantor to a friend or acquaintance. Guaranteeing should be a financial decision and not an emotional one as any default on the part of the borrower will impact your score adversely.
Negative remarks on your credit history – It goes without saying that remarks such as ‘Written off’ or ‘Settled’ on your CIBIL report, with regard to previous borrowings, send a bad signal to lenders.
HOW CAN YOU IMPROVE YOUR CIBIL SCORE?
It may not be very difficult to improve a CIBIL Score; all that you need to do is be conscious about the following points.
Pay-up — Make payments not whenever you feel like or when you have a healthy balance in your account but on time. Late payments are a definite no-no and are frowned upon by lenders.
Low financial leverage — Keep your borrowings and credit requirements to a minimum. The tendency to apply for a loan has to be curbed. Ask yourself if you really want that loan or the required amount can be raised from other sources. Take a loan only when you really need it.
Mixed borrowings — Maintain a healthy mix of various loans (home, personal, auto, etc.). A marginal tilt towards a home loan (secured loan) could be beneficial. However, ensure that the balance is not highly skewed.
Keep it correct – Due to some miscommunication or oversight, if there are mistakes in your personal account or credit card records, communicate with the lender immediately and make sure that these are corrected; else for no fault of yours, your CIBIL score will suffer.
Don’t allow defaults on joint account payments and don’t guarantee someone who may default on their payments — such actions could be as damaging to your CIBIL Score as non-payment on any of your own accounts.
Coimbatore is the third largest city in Tamilnadu, With a population of more than 15 lakhs. There are more than 30,000 tiny small, medium and large industries and textile mills. The city is known for its entrepreneurship of its residents. The climate is comfortable round the year.
Coimbatore also known as Kovai, is the second largest city of Tamil Nadu. It is the administrative headquarters of Coimbatore District. Known as Manchester of southern India, it is also a part of the Kongu Nadu region of Tamil Nadu.
Due to the presence of the mountain pass, major parts of the district benefit from the south-west monsoon in the months from June to August. After a warm, humid September, the regular monsoon starts from October lasting till early November. These monsoons are brought about by the retreating North-eastern monsoon. The average annual rainfall is around 700 mm with the North East and the South West monsoons contributing to 47% and 28% respectively to the total rainfall. Although this rainfall is not enough to sustain the needs of the city for the entire year, small rivers like the Siruvani and Atthikadavu fulfil the city's water needs. The Siruvani water is the second sweetest water in the world. This is because of large numbers of Amla trees present in the mountains where the Siruvani river originates.
Coimbatore, the second-largest industrial city in Tamil Nadu (after Chennai), prides itself on being “self-made”. It doesn’t have the patronage of a single public sector undertaking, and yet it has grown into an economic powerhouse –– from engineering, to textiles to jewellery to education to hospitality to IT services –– on the strength of its entrepreneurial spirit. The city now seeks to build on its position as a pre-eminent economic hub by focussing on creating plug-and-play infrastructure for manufacturing, with a continued thrust on talent development to attract and nurture talent and to build on ongoing State and national initiatives while improving on the ‘ease of doing business’ indicators.
They used to call Coimbatore the 'Manchester of the South', because of the thousands of textile looms that dotted her landscape.
Then it became India's Detroit after the automobile ancillary industry mushroomed in the '70s. Today, it's being called 'mini Japan', in tribute to the new industries moving into town: electronics, plastics and domestic appliances among others.
Those adulatory appellations have been hard-earned - with little help from the state Government and in the face of considerable disadvantages. For instance, the ample supplies of cotton which nourished Coimbatore's industrial infancy are now at an end.
The area around the town provides just one month's supply every year; the rest has to be brought in from Gujarat and Maharashtra, pushing up the cost of manufacture. Similarly, the town's engineering industry faces a year-round shortage of pig-iron.
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