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The CIBIL score is one of the most important factors that determine your financial journey. Lenders attach a lot of weight to your score and credit report while approving a loan or credit application. A low score can detriment your chances by having a very negative effect on your profile. In the case that you have a low score, you must take immediate efforts to improve your score. This way you can enjoy the best credit deals available on the market.

 

So, how do you improve your CIBIL score? Well, apart from the other important financial hygiene steps to follow, you can also use a CIBIL score repair agency.

What is a CIBIL Score Improvement Agency?

A CIBIL score improvement agency, also known as a CIBIL score repair agency, is an institution that aims to help individuals deal with the issue of bad credit. Quite often consumers do not possess the required understanding of the right way to fix their CIBIL score. A credit improvement agency assists customers in filing such disputes.

 

The organisation essentially helps consumers effectively deal with a bad CIBIL score. It also aids to chart out strategies to improve the same. The agency helps consumers who do not understand the requisites for disputing errors in the report to rectify the score by filing a dispute. As a consumer, you will have to provide the institution with a detailed explanation of your debt accounts and supporting documents to dispute the case.

Key Factors to Understand about Credit Repair Agencies

There are certain factors that you must understand about credit repair agencies before you sign up for the service. These include:

  • Credit repair agencies aim to rectify a poor CIBIL score.

  • The agency may charge a fee to contact the credit bureau and point out any errors that are listed on the report.

  • The agency does not hold the authority to fix or edit the information carried in your credit report. It will merely dispute your case on your behalf.

  • The lending or banking institution has to approve the modification before it is considered by the credit bureau.

  • The credit report is a confidential document that is only shared with the customer via the postal address or email address. This is why the credit report is never shared with the agency. Even if there is a modification made in the report on account of the dispute raised by the agency, only the consumer receives the report.

To Conclude

While a credit repair agency may sound like a great service, it is important to choose a reputed CIBIL score improvement agency. An unauthorized agency could lead you to more trouble than lending you the required help. Thus, it is important to verify the authenticity of the agency before enabling them to dispute your case.

 

Also, keep a very close eye out on your CIBIL score and report regularly. This way you will be able to spot the possible errors. Bajaj Markets provides you with a convenient option to download the credit report for free.

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