Consumer, Commercial, Microfinance Credit Bureau - CRIF Is One-Stop Shop Know more about applicant before approving a loan using CRIF's comprehensive credit bureau reports and manage risks early. The reports come with a Credit Score, a statistical score in the RBI recommended range of 300-900, which enables automating decisions. The credit bureau reports are available for Consumer (Individuals), Commercial (Non-Individuals) and Microfinance segment of applicants. Consumer Credit Report and Score Does a Failed Credit Card Payment Pull Down Your Credit Score? Rohan is browsing through his mail. He sees the monthly credit card bill sitting in his inbox, oh-so-proudly. It was his birthday month and his bank gave him a new credit card with a generous limit. And this leads to the crux of the matter: he crossed the planned budget! Now, he is contemplating if he should pay a partial amount this month and the rest next month or leave all of it for the end of the month, when he receives his salary. He thought to himself,What if I miss just one odd credit card payment?
5 Skills Lenders Should Acquire for a Superior Loan Portfolio Management Loan portfolio management is the umbrella term under which a financial institution protects itself from the risks that come from lending. From credit culture and portfolio objectives to loan policy and the allowance for loan and lease losses, a financial institution’s lending practices require management at various levels and in different areas. In times of upheaval, such as that of now, all aspects of loan operations are under pressure, increasing the need for reliance on a sound loan portfolio management program. Constant portfolio monitoring and regular portfolio reviews of the consumer’s ability to pay ensures the creation of better collection strategies. 5 habits to maintain a healthy credit score – Authored Article by Wilfred Sigler Credit score is a three-digit number that stands for your creditworthiness. This means it is used to determine your creditworthiness for loans and credit cards. It also plays a major role in determining your loan terms. So, the interest rates offered, and the repayment standings are all based on your credit score. Creating a credit history is easy. It is important to have a score in place; you should continuously keep a tab on its progress.
Improve Your Collection Efficiency by Use of CRIFs credit solutions Manage your collections more efficiently by use of data, analytical and automation solutions provided by CRIF – reduce your cost and improve collection rates. Predictive Analytics Leverage power of statistics and analytics built on application data, credit bureau data and additional data points to help predict risk and support decisions. ‘Buy Now Pay Later’ could be a game-changer for both, Merchants & Consumers BNPL – which stands for ‘Buy now Pay later’, is a relatively refreshing approach to credit in the increasingly competitive world of financial services. It can be thought of as an alternative to a credit card payment, only here, you neither need to register for a physical card nor do you need a good credit score to apply for one. LazyPay, Simpl, ePayLater, and Zest Money are some of the names that provide this facility.
Credit card industry grows by 44% YoY: CRIF CreditScape CRIF high mark, one of the leading credit bureaus, has released the ‘CRIF CreditScape: Credit Cards’, to dive deep into trends and analysis for insights of the overall credit system in India with data points until December 2019. CreditScape showed the credit card industry portfolio at a remarkable Rs 1,24,390 crore reflecting a 44% y-o-y growth with active cards in circulation at 50.1 million with a 25% y-o-y growth. Borrowers opting for a credit card for the first time increased by 3x in a span of 4 years. Due Diligence plays a critical role in minimizing & managing risk in a business In today's globalized economy, Due Diligence plays a critical role in making a success of a prospective business transaction, whether it be a merger, a contract with a new supplier or establishing a partnership with another company. The sole purpose of the due diligence is to minimize and manage risk before embarking in any kind of cooperation. At the end of the day, your company's standing, reliability, and degree of success, all depends upon selecting suitable and dependable customers, investors and partners.
The least and worst that could happen if you default on your business loan Financing your business is no small feat – it can be a long and tricky process to navigate. It is also a necessary component of the budding Indian enterprises since small businesses depend largely on borrowing money to grow. But this dependence on financing does not come without creating a possibility for small businesses to fall into financial hardship and default on their loans.
Delinquencies in The Credit Card Industry Improved By 5 Bps In 2019 The overall volume delinquency (90-day) in the credit card industry improved by 5 basis points (bps) in 2019 and stood at 0.8 per cent, with private banks improving their performance compared to other card financiers. According to a report by credit bureau CRIF High Mark, “Volume delinquency 30+ (30-day) or private banks improved by two basis points over the previous year while volume delinquency 90+ improved by seven basis points as of Dec 2019. Volume delinquency 30+ for other card financiers remained high, increasing by 14 bps Y-o-Y in Dec 2019, while volume delinquency 90+ remained stable but above 1 per cent in Dec 2019”.
DURASHINE® Color Coated Profile Sheet Job Title: Manager Corporate Strategy Qualification: B.E with MBA from Premiere Institute Location: Pune Corporate Office The Time is Now Ripe to Invest in Cybersecurity As the worldwide lockdowns imposed by the recent COVID-19 pandemic saw a majority of businesses shifting their operations online, the need for a strong cybersecurity platform has become more pressing than ever before. In a typical office setting, a centralized security option would have been enough to cover an office’s Wi-Fi and desktop computers. But are these solutions enough when your workers start working from home? In March last year (2020 – where it all started), the Department of Health and Human Services of the US – arguably the most developed country – was hit by a powerful cyberattack that had the potential to seriously disrupt its systems.
Post Covid-19, Retail Lending to Get A Boost Through Digitization – Authored Article by Navin Chandani In a matter of a few weeks, the world has experienced a level of disruption that is likely to change everything that had been the norm in financial services. Before the COVID-19 outbreak, the lending industry was experiencing steady growth. Despite increasing consumer expectations and increased competition from non-traditional financial institutions, most banks were stronger than at any period since the financial crisis of 2008, backed by the role of technology. COVID-19 has undoubtedly changed the way financial institutions are approaching customer interactions in the future. From the lending journey being a mix of physical and digital processes, there is a swift movement towards complete digital journeys.