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Having 0 or -1 as credit score is not a crime. We all start our career when we do not have any income, loans or credit cards. However, some bank’s policy may prevent them from issuing loans to individuals without credit track record or with 0/-1 credit score. It is no where mentioned that such individuals will not deserve credit, but they are given second preference to sanction credit in comparison with a person having credit track record. A difference between a fresher and an experienced candidate!

Score of “NA” or “NH” is not a bad thing at all. It could mean any of the following:

1.You do not have a credit history or you do not have enough of a credit history to be scored.

2. You have had no credit activity in the last couple of years

3. You have all add-on credit cards and have no credit exposure

Many banks in India consider above 700 as a good score while evaluating a loan or credit card proposal. What if I do not have any loan or credit card in past? If an individual do not have any loan or credit card till date, he will not have any credit track record. In such case his credit score will be 0 or -1

Even though credit score ranges between 300 to 900, the same is a probability calculation of default by an individual. Lower the score, more probable the individual may default on a particular loan or credit card payment. Higher the score, less probable the individual may default on a particular loan or credit card payment. The lowest score could be anything between 300 to 340 and highest score could be anything between 850 to 900.

CIR of an individual contain details of his loan and credit card accounts and relevant payment track record. Banks and financial institutions in India consider verifying CIR of the loan applicant before sanctioning any loan or credit card. As the reliability of the data presented in a CIR is increasing banks and financial institutions policy guidelines ensure mandatory verification of CIR of an individual. Any discrepancy identified during verification process would result in rejection of loan or credit card application. CIR issued by a credit bureau like CIBIL play a vital role in the sanctioning process of every loan application. Hence, prior to commencement of loan application with a bank or financial institution it is always advisable to obtain your CIR and review the same. What Banks look for in my CIBIL report / CIR? Banks and financial institutions are very concerned about the following aspects in your CIR before sanctioning any loan or credit card: • Whether the individual is making payments regularly with regard to all his past and present running loan accounts and credit cards. Are there any DPDs (Days Past Due) identified in any loan or credit card account in the CIR. • Total outstanding current balance of all your loan accounts and credit cards put together. Whether the individual could make additional EMI payments after considering existing EMI obligations and monthly income. • Are there any newly sanctioned loan accounts or credit cards which result in increased EMI payments on a monthly basis. • Whether the individual is credit hungry by approaching many lenders in a short time and making loan or credit card applications.

No, we will not lend you money or pay off your debts to your creditors. A debt management repayment plan paves way to repay your loan and credit card debts at an affordable rate. If you are not making pavements according to this plan, we will not make any payments to your creditors and they have every right to take legal action against you, not us.

CIBIL report is a Credit Information Report (CIR) issued by Credit Information Bureau (India) Ltd or any Credit Information Company(CIC) established in India. A CIR is a monthly record of an individual’s loan related EMI or Credit Card payment history. Loans include all retail loan products like home loans, mortgage loans, car loans, two-wheeler loans, gold loans, education loans, Loan against deposits etc. and all business loans like Overdraft or Cash Credit, Business Term loans. A CIBIL report or CIR is not a list of defaulters. It is a report of every individual having loans or credit cards whether he is making payments on time or defaulting.

Absolutely, if you get a harassing call after you have started our program, all you need to do is inform your personal counselor and we will put an end to it. Yes, if people get calls after linked with our service, all they need to do is just contact our financial advisors who will make a good end to it.

Yes, in most of times. Also, please note that, there are many factors when dealing with a mortgage company and real estate. So if your mortgage is delinquent, call us immediately. We have many years of experience saving peoples’ homes, and as a result, we are one of the few credit counseling companies who will help with mortgages. If you are behind on your mortgage payment it is better to come to us before you are in foreclosure.

But if your mortgage is offending or wrong, please inform us at the earliest. Because we have many years of experience in saving people’s houses and as a result, we are one of the few credit counseling companies who will guidance in terms of mortgages.

Answer is simple, as similar as the above ones, but here it is a car.

Most creditors will do far more for Absol Services than for any individual. Most will reduce interest, sometimes to 0%, drop late charges and over limit fees. This will make a significant difference as well as how you jumped out of your debt quickly. We make you understand the cibil credit report and also help cibil credit repair.

Let’s say you owe Rs 10,000 in credit card debt and you, like 50% of all consumers, are making minimum payments on credit cards that have an average interest of 21%. It would take you 32-35 years to pay them off and cost you over Rs 50,000.

Absol Services’s clients pay off their debts in 3-5 years, depending on individual circumstances. Not only do most creditors reduce their charges, which greatly speed up paying them off, but when one of your creditors is paid off, we take that payment and send it to the most expensive remaining creditor. That way, your program snowballs to greatly reduce your time in debt.

It completely depends on how your credit card looks like now and how you cibil score is currently. If you have bad credit, Absol services can help in cibil credit repair. If you are lacking or behind on some payments, after getting touch with Absol services, most of your creditors will bring up to date accounts and that can only improve your credit rating. All creditors would rather see you with a credit counseling agency instead of filing for bankruptcy which will make the bankers gain confidence in the client. We further make it very comfortable for the client and also make sure we constantly cibil score check. Though you have better credit while you start the program, initially your credit report may show some late payments during the set up of the program. Also if you stick to the plan, your credit will grow in good shape, showing paid in complete debt and on time payments

Until you have paid your debts in full. If you are making less payments, this will lead to longer time than the original credit agreements and sometimes occur addition interest costs as the credit agreement is longer. However, normally interest charges are frozen when a debt becomes part of a debt management program.

As you are a part of our initial consultation, we will provide you an estimated plan which is affordable to you. Also , Please understand that a debt management plan will not come to an end quickly.

Clearly No, Because You do not make a contract with us. Only a statement that allows us to contact your creditors on behalf of you. Most of our clients get into our debt management program as a temporary measure. For eg, when one member of the household for a period of months is between jobs. When household income returns to previous levels, you can return by paying your debts at the previous rate. This can be done in two ways, directly to your creditors or make increased payments through us

Also you can also discard your debt management plan at any time without charge. But a small request, you want to give us 2 weeks written notice.

It depends on your ability to pay based on your income and essential outgoings, not the total debt or current repayment levels. We tally with your creditors a reasonable amount you can afford allowing for some left over for emergencies.

You will receive a statement from your creditors. This statement will show the paid amounts made by us on behalf of you. Also, you will get a statement every 3 months that shows all transactions on your debt management account with us.

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