So you are one of the score-able individuals in India but your Credit score is lower than 700. You could have had a bad time in past that lead to defaults on your loans that have led to diminishing your credit score. Or you are one of those who have never defaulted but still have a poor score. In both the cases you are at the receiving end where the lending institutions will not be looking at your loan application favorably. What should you be doing?

Should you try to improve your credit score yourself or should you be paying a professional to improve your credit profile? Read on to derive at a conclusion.

What you may be able to do on your own?

1. What you can definitely do is obtain your credit report as the first step. As you may be aware already that you are now entitled to obtain your free CIBIL score and report once in an year.
2. Secondly, upon obtaining the report, you can also broadly identify the anomalies or errors in your report.
3. Third, you can also write to the bureau or to the bank and follow up and try to resolve these errors
4. Fourth, you would also be able to identify if your score is low

What you may not be able to do on your own?

1. First, a credit report is akin to any medical report and comprehending it may not be feasible for you. It also carries certain technical jargons that make it even more difficult for a layman
2. Second, while you will be able to ascertain whether your score is good or bad, you will not be able to ascertain the exact reason for this score
3. Third, you may struggle to write to the right authorities for resolution of errors however, in case of non-resolution you may not be able to figure out the next step
4. Fourth, you may not be able to define the course of action in case the score is low on account of past financial constraints and non-payment of dues in time

What can a credit repair agency or a professional do for you?

Like any other professional, a credit expert will help you in the following:

1. First, will help you understand exactly what does the bureau report mean to you. Having a better understanding on what the report exactly mean to you will make a good starting point
2. Second, it will help you identify and ascertain the course of action to deal with the errors on your report. Now, you may feel that one, how many errors will you have and two, that why can you not have the needful done on this on your own? Simple answer to this is that one of four reports have errors. This makes it 25% of the total reports. The expert knows the process of escalation and precisely lets you know as to how long to wait before escalating it to next level. This would only speed up the process.
3. The credit expert will most importantly draw out a plan for you to regain your credit health. Just like physical health varies from person to person and any improvement plan would be different for different individuals, same credit profile improvement plan would also not fit for all
4. Even more importantly, the expert as part of the job, will follow up with you and ensure that the process started by you does not get hampered or you do not leave it in middle of the progression. This would again ensure that you actually improve credit score as a result of the process

Conclusion

By all means it makes sense to pay for the services of an expert and avail speedy benefits and achieve the objectives in stipulated time frame.

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