Skip to main content

How can Credit Counselling agencies help you?

Download Tax Saving Mutual Fund Application Forms

Invest In Tax Saving Mutual Funds Online

Buy Gold Mutual Funds

Leave a missed Call on

94 8300 8300

 

 

 

In today’s world, credit has become an integral part of our lives - in the form of credit cards, home loan, vehicle loan and personal loans, to name a few. Not only individuals, but corporates also are giving this aspect keen attention. Specialised agencies offer services in various credit-related areas to both individuals and corporates, which can be both beneficial in the short run, as well as make sense in long term financial planning.

Credit counselling for individuals:

Now as you may all know, an individual’s ability to borrow and take credit (including credit cards), depends on his credit score and credit report. These credit reports and scores are provided by the credit bureaus which act as a repository system to store, maintain, update and generate scores based on the data. In India, currently there are four credit bureaus – CIBIL, Equifax, Experian and Highmark that maintain the credit history of all individuals and supply this information to banks and other lending institutions. These lending institutions evaluate an individual’s credit worthiness based on the credit report, score and their internal credit policies.  You, as an individual can also access your credit score and credit report from the credit bureau by paying a fee.

Obtaining and reading a credit report could be easy but interpreting or decoding the technicalities is where the difficult part kicks in! An expert’s guidance and counselling could help a great deal in such situations. Analysing the credit report helps in finding out why you were rejected a particular loan or what are the factors which affect your credit score, either positively or negatively. Credit counselling agencies help you do this. Sometimes, factual errors in the credit report can also affect your credit score and credit counselling agencies can help you resolve this as well.

Credit counselling for corporates:

Credit counselling agencies offer their services across a wide spectrum of activities. There are agencies offering consulting services to new and existing credit bureaus. Agencies also offer their services to corporates to optimize the credit intake, mitigate credit risk through various strategies and also devise policies which bring about an improvement in the credit health of the company. Not only lenders, but corporates in other sectors can also make use of such specialised services. 

 

What you should look for in a Credit Counselling agency:

When you choose a Credit Counselling agency, it becomes necessary for you to divulge all your credit related information to the agency. Hence, it is important to choose a trustworthy agency. Your credit counselling agency is going to take charge of your credit life and facilitate you in improving and rebuilding your credit health. It is therefore important that you choose the agency keeping in mind factors such as:

  • Trained counsellors
  • Domain expertise  
  • Confidentiality of information
  • End – end counselling and handholding

Also make sure to take all advices in writing and also make the agency sign a confidentiality agreement with respect to your personal information.

Different Credit Counselling agencies:

There are many private players which can help you with your credit situation for a fee. Following Reserve Bank of India’s directive, banks have also started credit counselling centres, which generally do not charge a fee for the services rendered. Service centres supported by banks handle cases related to other banks as well, and help individuals in both rural as well as urban areas.

Here, we discuss some popular credit counselling options:

1.       Athena Credit Counselling Private Limited: Known by the name Credexpert, this company offers its credit counselling services to both individuals and corporates and charges a fee for the same. Analysis of an individual’s credit report, developing solutions for score improvement, credit bureau consulting, consulting lending institutions on optimization of credit scores, consulting for corporates on credit related issues,  are offered by Credexpert. There are different packages for you to choose from. The highest package offers execution help for you to improve your credit score and also track disputes. The company also offers support if you are caught in a debt trap or if you find your loan applications getting rejected repeatedly. This Mumbai based company has associated itself with GDS Link which is an international risk solutions provider.


2.       DISHA Trust: The DISHA Trust is an initiative by ICICI Bank and has centres across 9 cities in the country. This centre helps in overall financial counselling for the individual, dealing in various areas such as investment advice, advice about financial products, debt management and general money management. Financial education and financial counselling are thus the two broad areas of service. Please click here to understand more about DISHA Trust.

3.       ABHAY Credit Counselling Centre: Started in 2006 with the support of Bank of India, ABHAY advises individuals to manage their debt situation and also creates public awareness about financial management. The credit counselling centres by ABHAY are present in Mumbai, Wardha, Chennai and Gumla. It is a non-profit setup and the customers are not charged any fee for the advice given. Click here to read more about ABHAY Credit Counselling Centre.

4.       Grameen Paramarsh Kendras: This credit counselling initiative has been started by Bank of Baroda, and as the name suggests, is particularly for the rural community. Financial awareness, information sharing, credit counselling and solving financial problems of rural India are the main services offered. The centres are spread across 52 centres in the country, in various rural areas. Please click here to read more about Baroda Grameen Paramarsh Kendra.

Does it make sense to opt for the services of credit counselling agencies?

Yes, if your low credit score or poor credit history is hindering your loan applications or your financial life is debt ridden and you find yourself spending a bulk of your monthly income in servicing costly debt, then, in the long run, it can do you good to spend some money today and take the advice of experts to manage your credit situation.

For further information contact Prajna Capitalon 94 8300 8300 by leaving a missed call

Leave a missed Call on 94 8300 8300

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

---------------------------------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap FundsInvest Online

      1. DSP BlackRock MicroCap Fund

2.Franklin India Smaller Companies

E. Sector Funds Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF

Popular posts from this blog

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...
Read more

JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund    The new fund offer opens for subscription on 16 th June and closes on 30 th June. JP Morgan Mutual Fund today announced the launch of its open end fund of fund called Emerging Markets Opportunities Equity Offshore Fund. The fund will invest in an aggressively managed portfolio of emerging market companies in the underlying fund - JPMorgan Funds - Emerging Markets Opportunities Fund, says a JP Morgan press release. Noriko Kuroki, Client Portfolio Manager, Global Emerging Markets Team (Singapore), JPMAM said, "Emerging markets have been out of favour for several years, as growth decelerated and earnings struggled. However, in a world of globalisation, we believe that EM will eventually re-couple with DM, leading to the long-aw...
Read more

Nifty F&O

  1. What is a straddle? A strategy using Nifty options usually before a major event or when one is uncertain of market direction. Comprises purchase of a Nifty call and put option of the same strike price. Usually strikes are purchased closer to the level of the underlying index. 2. What is better ­ buying or selling a straddle? It depends.Implied volatili ty of options, or near-term expectations of price swings in an un derlier like Nifty , usually peaks before an event and falls when the outcome plays out ­ like Infy re sults in past years. However, once the event plays out, a sharp rise or fall in Nifty could result in price of the straddle rising ­ benefiting buy ers. But, normally , those who sell or write options charge hefty premiums from buyers in the hope that fall in volatility would ensure the options end out-of-the-money, hurting buyers. 3. So, do straddle sellers end up winning most of the time? Yes. That's invariably the case when market volatility is trending on the...
Read more

UTI Equity Fund Invest Online

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   UTI Equity Fund   Invest Online UTI Equity is a large cap-oriented fund with assets under management worth Rs. 2,269 crore (as on June 30, 2013). The fund was originally launched in May 1992 as UTI Mastergain and is benchmarked against S&P BSE 100. A couple of years back the name of the fund was changed to UTI Equity Fund and many of the smaller funds of UTI were merged into this fund. Performance The fund has outperformed its benchmark as well as the equity diversified category average in the last one-, three- and five-year periods. It has repeated the same in 2013 (as on May 31). Since its inception the fund has delivered an impressive 26 per cent compounded annual growth rate which is superior to its benchmark performance in the same period. Y...
Read more

Good time to invest in Infrastructure Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Good time to invest in infrastructure The Sensex has gained almost 10 per cent from May 15 till date, while the CNX Infrastructure Index has gained almost 17 per cent in the period. The price to earnings ( P/ E) ratio of the BSE Sensex is 18.96; for the CNX Infrastructure Index, it is 24.57. The estimated P/ E for next year is 14.04 for the Sensex. Of the 24 companies that make up the CNX Infrastructure Index, six have a P/ E higher than 20. Does this mean infrastructure is fairly valued? Or, has it run up quite a bit? According to experts, barring stray companies, the infra sector is fairly valued and it is a good time to invest. Even if some companies are facing debt restructuring problems, once interest rates come down and regulatory norms become flexible, they will start giving good re...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now