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Securing your financial future starts with understanding your credit health. After all, your three-digit credit score determines how you are perceived by lenders and your credit opportunities.
Online Credit Pass
The Credit Pass by Bajaj Finserv, powered by CIBIL, is a handy tool to gain insights into your credit score and creditworthiness. With two affordable subscription plans, it can guide you on the path to financial prosperity.
Why Is It Important
The Credit Pass allows you to check your CIBIL score every month without impacting it. This helps you keep tabs on your score as you take steps to improve it. The personal dashboard gives you an at-a-glance summary of your loans and credit cards.
The in-depth Credit Health Report provides insights into factors impacting your creditworthiness. You can track details like repayment history, credit utilisation percentage, credit mix, etc. The Credit Score Simulator, a Premium tool, even makes predictions to help you manage your credit health proactively.
Credit Pass Registration
Signing up for the Credit Pass is quick and straightforward in a few easy steps:
- Visit the Credit Pass page on the official Bajaj Finserv website
- Click on ‘SEE YOUR CREDIT PASS’
- Enter your mobile phone number and verify with an OTP
- Share some basic personal details (name, PAN, etc.)
- Select your preferred subscription plan and pay the fees
With subscription plans starting at just Rs. 59 for 6 months, the Credit Pass is wallet-friendly in comparison to recurring CIBIL Membership fees.
Troubleshooting Common Issues
- Addressing Errors On Your Credit Report: Addressing errors on your credit report is crucial for maintaining an accurate financial profile. Start by obtaining a copy of your credit report from all major credit bureaus. Carefully review each section for inaccuracies such as incorrect personal information, accounts you didn’t open, or erroneous late payments. Dispute any errors promptly by contacting the credit bureau in writing, providing documentation to support your claim. Follow up to ensure corrections are made and reflected in your updated report. Regular monitoring of your credit report helps catch errors early and protects your financial reputation.
- Dealing with Identity Theft or Fraud: Identity theft and fraud can wreak havoc on your credit and financial stability. If you suspect fraudulent activity, act swiftly to minimize damage. Start by contacting the fraud departments of the major credit bureaus to place a fraud alert on your credit report. Freeze your credit to prevent new accounts from being opened without your consent. File a report with the Federal Trade Commission (FTC) and local law enforcement, documenting the incident. Review all accounts for unauthorized charges and dispute them with the respective financial institutions. Vigilance and quick action are key to resolving identity theft or fraud issues effectively.
- Handling Financial Setbacks Responsibly: Facing financial setbacks is a reality for many, but how you handle them can significantly impact your credit and overall financial health. Begin by assessing the situation and creating a realistic budget to manage expenses and prioritise debt payments. Communicate with creditors to negotiate payment arrangements or seek assistance programs if necessary. Consider options like debt consolidation or credit counselling to regain control of your finances. Avoid resorting to high-interest loans or maxing out credit cards to cover expenses. Staying proactive, seeking support, and making responsible financial decisions can help navigate setbacks and mitigate long-term consequences.
The Credit Pass is an accessible tool to monitor your financial standing over time. It equips you to make informed decisions regarding credit products. By tracking your credit health and score, you can build and maintain your creditworthiness over time. Good credit health improves your eligibility for credit products and favourable interest rates.
