India Credit Card Help Guide

Credit Card Help Guide

How does Sample Experian Credit Information Report Look Like in India ?

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We’ve received some mails from our readers on asking us to explain the Experian Credit Information Report now available in India. Acknowledging readers demand today we’ll explain the contents and format of Experian Credit Report released by Indian Office which is in compliance with the Credit Information Companies (Regulation) Act, 2005.

Section 1 of the Experian Credit Information Report [CIR] is the “Application Details“.
These are the details you give us as part of your application for your CIR supported by the relevant documents including Personal details such as Name, Address, Date of Birth, Telephone Number, Gender, Marital Status, Email id and identity details such as PAN, Voter Id, Passport Number, Driving License, Ration Card & Universal Identification (Aadhaar number). Experian has used this information to produce your report and this section looks like as stated below.

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Secured Credit Cards in India – Great Product to Build Credit History for Students, Housewives etc

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Today I’d like to educate our Readers on what a Secured Credit Card means, its availability in India and who can avail the same.

Like any other industry, Credit Cards vertical of the banking industry had a bumpy ride since its off-take in 2005 and subsequent bust in 2008-09. Credit Cards by nature are classified as unsecured loans to consumers. The Issuing Banks Guarantees the Merchant on behalf of the credit card holders and settles with the merchant hoping the consumer will pay his credit card bill. Blame it on negligence or circumstances or willfully, many people defaulted for example ICICI Bank had to drastically re-structure its Credit Card Portfolio. Thus this gave rise to a new stream of credit cards known as Secured Credit Cards.

So what Exactly is a Secured Credit Card ? It is a normal Credit Card in all respects except that it is issued only against a Fixed Deposit with the Bank. For Example, we chose

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Thomas Cook India Launches International Forex Travel Card from MasterCard

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Thomas Cook India Ltd in association with MasterCard international has launched an International Pre-paid travel card for Indians traveling abroad. This borderless card enables customers to load with 8 different currencies – AUD, CAD, USD, Euro, Singapore Dollar, Japanese Yen and British Pound.

The Minimum denomination to purchase the card is USD 250 with a validity of 5 years. It comes with an embedded chip and PIN to avoid credit card frauds like skimming. Probably because of the in-built security, they are not providing any Insurance on this card.

What are the Advantages of Carrying ThomasCook International Forex MasterCard ?

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Regulatory Support for CIBIL / Experian and How CIBIL Helped Shape Retail Assets of Banks ?

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One should not hesitate to extend credit when it is due, yes we are talking about the Government of India and RBI which needs to be given its due share of credit who were instrumental in pushing banks to give more data to CIBIL and keep cleaning the data time and again. The Credit Information Companies Act passed in 2005 has made it mandatory for banks to check with any one credit bureau for any loan application they receive.

Earlier data used to be given on a quarterly basis by PSU banks whereas now banks give data on a monthly basis. So the frequency has increased. Secondly, the regulators have allowed the bureau to capture even positive data i.e. even well performing customers/records. There are many countries where law allows

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How is CIBIL Transuinion Credit Score Calculated for Indian Consumers ?

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CIBIL is the Largest Credit Bureau in India as on date. In association with Transunion, they’ve been providing CIBIL Transunion Scores to consumers directly since Q2, 2012. Since 2008-09, CIBIL Scores were provided only to financial institutions to help evaluate the consumer. Many of you asked us – How CIBIL Score is Calculated and the Methodology for the same? [We had to touch base with several leading Banks, CIBIL and Institutional Finance experts to answer your question]

If you don’t know what a CIBIL Transunion Score is, kindly read the same here.

How is CIBIL Transunion Score Calculated ?
There are various factors which influence the score such as payment history, outstanding debt, length of credit history, number and types of loan accounts, utilization, applications for new credit etc. However, it is important to note that each member i.e. Banks, NBFCs etc (that chooses to use the CIBIL Score) has

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