In the present day, purchases made by the consumer and deals done by different ventures in business are largely done and dependent on credit. A good bureau score plays a critical role in an individual’s financial life. The complete system, right from the availability of credit to the time taken for a loan application to be accepted, depends on one’s credit score. Not only is it vital for the prominent things like being able to qualify for a loan or receiving a credit facilities, but a good bureau score can also be used for gaining easier access to car rentals, cellular services by telephone companies and sometimes even landing a corporate job. The importance of having a good credit history is not restricted merely to only those individuals that seek credit. It can also help individuals gain access to options that are more attractive whilst buying insurance and can help convey a respectable and responsible image in the eyes of one’s employer and society as a whole. There are several other advantages of having strong credit scores.
· Approval for apartments and rental houses: In the present day, an increasing number of landlords have been using credit scores as a tool in the screening process of tenants for their apartments. An outstanding rental balance or eviction in the past can immensely damage one’s credit score making it difficult for approval against an individual with a strong credit history.
· Interest rates on loans and credit cards: Interest rates on borrowed money are one of the most significant cash outflows faced by an individual in their financial life. Having a strong credit history and a reputed bureau score may help in reducing these interest rates on the borrowed capital. One can almost always qualify for the best interest rates by having a good credit score. This makes the payment of debt easier and also helps shorten its tenure.
· Faster loan approvals: For consumers that have a long credit history and a strong credit score, several lenders tend to offer pre-approved loans. This saves the consumer from going through the tiresome waiting period of loan approval. The enhanced pace of loan approvals is one of the biggest advantages of having a good bureau score.
· Approval for higher limits: An individual’s income and credit score are directly proportional to her borrowing capacity. A good credit score helps instill further confidence in the banks to extend larger limits and allow an individual to borrow more.
· Better rates for insurance: Insurance has been a growing necessity in every individual’s life. These companies use the credit score and insurance history to summarise an insurance score. Insurance is extended based on these scores. A healthy score may attract lower premiums for the same amount of cover.
Hence, great emphasis must be laid by every individual on having a good credit history and an excellent bureau score. A reputed credit report goes a long way in one’s financial life. We at FatakPay have helped individuals gain access to instant credit through our product portfolio of virtual credit facilities. This also provides an excellent tool to build and improve one’s credit history and bureau score as and when payments are made on time. This facility provided by FatakPay, helps every individual strengthen her credit report and reputation providing a stepping stone for the ease of access to larger credit from the various financial institutions of this country.