When you are relocating, it is not only prudent to transfer bank accounts or close accounts where necessary, but also manage open loans and credit cards. If the EMI payment is linked to a savings account, then ensure that either that account is not closed and is adequately funded or the standing instruction for the EMI debit is transferred to another active account. But in the midst of all this, many a times we miss informing the credit card issuer about the relocation in advance which results in missed payments, late payment fees and other service charges which then snowballs in to a large amount.
In such a case, the best solution is to repay the full amount because it is your responsibility to ensure that your dues are paid in full. The terms and conditions of most credit card issuers clearly states that the cardholder is obliged to pay the outstanding amount irrespective of the receipt of the statement.
Non-payment due to non-receipt of statement may not be considered a valid reason for missing payments If this has been covered in the cardholder agreement. If you have not paid the outstanding due to this then the late payment fees, service charges etc would be accumulating. The sooner the issue is resolved, the better will it be for your credit history. It is advisable to get in touch with the bank and work out an optimal solution.
Before taking up any credit card or loan, one should always go through the terms and conditions thoroughly. One should always enquire about the charges one time and recurring such as maintenance charge, fees, issuance charge, processing charge, penalties, interest rates, transfer charges, pre-closure charges etc.
In case of fraudulent transaction, the bank will investigate the matter and depending on the findings a charge back may or may not be issued. A credit repair service cannot remove or edit any information in your CIBIL credit information report directly. If you authorize a credit repair company to apply for a credit information report on your behalf we will to ensure confidentiality send the report to your email address provided or home address.
Your credit information is confidential information and should not be shared freely. We cannot make any changes in your credit report directly. The respective bank or financial institution should authorize us to make the changes.
Updated on : Oct 06, - PM. A lower score can have a negative impact on your application. In the case of a low score, you would want to improve the score so you will not have to face a hard time convincing the lender. How can you repair your credit score? What could have gone wrong that lowered the score? Can a credit repair agency help you? You must provide a detailed explanation of your debts and supporting documents to prove your stand about your credit score. A credit repair agency is an organisation that helps consumers to deal with their bad credit score and improve it.
Such consumers can get the help of credit repair agencies to file their disputes. It is advised to verify the authenticity of a credit repair agency before you trust them with your personal information. Your personal credit report includes appropriate contact information including a website address, toll-free telephone number and mailing address. To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided.
If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through April at AnnualCreditReport. Some may not see improved scores or approval odds.
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