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This Day That Year


wealthymatters.comThis article was published in today’s Mumbai Mirror.Reading it took me back to another time when India was a very different place.I was then still in school.India was anything but shining.Poverty and shortages were so much a fact of life that few of us really had an idea of how poor we were since everyone around us was in the same situation and most people had very little exposure to what was going on in the rest of the world.There was no talk of India being an emerging/emerged nation.We considered ourselves as belonging strictly to the Third World and few asked why we should not want better for ourselves.Read the article below and if you’re Indian take a minute to pat yourself on the back for how far we have come in 2 decades.Take heart from it and know that we have it in us to overcome out present problems.And remember the story so that we are never again in the same situation. Read more of this post

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CIBIL and your CIR


wealthymatters.com Before a bank/other financial institute extends a loan to you,a potential borrower, it needs to take a decision on whether you would be able to repay the interest and principal or default and how much  risk is involved in lending money to you.Banks rely on many factors to take this decision on your credit-worthiness – including your income and household income , your other loans and EMIs, your previous repayment history and defaults if any, etc.In the past, the banks had to collect all this information from you before analyzing it. But now, they have a readily available tool to make this decision simpler for them – your credit history in the form of  your Credit Information Report (CIR).

In India, the Credit Information Report is created and maintained by a company called Credit Information Bureau (India) Limited, or CIBIL.The Credit Information Report is a compilation of your repayment history.CIBIL was promoted primarily by State bank of India (SBI) and HDFC. Now, most banks, financial institutions, non-banking financial companies, housing finance companies and credit card companies are its members, and regularly provide it with data about borrowers. Read more of this post

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