How to repair your credit score
Investors India|April 2024
Fintechs have seen their personal loan portfolios rise at a humongous pace between 2017-18 and 2022-23. However, loans below Rs. 50,000 are showing signs of strain, according to a white paper brought out by Experian and the Digital Lenders' Association of India. If you have defaulted on a loan recently, here are steps you can take to repair your credit score.
How to repair your credit score

A credit score of less than 700 (out of 900) is regarded as poor. It can lead to the rejection of your loan applications or to high interest rates being charged from you. The credit score declines when customers default, make payments after the due date, or make too many loan applications within a short span.

People with poor credit scores face the dilemma that they need to take a loan and make timely repayments to improve their score. But when their score is low, lenders are unwilling to issue them a loan or a credit card.

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