Activity

Examples of Credit Services from a BSC for CNAF The CNAF shall provide credit services to the CNAF as per agreed upon guidelines. Such examples of Credit Services from a BSC are clearly stated in the Credit Services Dated herewith. Credit services for the CNAF shall be offered on normal commercial terms and not to secure the interests of the Group, except in cases where there is a risk of default or in case of an emergency. Considering these criteria, a number of Credit Service Providers have come forward with various services for the CNAF to meet their needs in times of emergencies.

finance is also required to maintain a complete credit report and score with the credit agencies. finance and score shall contain relevant information about the CNAF with respect to his employer, his income, his employment history and details about his assets and liabilities. These details shall be verified by contacting the debt collector with whom the CNAF has an account. In cases of non-payment, the CNAF shall contact the debt collector with the contact information provided by him. If the debt collector does not respond or fails to follow up in the matter, the CNAF can move this to his credit bureau and initiate a dispute.

The credit score and report play an important role in the overall benefits of credit scoring provided by Fair Isaac. As soon as a person acquires a credit score of 720 or higher, he is eligible for availing debt consolidation, debt reduction and mortgage refinancing from the debt collection agency. The lower the credit score, the lower will be his chances of availing credit facilities.

Another example of Credit Services provided by the CNAF is the provision of a PIN. This is an electronic system that enables authorized personnel to access account details like PIN. finance is particularly useful for authorized people to access account balance from any location either at the CNAF address or at another branch, if such a facility is provided by the credit repair company. Such users may also be granted permission to make online changes to certain information like PIN, etc., once they have been logged on to the computer. This will help the debtor in avoiding any fraudulent transactions or alteration of his account balance.

The credit report contains a lot of personal information regarding the individual. When a debtor receives the first copy of his credit report under the debt collection account, he should immediately check whether this report contains errors or not. In case it contains errors, these errors shall be corrected or updated at the earliest. If the CNAF has not made any entries regarding the error, this can be checked with the authorized representative of the company who should promptly make the corrective or updating changes in the debt collector’s report. Such errors can be rectified or updated with the help of Credit Services provided by Fair Isaac.

The debtor is not required to pay any charges for receiving the free copies of his credit report under the Fair Credit Reporting Act. However, the debtor is required to provide the authorized representative of the credit repair company with all the necessary details regarding the error so that the corrections can be applied for getting the free copies of the credit report under the Fair Credit Reporting Act. The authorized representative is supposed to contact the creditors who reported the incorrect information and ask them to correct the same. If the creditors refuse to make the corrections, the credit repair company has to initiate legal proceedings with the court.

The debtor has the option to dispute the inaccurate information in his credit report by sending a dispute letter to every reporting bureau to which the report was reported. A negative item will not stay in the credit score forever and hence the creditor will soon try to repair the same. If you do not act timely, you will remain at a high risk of becoming trapped by debt collectors.

Debt collectors cannot contact you by phone or any other means unless you give them permission to do so under the Fair Debt Collection Practices Act. Once the collection agency receives the written consent from you, it has to stop contacting you. You have thirty days to respond to the written claim by the debt collector from the credit report bureau. If finance fail to respond within the time given, the creditor may file a lawsuit against you.