Rising from the fallout of a job lost
Here I talk about a working professional, Mayank and the way he went about managing his existing credit commitments even though he had just been handed the pink slip.
Mayank found himself in such a situation when he lost his well-paying job with a renowned investment bank. He was married with two children and stayed in an up-market area in the city in a flat that he had bought on a home loan.
Mayank was well aware that delays in repayments would affect his credit history. This would consequently affect his ability to approach a bank for his financing needs in the future.
Banks and NBFC’s provide a record of your loan and credit card repayments to Credit Information Companies (CIC). When you apply for a loan, banks will cross check information you have provided with your credit report from a CIC to see that the information you have provided in your application is in line with the details of your credit history.
A credit report contains your past and present credit obligations, previous addresses and enquiries made by banks and NBFCs for all your loan applications. If your report shows