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I had opted For RBI’s EMI Moratorium. Will My Credit Score Be Impacted? Find Out Now.

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quickly check your credit score

Did you avail the EMI moratorium offered by RBI, to ease Covid-19 related financial burdens? Wondering if your credit score will be impacted by this move? Continue reading to find out the answer.

EMI Moratorium & Its Impact on Credit Scores

The RBI had announced an EMI moratorium for borrowers to reduce their financial burdens due to the lockdowns caused by the Covid-19 pandemic. The moratorium was offered from 1st March and ended on 31st August, 2020. Borrowers could skip paying their EMIs for the six-month period.

When the moratorium was announced, many borrowers raised questions on whether opting for it would impact their credit scores. Generally, if a borrower skips EMI payments, then it causes a negative impact on his/her credit score. However, the RBI had announced that non-EMI payments during the moratorium period will not cause any impact on one’s credit score.

If a borrower had opted for the moratorium, as per RBI guidelines lenders should not treat is at default. This means, your bank/NBFC will not report your EMI moratorium as a default to the credit bureaus when they send in the data. Borrowers do not have to worry about their credit scores getting downgraded as a result of the moratorium.

One-time Restructuring and Its Impact on Credit Scores

After the end of the moratorium, the RBI has announced a loan restructuring scheme to further ease the financial burden to borrowers during these challenging times. As per the loan restructuring offer, borrowers can work with their lenders to negotiate and redraw the terms and conditions of their ongoing loans. The restructuring is offered as a one-time offer and is valid until 31st December 2020.

As per RBI guidelines, borrowers do not have to worry about their credit scores getting impacted, because they opted for the EMI moratorium. However, they have to be careful with restructuring. Defaulting on the EMIs of the restructured loan can have a severe adverse effect on their credit scores.

There may be long-term credit repercussions due to the moratorium

You may have come across the phrase, “there are no free lunches.” This probably holds true regarding the moratorium and credit scores. While the RBI has assured that there will be no impact on credit score due to the moratorium, senior banking experts and credit industry leaders believe that there may be long-term repercussions.

Both retail and corporate borrowers who have taken the moratorium are likely to be tagged as “high-risk” profiles when they apply for loans in the future. This is because lenders consider borrowers who had taken the moratorium as having a cash crunch problem. It shows that these borrowers had severe cash flow problems, and that’s why they opted for the moratorium. As a result, borrowers who had opted for the moratorium are likely to be at a disadvantage when they apply for loans in the future.

So, how to reverse the impact of the moratorium on your credit score?

If you have taken the moratorium, then you need to be extra vigilant to ensure that it doesn’t affect your long-term credit prospects. Here are a few tips to help you keep your credit score in perfect shape:

  • Check your latest credit score to see where you stand

Before you begin improving your credit score, the first step is to see where you stand. You can quickly check your credit score for free by using CreditMantri. Powered by Equifax, CreditMantri provides you with your latest credit score in just a few minutes.

Once you have the latest credit score in hand, you can quickly see whether it has been impacted by the moratorium or not. Ideally, your credit score should not have been affected by the moratorium. But checking it can help you avoid any confusions later on.

  • Apply for a detailed Credit Report to see if your Moratorium has been Reported to the Credit Agency

If you had opted for the moratorium, then it’s highly recommended that you check your detailed credit report to see whether your lender has reported the moratorium or not. There may be possibilities of errors in the data sent by your bank and the data received by credit bureaus. By checking your credit report, you can rectify any inaccuracy.

For example, you may have two loans with your bank. Say, a home loan and a personal loan. Let’s assume that you had opted for the moratorium on the personal loan but continued to pay the EMIs of the home loan. Your bank may have mistakenly reported that you had opted for a moratorium on both the loans. This can have a bigger impact on your credit score.

By requesting for a detailed credit report, you can spot any such inaccuracies and report it to your bank and get it rectified.

If you’re wondering where to get the latest copy of your credit report, check out CreditMantri. Powered by Equifax, CreditMantri gives you a detailed copy of your latest credit report. All you have to do is provide a few key details like your name, mobile number, and PAN and your credit report is emailed to you within a few minutes. Safe and secure, checking your credit score and requesting your credit report via CreditMantri doesn’t affect your scores.

So, go ahead, get the latest copy of your credit report and see if the moratorium has been reported correctly to the credit bureaus.

Bottom Line

Ideally, opting for the moratorium shouldn’t impact your credit score. It’s the responsibility of the borrower to check whether the moratorium has been reported correctly by the bank to the credit agency. So, get your latest credit score and credit report to spot and rectify any inaccuracies.

Finally, a word of caution. Though the EMI moratorium may have provided you with immense financial relief during the lockdown, it may leave a long-lasting mark on your credit report. To reverse this impact, ensure that you pay your bills on time, do not default EMIs and limit credit card usage to maintain and boost your credit score and credit history.

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The best company for car removal brisbane

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For vehicle removal in Brisbane and nearby areas, call Warren’s Wreckers. We have been providing fast, reliable car wrecking services for over 30 years. We are a family owned and operated business with over 10 years experience that understands how to meet customer satisfaction with friendly and prompt service.

All Car Removal Brisbane services are offered by professional, fully insured, licensed, registered auto wreckers. Looking to scrap your car in Brisbane and drop it off at a local council car yard today? Or are you looking for a cheap old cars in brisbane to purchase for our wrecking services? We can help you with that! Contact us now and we will provide you competitive quote.’

Car Removal Brisbane

Where do you go when you’re wanting the best deal on car removal in Brisbane? We can do all the hard work for you, we are fully insured and provide a free quotation service for your car removal needs. Tow Truck Service Brisbane: We are 24 hr car removal experts in Brisbane. We store all salvaged vehicles in secure storage units and offer vehicle consignment services to anyone requiring a tow truck service or car removals Brisbane . Our team of experienced tow truck drivers will ensure your car is taken away safely and securely.

This Car Removal Company focuses on ‘green’ car removal. Â We provide a car removal brisbane for cars that are unregistered, or hold-breaking. Â This allows you to avoid the hassle of towing and paying towing fees when your car can’t be driven because it needs repairs.

Needing to dispose of a cash for cars brisbane? Ryder’s are the expert. Fast, Friendly & Affordable Car Removal Brisbane Wide. We’re a member of the Motor Traders Association Australia with over 10 years experience in the auto business.

Brisbane Auto Wreckers is a dependable car removal and towing service in Brisbane that provides quick and free vehicle collection across the area. We come to you when your vehicle becomes a burden, and ensure complete removal of the car from your property. Vehicle owners can get rid of their old or unwanted cars without worrying about expenses or fines. Our experts will also dismantle the car and organise all paperwork for you.

Auto Wreckers Brisbane

If you have just purchased a new car then you need the old one removed right away. Let Auto-Wreckers take care of all your car and truck removal needs. We purchase vehicles no matter what condition they are in, just give us a call today!   Auto wreckers brisbane offers the best prices on your vehicle – we always offer 3 quotes, in most cases we are the highest. Body damage can be repaired if requested, we also offer to

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The Origin and Manufacture of China Kraft Paper Bags

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With the ever-growing consciousness regarding climate change and environmental hazards, people and brands alike are opting for eco-friendly products and practices. Ever since the ban on plastic use was placed in various countries worldwide, brands have been looking for healthy alternatives. One such example is china kraft paper bags, which increase popularity among the masses for their eco-friendly nature and cheap costs. 

This article will explore the advent of china paper bags, how they are made, and practices used by china paper bag’s manufacturer, factory, and supplier. 

What Are They Made Of?

China kraft paper bags are based on whole wood pulp paper. These standard brown paper bags originate from a process called the “Kraft process”. This process takes place by converting wood into wood pulp composed of almost pure cellulose fibres that are the core of paper products. In the china kraft paper bag factory, these wood chips are grained into wood pulps using a unique, organic mixture that breaks down the bonds in the solid wood structure. This way, an almost churned out form of wood is acquired, which is then pressed into the paper by a paper-making machine. 

While the machine rolls out thin sheets of pressed paper, another factory machine cuts it into the required dimensions as per instructions. The china kraft paper bag manufacturers are responsible for the specific printing on the paper according to the needs of their clients, such as logos and initials. In the end, the china paper bag is assembled by adding handles and other accessories if needed. Finally, they are handed over to the china kraft paper bag suppliers, who then distribute it to the consumers.

Why is it Called “Kraft” Paper?

The durability of the china kraft paper bags is evident in its name. “Kraft” in German means “strength”, which is the core of the kraft paper’s properties. In the 1880s, a man called Carl F. Dahl invented the kraft pulping process in Germany. 

Before his invention, the china kraft paper manufacturers used to directly churn the wood into pulp. After experimentations, Dahl concluded that adding certain chemicals like sulfates can increase the strength of paper bags. He called this process the “Kraft pulping process”. Eventually, due to the durability and strength of the new china kraft paper bags, the products gained use and popularity as packaging material.

What Makes Kraft Paper a Sustainable Packaging?

China paper bags provide you with sustainability in packaging. Sustainability is achieved by reducing the ecological footprint and containing the environmental impact. This can be achieved by increasing the use of the Life Cycle Inventory (LCI) and Life Cycle Assessment (LCA). China kraft paper bags are sustainable since they use all-natural ingredients such as wood pulp in their making. The china kraft paper manufacturers also discourage the use of bleach which decreases manufacturing costs. These bags are low-weight and hence reduce the costs of china kraft paper bags suppliers.

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5 Fonts to Make Your Business Cards Look Professional

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Fonts to Make Your Business Cards Look Professional

When greeting prospective business contacts, one of the first things to do is offer them a firm handshake and a proper salutation. This sets the tone for the meeting and helps establish trust between each party. Then, when the meeting comes to an end, the people in the meeting will want to leave a great lasting impression and one way to do that is to offer a business card. This memento of your time together should help remind those you meet of the great time they spent with you and the information they learned from your time together. The last thing you want to do is hand them cheap business cards. Here are some fonts that will help your cards look their best and make them truly memorable.

1) Baskerville

This font is reminiscent of a typewriter and generic printing. The lettering is very clean and can give the impression of someone who is very business-oriented and goal-driven. This is a very neutral font and works best for cards of businesspeople and writers. For the best business font, make sure to use this.

2) Bookman JF

A serif typeface, which is a font style using small lines or strokes, is slightly bolder than most other fonts. It was very popular in the 1960s and 1970s and is the easiest font to read in smaller sizes. For those who want to leave the impression that they are serious but also ready to try creative things, give this font a try.

3) Hellenic Wide

If your name and company name involve small words, this would be a great font to use to give the impression of something bigger. The lettering also appears somewhat squished and can give off the impression of someone who has an eye for graphic quality. Just make sure that the font size is higher than twelve, otherwise, it may be harder to read than other texts.

4) Politica

The exact opposite of the previous font, this font is meant for those who have long names or work for businesses that have many different words in the title. This font will help people use the limited area of the business card to its maximum potential. However, one thing it does share with Hellenic Wide is the necessity to not use small sizes to keep the text legible.

5) Satisfy

Though a business card is meant to establish a lasting impression between colleagues, sometimes you need to let your personality shine, especially if your field is in an artistic setting. The curvy letters and soft lean can show people that you have an individual personality and are happy to show it. Whether big or small, this font is a fun style to use that doesn’t look like a business font but actually is.

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AML Compliance – The Regulatory Power To Your Business Needs

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AML compliance

Today, organizations are faced with the constant threat of cybercrime. To combat financial crime and the illicit flow of money, regulatory authorities require these enterprises to follow certain obligations. Given the requirements, it becomes increasingly important to adopt smart and effective solutions to ensure in-house compliance. Regulatory frameworks such as the 5AMLD by the European Union require stringent implementation of AML and CFT compliance. Financial businesses can adopt Anti Money Laundering (AML) compliance practices to prevent cybercrime and money laundering. 

What Key Challenges do Businesses Face?

Ensuring AML compliance is not everyone’s cup of tea, especially when there are bad actors always on the go. Businesses need a proper mechanism to make sure the information they acquire and transmit is appropriately managed. This is essential in executing AML/CFT regulations and in preventing potential violations of compliance standards. Before the practical implementation of technology-based solutions, information sharing between law enforcement and financial institutions was an uphill task. 

Today, with effective and reliable AML compliance tools, companies need not worry about detecting criminal entities and reporting them to regulatory watchdogs. But as technology became popular, fraudsters become more active and sophisticated in carrying out organized cybercrime. Financial crime such as money laundering is not limited to gaining profit since outlaws use the ill-gained money to continue other nefarious acts like funding terrorist activities, illegal smuggling, and cross-border trafficking and to evade the taxation system.  

AML/CFT for Effective Information Sharing

To combat financial crime better, AML/CFT standards were put into effect. One of these is the 40 recommendations by the global financial watchdog, FATF, that presents effective guidelines to combat regulatory challenges faced by organizations around the globe. This set of guidelines aimed at better information sharing protocols between regulatory authorities and businesses that are AML-compliant. Here are some advantages of AML/CFT standard systems:

  • Financial crime can be detected better by using the money trail provided by companies
  • Expropriating property and funds to remove profit for crime
  • Identifying bad actors that act as a third-party intermediary between the money launderer and the financial businesses 
  • Exposing heads of criminal or terrorist organizations that are undercover for a long time
  • Protecting the legal financial systems from crime and restoring their integrity

Fundamentals of AML Compliance Standard

There are three fundamentals that are necessary for ensuring AML compliance within an organization, state, or country. These interventions are listed below:

1- AML/CFT obligations should be mandatory for key players in the industry such as banks, real estate firms, and other reputable financial institutions. These entities are directed to gather necessary records related to customer transactions to assist regulatory authorities in fighting crime. 

2- Once the transactional information is acquired, these financial institutions are required to maintain it for some time. The records need to be well-organized so that when law enforcement departments need them, they can be instantly retrieved. 

3- AML compliance standards require the creation of crime prevention units that exchange information with other similar parties to prevent financial crime better. This is more of a national responsibility of the country than an organizational measure. 

Pillars of AML Compliance 

The regulatory landscape has become stringent throughout the years. AML compliance is something that everyone in the corporate sector is aware of. But only a definition doesn’t suffice when it comes to understanding the purpose and implementation. Here are some fundamentals of ensuring AML compliance for financial businesses. 

Know Your Customer 

Customers are an asset to any organization or business. Therefore, it is important they are legitimate and do not come from a shady background. In this regard, companies perform Know Your Customer (KYC) procedures to find out about their customer’s identity information better. KYC programs play a crucial role in maintaining AML/CFT compliance since they help identify and verify if the customer is genuine or another criminal.  

AML Compliance Officer 

When it comes to effective implementation of AML compliance, a designated official is necessary to overlook the organizational infrastructure in light of AML regulations. The compliance officer must have adequate knowledge to ensure that the AML compliance program runs smoothly and all requirements are met on time by the organization. This officer makes sure financial information is shared with relevant crime prevention authorities to curb money laundering.  

Ongoing Monitoring 

Financial businesses need to keep a vigilant eye on high-risk customers and entities before establishing ties with them. An AML compliance program must follow a risk-based approach to properly assess the overall risk a particular customer poses to an organization. Politically Exposed Persons (PEPs) and those with a higher public role must be placed categorized as high-risk since they can always misuse the authority to gain financial profit. Ongoing monitoring of these customers can allow businesses to detect suspicious transactions, and report them to crime enforcement networks to combat such activities.

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Best Digital Wallets for Buying Bitcoin

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Bitcoin is probably the first thing that people think about when they hear the word blockchain or crypto. It is a highly volatile asset but the value of Bitcoin is still increasing with time. Bitcoin has a limited supply due to which it has become an appreciating asset. Thus, you might be interested in buying some bitcoins. In this article, we are going to talk about the best digital wallets for buying Bitcoin. You can buy Bitcoins using Apply Pay instantly using any of these wallets.

Apple Pay is supported on the iPhone, Apple Watch, iPad, and Mac.

1. Binance 

Binance is currently the most famous crypto exchange in the world. Most traders are using Binance for trading cryptocurrency. It also has a futures market for traders. You can also buy futures contracts on Binance.

More than 170 cryptocurrencies are listed on this system. It provides powerful tools to both advanced and beginner traders. You can check the RSI level of cryptocurrencies on this exchange. Also, you can check the Moving average levels of cryptocurrencies. 

Advantages of Binance:

  • Binance is the most trustworthy management in the world.
  • It has a high volume.
  • Binance only takes 0.1% as transaction fees. 
  • Most of the cryptocurrencies are available on this site.
  • It provides global support.

Disadvantages of Binance:

Binance has few payment options available.

2. Coinmama 

You can buy Bitcoin using a bank transfer and a credit card on Coinmama. Coinmama accepts almost every currency. Thus, you can do the transaction in any fiat currency. 

Advantages of Coinmama:

  • It is available everywhere in the world.
  • There are purchasing limits on this website.
  • It is trustworthy and dependable.
  • You will get access to good customer support.
  • It supports faster and secure transactions.

Disadvantages of Coinmama:

They charge high fees when you purchase with a debit or credit card.

3. Paxful 

Paxful is one of the most popular peer-to-peer marketplaces. It supports more than 300 payment methods. You can create offers in any fiat currency. Thus, you don’t need to worry about converting your money to USDT first.

Advantages of Paxful:

  • Paxful provides security to both seller and buyer.
  • It is a very simple user interface.
  • It is used by a large number of sellers.
  • More than 500 payment methods are available.

Disadvantages of Paxful:

Sellers and buyers can get scammed sometimes.

4. LocalBitcoins 

LocalBitcoins is another peer-to-peer bitcoin trading platform. You can use it for buying Bitcoin directly from the seller. The main aim of LocalBitcoins is to connect buyers with sellers. You can create your offers in any fiat currency. However, only a few cryptocurrencies are supported on LocalBitcoins. You can’t buy famous cryptocurrencies like DOT and ADA on this platform.

Advantages of LocalBitcoins:

  • It is available everywhere in the world.
  • You can choose between different buyers and sellers.
  • It supports multiple payment methods.

Disadvantages of LocalBitcoins:

It doesn’t support other famous cryptocurrencies.

Sometimes you can get scammed on this platform.

5. Exodus 

Exodus is a mobile and desktop wallet that has a very simple user interface. It is also an exchange where you can buy cryptocurrencies. The best thing about Exodus is that it will allow you to swap between various cryptocurrencies. You can swap between more than 100 different cryptocurrencies on Exodus. 

This wallet is perfect for people who are entering the crypto space for the first time. Exodus provides great support to its users. Thus, it will help you in getting into a confusing market. 

Conclusion

These are the best digital wallets where you can buy bitcoin. You can also store your bitcoin on these platforms. These platforms are very secure. Thus, you don’t need to worry about getting hacked. You can buy your favorite cryptocurrencies on these platforms.

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