What should customers do to improve their credit score and avoid bad debt?
To improve their credit score and access credit more easily at credit institutions, customers should consider doing the following:
- Only borrow money/open a credit card when really necessary and carefully calculate your ability to repay based on your actual income.
- Have a plan to repay debt in full and on time: Always consider your financial ability to plan your spending to repay debt in full and on time; Always be conscious of repaying debt, even if it is a small debt (you can use automatic debt reminder tools such as phone reminder software).
- Regularly check your credit information to monitor your information and creditworthiness and avoid being taken advantage of by scammers. Have a plan to handle it if you find that your information is inaccurate.
- When having many debts at the same time, customers should try to gradually pay off the current debt balance, should not incur many new debts, especially unsecured debt and consumer loans.
Can customers with bad credit history borrow capital?
- Customers with bad debt history still have the opportunity to access credit based on risk appetite and customer assessment principles of credit institutions.
- Risk assessment for customers is based on many factors according to legal regulations and internal regulations of each credit institution; information provided by CIC is one of many reference and support channels, not the only factor affecting the decision of the credit institution.
What should customers do if they discover incorrect credit information?
Step 1: Register an account and check your personal information at CIC.
Step 2: If any incorrect information is found, the customer should report to CIC via Hotline 1800585891 or the "Complaints/Feedback" section on the website: https://cic.gov.vn (attach supporting documents):
+ If there is an error in data processing, CIC is responsible for correcting the error and notifying the customer of the result.
+ In case the data at CIC is correct, CIC will request the credit institution to check and verify the information. After verifying the information, the credit institution will send a specific response to CIC and propose data adjustments (if necessary). CIC will base on the feedback from the credit institution, process and notify the customer of the results.
Currently, there are many advertisements about "services" to clear bad debt at CIC, according to which customers can pay a fee to quickly clear bad debt at CIC, is this information correct or not?
- Any advertisement about bad debt removal service is a scam.
- All customer information at CIC is updated/stored honestly and objectively according to the information reported by credit institutions. CIC or any organization/individual is not allowed to arbitrarily adjust this information.
- Credit information can only be adjusted if errors are noted due to operational errors and must comply with strict verification and checking procedures.
