An Online Credit Shield to Protect Your Finance Health Becomes Important in the Covid-19 Pandemic
The Covid-19 situation is distressful. Personal finance of the public is going haywire. People are losing their jobs and running short of money. This period of crisis has taught us the importance of managing finance wisely. New ways are being devised to help people. Today, we will be looking at the benefits of the credit shield insurance that is launched to protect consumers’ financial health.
Introducing a credit shield that protects financial health
To help Indians, an innovative service named ‘credit shield’ is launched online. The credit shield meaning can be best described to you as providing a reality check on personal finance. The reality check is aimed at improving financial health in the long-run and securing future.
Let’s delve into credit shield meaning in detail
The concept of credit shield is to create awareness about our financial health and credit score online. Consumers can check their credit score, credit report, receive reminders on missed loan payments and dues, and track errors in credit reports by the online service provider.
Consumers fall into the trap of irregular loan payments without realizing its effect on the financial future. Irregular payments of dues generate a bad credit score. A bad credit score indicates less trustworthiness and more risks involved in offering financial facilities such as loans to the person.
This credit shield service is a kind of credit shield insurance introduced online to help consumers secure a healthy financial future.
The credit shield insurance motivates consumers to:
- Track their financial habits for better management:
Finance and responsibility are two words that go hand-in-hand. Being careless with your finance is going to put you under stress unnecessary. That is why taking up the responsibility of tracking your financial habits with a credit shield is important for better management of personal finance. Stay financially healthy, always!
- Check their credit score regularly to promote good credit behavior
A good credit score improves your credibility and trustworthiness in the financial world. That is why it is important to check your credit score regularly for enhancing your financial reputation.
- Rectify any errors, if any, in the credit report prepared by Credit Information Companies (CIC) such as CIBIL.
Consumers are encouraged to rectify any errors that might be made in credit reports. A bad credit score is bad for you, and the credit shield insurance reminds you to stay alert about mistakes that CICs make as it lowers the credit score.
- Pay loans and dues on time:
Skipping loan payments and EMI destroy your financial future in the long run. Many consumers follow a bad habit of irregular loan payments. The credit shield ensures sending reminders to the consumers, so they can construct a healthy financial future.
- Stay disciplined with finances to ensure a good financial future.
Losing track of good habits is common. Every New Year’s Eve, the gym is filled with new fitness enthusiasts. Just after a few days later, the new year resolution goes for a toss. This is the psychology of Human Beings. People tend to fall back into the same unhealthy routine easily. Credit shield insurance is required for retaining the good habits and never look back at bad habits.
Updated features of the credit shield insurance available online is a boon for consumers
Consumers can now check their credit scores on the app. This credit shield insurance allows consumers to check their eligibility on RBI’s three-month EMI moratorium. The digital platform always stays up-to-date with the urgent needs of their consumers.
Through active consumer data review, the credit shield tool advises consumers to either opt-in or opt-out from the RBI relief. The online credit shield insurance also helps borrowers get updates on most-suited loans and maintaining creditworthiness.
We hope you know how to take care of your finance better now. Use your laptop or mobile phones to become responsible for your finance and manage it better. Who knew a healthy financial future was just a click-way! So start managing finance at your fingertips and secure your future.
