FLAME Newsletter - March 26, 2014


“Increased awareness among public about the range of risks being faced by them would result in enhanced appreciation of the role of insurance solutions in ensuring their financial well-being” — TS Vijayan, Chairman, Insurance Regulatory & Development Authority


Discrepancies in your credit report? Here is what you need to do
Every time you apply for a loan or a credit card, the bank/lender check your credit report for your credit history and information. This report is available with Credit Information Bureau of India Limited, or CIBIL, an Indian company which keeps track of all your credit information. Every time you take a loan, they collect information about your loan amount or repayment records from the lender. But what if the credit report with CIBIL is does not state the correct facts? Here is what you need to do.

You have the right to obtain a credit report from CIBIL. You can get the report online from the bureau’s website for a nominal fee. Log on to the website and fill in the necessary forms with the payment option to get your copy of the report.

Peruse the report to understand everything and check if all your information and credit history is correct. Any wrong information can jeopardize your loan eligibility. If you notice any discrepancy, take it up with CIBIL to correct it...
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5 things that you must know about CIBIL Credit Scores
Much is written and read about credit scores but some simple practical facts are often overlooked. You can control what your credit score looks like. We debunk some myths that surround credit score and this might just help you get a better rate when you apply for your loan.

Rahul Patkar was quite sure that a good credit score is important. On the advice of his Chartered Accountant, Rahul had applied for a credit report from CIBIL. To his dismay, his credit score was 650, which is on the lower side. He could not figure out why was his credit score low. He had not defaulted on a loan after all!...
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Difference between income and credit
Every credit or a loan needs to be paid back. It is not to be treated as money earned or income. When we earn the money from salary or wages, etc, it is our income whereas credit or loan is not our income. On the other hand, repayment of the installments of credit is the expense... Read more


Affinity card: A credit card offered in conjunction with two organizations, one a card issuer and the other a non-financial group with which consumers have an affinity.  Universities, sports franchises and non-profit organizations are examples of affinity groups that often offer special discounts or deals for using their credit cards issued in partnership with a major bank.


IRDA to check if insurers treat policyholders equally

Gross premium of general insurers rises 12.84% in Apr-Feb

SEBI issues strict disclosure norms for MF houses


FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.

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