What is the Impact on Credit Score Under IBC
17/10/2023 Financial & Legal Services
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Description
Loan settlements through the Insolvency and Bankruptcy Code (IBC) often lead to a notable reduction in the borrower's credit score. Even if credit approval is granted, it might come with less favorable terms. To mitigate the impact on credit score under IBC, borrowers should focus on rebuilding their creditworthiness, making punctual payments on any remaining debts, utilizing secured credit cards, and consistently demonstrating responsible financial behavior. Ancoraa Resolution can help you understand and lower the impact of loan settlements under the IBC on the borrower's credit score. Get in touch with us at +91 8987890998.
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