Onicra Credit Rating

We Secure Trust

With the advance of credit, the principal has an increased level of exposure in the market. So, a mandatory check is done to assess the credentials of the individual in question before extending a loan or advance. We assess the financial visibility and look into all related aspects. We have an in-house developed credit rating module which is customized to suit various customer requirements.

Definition

Individual credit rating is: "AN OBJECTIVE ASSESSMENT OF THE RISK ATTACHED TO A FINANCIAL TRANSACTION WITH RESPECT TO AN INDIVIDUAL AT A GIVEN POINT OF TIME."

Methodology

ONICRA, being the first to introduce the concept of individual credit rating, has conducted in-depth, research into all aspects of the behaviour of credit seekers and has developed comprehensive rating systems for various types of credit extension. These systems take into account and analyse a vast range of parameters, which have been found to influence an individual's credit behaviour.

The basic methodology followed while formulating the mathematical framework for rating of individuals and small businesses is the same. A top-down approach of parameter decomposition has been followed. This entails decomposing parameters into their sub-parameters, upon which they are dependent, through several levels, until independent, quantifiable parameters are arrived at. The research group in the organization constantly monitors various parameters, the environment, and economic parameters in order to keep the model up-to-date in line with the fast changing financial and economic scenario.

Advantages to You

Your personal CREDIT RATING touches your life in many, many ways. When you apply for a home mortgage , bank loan , car loan , or any of the modern bank credit facilities and convenience credit cards , your CREDIT RATING has direct impact on whether or not you will be granted that loan or credit account. It also affects the interest rate that you will be charged. The importance of your CREDIT RATING does not stop here. When you attempt to rent an apartment or house, the landlord will often check your CREDIT REPORT to see if you are likely to pay the rent on time. Negative entries on your personal CREDIT REPORT may prompt the landlord to deny you that place to live. When you apply for a job, your prospective employer may also check your CREDIT REPORT to gain insight into your character, and what type of employee you may be. A good CREDIT RATING enables you to take your financial credentials anywhere in the world, to conduct business or purchase the products you want and need. Without it, you would find it almost impossible to do business with anyone that you didn't know personally.