The general awareness regarding credit score is extremely low. Many people have a low credit score and carry several myths related to credit score in their minds. In addition, many people's financial lives are in tatters due to poor financial literacy. Moneylife Foundation conducted the seminar along with CRIF Highmark, which provides credit bureau services, in order to empower people on these issues. The seminar was held in order to make people financially literate, help them avoid financial mistakes at any cost and help improve their credit score.
Sucheta Dalal, Managing Editor of Moneylife, kickstarted this 3-part seminar speaking on the mistakes that affect your financial life and how to keep money safe from financial mistakes, Ponzi schemes, email fraud etc. Many people have lost their hard-earned money on multi-level marketing (MLM), chain marketing and chit fund schemes such as Herbalife, Saradha, Rose Valley, SpeakAsia, Gold Quest or QNet. When it comes to financial products, Sucheta Dalal said, “If it seems too good to be true, it probably is.” Highlighting the importance paying credit card dues on time, she said, “If you get a credit card and pay it on time, it’s perfect for you but not when want to roll over your dues.” She also shattered the myth about gold loans being useful. Pledging gold has emerged as a popular method of taking loans. Comparing two scenarios – selling gold and buying it back vs pledging gold, she illustrated how selling gold was superior to pledging it.
Debashis Basu, editor and publisher of Moneylife, explained the pitfalls of the four most popular forms of Indian investments – bank fixed deposit, insurance, gold and real estate. He pointed out that to save and invest smartly, one needs just a few products. He showed the average expected returns of various asset classes including gold, real estate, mutual funds and equity. Based on one’s financial goals, investment horizon and tax bracket, people should invest in a mix of equity and fixed income products, he advised.
Kalpana Pandey, CEO and Managing Director of CRIF Highmark, enlightened the audience on maintaining, improving and rectifying credit report. Credit can be your best friend as it provides valuable capital in times of need, but your worst enemy if not managed properly. She explained the various types of credit and educated the audience on how banks choose the customer, the amount and terms under which credit is given, and the period of which credit is extended. Explaining the role played by credit bureaus, she said, “A credit report is single record of your past credit history.”
Ms Pandey highlighted that a credit score is a quantitative way of evaluating a customer. “A credit score is a 3-digit number summarizing your credit report, which can be in the range of 300-900. It indicates the credit-worthiness and discipline of a borrower. The score can be in different ranges, which indicates the chances of approval of the loan and the terms under which the loan is sanctioned. A score of 300-500 is a poor one, which indicates high chances of a loan decline and poor terms of loan. A score of 700-900 is a good credit score, leading to quicker approval and better terms for the borrower. Some people carry the myth that a credit score remains constant. Ms Pandey clarified that the score is not static and it keeps on changing.
She also explained the details of the computation of credit score. She emphasised the importance of checking credit score regularly, highlighting the specific events when you need to check your credit score. Many people get their credit report, but wonder as to what are the details that need to be looked at in the credit report. You need to check whether all loans stated in the report belong to you, incorrect details like Permanent Account Number (PAN) appearing the credit report and updates such as closure or settlement missing. In addition, you also need to check for any other discrepancy.
The session ended with an interactive session on credit report where an inquisitive audience posed a number of questions related to credit scores. The queries covered a gamut of issues like grievance redressal, data parity and credit scores across different bureaus. When asked a question about data availability across different bureaus, Ms Pandey said that Reserve Bank of India (RBI) has ensured that data availability is same across all the credit bureaus. Moneylife Foundation has played a role ensuring all bureaus get the same data from financial institutions.
Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT AGAINST QNET procedure as below.
If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
1. Get your IR ID first. It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
2. Send a cancellation mail for both products and IR ID to the support team of QNET with a subject line as "REFUND IN****" provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account. If you opt for account transfer, then you have to send a scanned copy of your cancelled account cheque leaf or bank statement.
6.After 20 working days, you will get your money refunded of the product to your bank account.
7.Rest of money left , you collect from your upline by filing complaint in local police station.
pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after 30 days are over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.