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Credit Advisory Services refer to professional services that help individuals, businesses, or institutions manage their credit, improve their creditworthiness, and make informed decisions related to borrowing and lending. Credit advisory services can involve guidance on managing existing debt, improving credit scores, choosing suitable financing options, and strategizing debt repayment.
These services are commonly provided by credit advisory firms, financial consultants, or credit counselors. They can assist both retail clients (individuals) and corporate clients in a variety of ways, including credit risk assessment, loan structuring, and improving credit health.
Key Functions of Credit Advisory Services:
Credit Score Management:
Helping individuals and businesses understand their credit score and how it impacts their borrowing ability.
Offering advice on how to improve the credit score by managing existing credit accounts, timely payment of dues, and reducing outstanding debts.
Debt Management and Restructuring:
For individuals or companies facing financial distress, credit advisory services can help in restructuring their debts to avoid defaults.
Negotiating with creditors to restructure loan repayment terms, reduce interest rates, or extend the repayment period.
Offering strategies to consolidate multiple debts into a single manageable loan.
Loan and Credit Product Recommendation:
Advising clients on the most suitable loan products based on their financial needs, credit score, and repayment capacity.
This could involve recommending personal loans, home loans, auto loans, business loans, or even credit card options.
Credit Risk Assessment:
For businesses, credit advisory services can help assess credit risks, including evaluating the risks of lending to customers, suppliers, or potential partners.
These services may involve conducting due diligence or providing recommendations for better credit risk management practices.
Budgeting and Financial Planning:
Offering advice on budgeting and financial planning, especially for those looking to manage debt effectively.
Providing guidance on how to allocate income toward debt repayment and savings to avoid over-leveraging.
Recovery of Non-performing Loans (NPLs):
For businesses, particularly in the financial sector, credit advisory services can assist in the recovery of non-performing loans.
This could include advising on debt collection strategies or engaging in legal recovery processes.
Credit Education:
Educating clients on the importance of maintaining a healthy credit profile.
Providing insights into how credit scores are calculated and what factors influence creditworthiness.
Risk Management and Compliance:
For businesses and financial institutions, the services can extend to ensuring compliance with credit regulations and mitigating financial risks associated with lending.
Eligibility and Regulations for Providing Credit Advisory Services in India:
Regulatory Authority:
In India, credit advisory services fall under the Reserve Bank of India (RBI) guidelines, and depending on the nature of services provided, may require registration with entities such as the National Housing Bank (NHB), the Financial Sector Regulatory Authority (FSRA), or the Securities and Exchange Board of India (SEBI).
If the advisory service is related to loans, they must comply with RBI guidelines on non-banking financial companies (NBFCs) and credit management.