Book highlights power of credit scores

Not aware of your credit score? It's high time you know as a good score could be the key to a hidden fortune, says a new book.
"Unlock the Power of Your Credit Score", co-authored by retail bankers Arun Ramamurthy, Gaurav Wadhwani and Aman Kapoor, provides insights into the basics of credit and its active management.
The authors rue that the awareness of credit and credit management tools in India is very low.
"The important of retail credit in our lives underlines the need for everyone to be credit healthy. A good understanding of credit and its active management could prove to be the key to a world of conveniences and opportunities.

"However, a lack of understanding on how to manage credit can lead to a situation that potentially could be financially devastating," they say.
A person's consumption, investment and savings goals depend on his or her ability to avail different types of credit facilities. A good credit score helps to access two critically important aspects of our financial lives - availability of funding when we need it the most; and lower rates of interest on credit facilities.

For the uninitiated, credit score represents the credit worthiness of an individual and is the statistical outcome of the interaction of several parameters.
It takes into account the historical data of the individual and the knowledge acquired through extensive analysis of the data available with the credit bureau.

A credit report is a comprehensive chronicle of an individual's credit history and is generated by credit bureaus.
The book highlights how credit is an integral part of every adult Indian's financial life. The authors insist that being credit healthy is a way of life.