All you need to know about obtaining your credit report

Here’s how you can check your credit score.

All you need to know about obtaining your credit report

A credit score is a number arrived at as a result of calculations from credit reports and reflects a potential borrower’s creditworthiness – that is, whether they are capable of repaying the amount in future. This score can spell the difference between your loan application being accepted or rejected. Most lenders assess an individual’s creditworthiness using a credit score calculated by trusted credit rating agencies. 

Read on to know about the places where you can get your credit score checked. 

  • TransUnion CIBIL Limited

CIBIL is arguably the most prominent credit rating agency in India. It offers its services to over 500 million customers and more than 31 million institutions. This includes banks, NBFCs, etc. CIBIL collects records from these institutions and maintains them, following norms set by the Reserve Bank of India (RBI). These records are used to compute your CIBIL score and develop a detailed credit report.

What factors affect my  CIBIL credit score? 

Your repayment history has a tremendous impact on your credit score. Even a month’s delay in paying your credit card bill can set your credit score back by several points. Your credit utilisation ratio, credit duration, and the number of inquiries made also significantly impact your credit score. CIBIL scores range between 300 and 900, and a score of 750 and above is considered healthy.

Related: A step-by-step guide to building a strong credit score 

How can I check my credit score online? 

Log into the CIBIL website to check your CIBIL score online.  

  • Experian

Experian is a global information services company and one of the major credit rating agencies in India. Experian scores range between 300 and 900. A score of 750 is ideal and increases your chances of obtaining a credit card and loans at competitive rates of interest.

What factors influence my Experian credit score?

While the exact formula is protected by law, your credit utilisation ratio, credit duration, repayment history, and the number of inquiries made can significantly impact your credit score.

How can I check my Experian credit score online? 

Log on to the Experian website and enter all the requested details to obtain your credit score.

Related: Does cancelling a loan application impact your credit score? 

  • Equifax

Equifax is headquartered in Atlanta, USA, and operates as a joint venture between Equifax Inc. and seven major financial institutions in India. Your Equifax credit score is calculated with the help of an algorithm that takes into account your credit history. Both lenders and customers can contact Equifax to assess their financial health and make informed decisions. 

Equifax scores range between 300 and 900. The higher the score, the better your chances of a loan getting approved at competitive rates of interest.

How can I check my Equifax  credit score online? 

Log on to the Equifax website and fill in the required details to obtain your credit score. You can avail of one free report a year.

Go ahead and choose one of these options to see where you stand. Maintaining a record of your credit scores is just one step towards ensuring good financial health. Do you know these strategies to improve your credit score?




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