A credit report is a summary of your credit history. The lender is it is the bank or non-banking financial institution, always check the credit report and understand your creditworthiness. There are mainly four credit bureaus in India that are authorized to generate credit reports of an individual. These are CIBIL, Equifax, CRIF Highmark, and Experian.
A credit report is like your financial report card that is made using the historical data about all the loans and credit cards of an individual. The type of loan accounts includes - Credit Card, Personal loans, home loans, gold loans, car loans, two-wheeler loans, overdrafts, loans against property, agriculture loans, etc. Each account has detailed information about the repayment history, loan amount, tenure of loan, open date, close date, etc.
This information is given by Credit Bureau helps in determining the risk rating of an individual. This risk rating is called the credit score. The credit score ranges from 300-900. The higher the score, the higher would be the chances of getting a loan. India has 4 credit bureaus that helps you to know your credit scores to individuals viz. CIBIL, Experian, Equifax, and Hi- Mark. IndiaLends has tied up with the Experian and the Hi-Mark credit bureaus to provide free credit scores and analysis to its customers. Along with this, IndiaLends customers also get free credit report refreshes every quarter for the first 12 months.
Details that are part of the credit report
Credit score
Your personal information
Detailed information of your loans and credit card accounts including limits and outstanding balance
DPD, late payments, and defaults (if any)
A list of entities that have made an inquiry for your credit report and the reason for the inquiry (new loan/new credit card, etc.)
Here we are sharing with you steps to know your credit score
Click on ‘Free Credit score check’
Enter your personal and employment details along with your PAN Card number
You will receive an OTP on your registered mobile number
Enter OTP and view your credit score instantly
Note:
To get a detailed credit report, download the IndiaLends app.
Bottom line
Regularly reviewing your credit report should be at the top of the list of your financial habits. Good credit history and score works as a shining light on your financial background. That is why it is wise to check your credit score report regularly to get a loan or credit card at the best interest rate.