Now you can get your Credit Score online for free!

A Credit Report is an integral part of every individual's financial life and can be the fine line between getting credit and being denied the same. The credit score is a representation of one's creditworthiness, i.e.  the individual's willingness and ability to repay any outstanding debt. Of course, a score is never considered in isolation; a lender factors in other parameters as well when scrutinising an application for a loan or credit card.

A 'good' score can be the key to unlocking your dreams - say for example you want to avail of a loan to purchase a house or a car. The parameter of what is considered to be a good score differs from lender to lender.

The Committee constituted by RBI has recommended that each customer of a credit institution should be provided one base level consumer Credit Information Report (CIR) free of cost every year by each Credit Information Company. Now each individual can get free annual credit report upon request shortly.

 

What is Credit Score

A credit score is a summary of the credit report, which captures in depth an individual's credit history, both past as well as current. This information includes the length of credit history, number of accounts held and the type of accounts as well.

There are four credit rating bureau now i.e CIBIL, Equifax, Experian and CRIF High Mark.The most popular is CIBIL.

What can affect the Credit Score?

  • Credit mix of secured and unsecured loans
  • Recent Loans and Credit cards
  • Duration of the debt being serviced
  • Credit utilization and the amount outstanding
  • Track record of your repayments
  • Being a guarantor to others
  • Closing of credit card(s)
  • Settling  outstanding amount(s)

How to get Credit Report

Online – www.cibil.com

Step 1 – Registration - The first thing you need to do is to fill the online application form by entering your personal details like your name, date of birth, address, phone number, income, identity proof, and address proof.

Step 2 – Authentication – You may have to answer three to five Questions about your Loans and Credit cards. You may have to upload Documents. Once authentication is successfully completed, you will get your CIBIL score via e-mail within 24 hours.

You also have the option of sending a printed application to CIBIL along with the CIBIL transaction ID, a copy of your ID and address proof. Upon receiving these documents and after verification, CIBIL will send you a printed copy of your credit report to the address mentioned in your address proof.

Last modified on Saturday, 11 March 2017 06:03

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial Planner from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

3 comments

  • Bulu Dash

    posted by Bulu Dash

    Saturday, 22 October 2016 04:52

    very much imp to remember while applying for loan....

    Report
  • Malwika Jaiswal

    posted by Malwika Jaiswal

    Saturday, 22 October 2016 04:49

    useful information....

    Report
  • Durga

    posted by Durga

    Saturday, 15 October 2016 07:19

    Very Informative article!

    Report

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