A credit report is a compilation of your credit activity and credit history. It includes the names of the Banks/NBFCs from where you have taken personal loans and credit cards in the past. Creditors use this information to assess your creditworthiness which helps them to decide your eligibility toward credit products. Anyone can access his/her free credit report online from any of the 4 major credit bureaus i.e. CIBIL, Equifax CRIF Highmark and Experian.
What’s there on your credit report?
Following is the information listed on your credit report-
• Personal information like name, age, address. gender, PAN number etc
• Employment information along with income details
• Loan details along with types of loans availed in the past, ongoing loans and their subsequent repayment timelines
• Defaults on loans, if any
• Loan settlements, if any
• Your Credit card details
• Defaults made by you towards paying credit card bills
• Number of enquiries made by you through various loan providers
• Your Credit scores
How can you access your Credit Report and Credit Score?
You can access your credit report and score through any of the four credit bureaus that operate in India such as CIBIL, Equifax CRIF Highmark and Experian. What you need to do is create a request by visiting the website of the respective credit bureau and follow the instructions given by them. Checking your credit report consistently will help you spot any discrepancy or error which might be lowering your credit score.
On the other hand, you can also check your score and download a credit report for free by availing the services of Fintech companies online in a hassle-free manner as per your
convenience and requirement.
How monitoring your credit report and score regularly helps you at the time of availing any credit?
Easy and quick disbursal: Banks and NBFCs approve credits based on your credit score and credit report. If you have a good credit score and with no negative remarks on your credit report, then it will increase your chances of getting approved for any credit product easily.
Rate of interest offered: If you have a high credit score, then the banks and NBFCs would be willing to lend you at a lower rate of interest because of your proven creditworthiness in the past.
Types of Credits: People having a good credit rating get a wide range of credit card offers from various companies that are not offered to people having lower credit scores.
Bottom line
If you want to remain financially fit, you need to check your credit score and download credit report frequently. This will help you to avail of best offers on credit products.
