A credit score is a three digit number assigned to an individual that represents his/her credit worthiness. A credit score represents how responsible an individual is when managing debt. A credit score above 700 is considered to be a good score. A person with good credit score can easily avail loans from banks and financial institutions at moderate interest rates.
A person with a low credit score cannot obtain loans from banks easily, as a lower credit score indicates he is not responsible in managing debt or making repayments on time. There are various factors that play an important role in building credit score. They are credit utilization ratio, payment history and clearing dues and loans.
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A credit report is the summary of loans and credit cards availed and also loan accounts opened. The lenders generally ask credit bureaus for the credit report of an individual, to make effective lending decisions. Credit reports are also used to check your record/ history of payments on loans and credit cards.
The credit report contains summary of repayment, credit utilization of the individual and settlement of debt. In India, there are four major credit information companies (CIC) that provides credit reports of individuals. They are Experian, High Mark India, Equifax and TransUnion CIBIL.
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Most of the credit information companies in India allow checking credit reports via online and offline methods. To check credit reports, enter the following details and make a payment to get the credit report:
Online Method: Enter the details given below to obtain the credit report online:
Offline method: The following documents and details are required for obtaining a credit report offline:
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The credit reports are used by the banks and lending institutions to measure credit worthiness of an applicant. The credit reports help lenders know the applicants credit repayment history. A credit report contains the detailed summary of the late or missed payments.
The lender requests credit bureaus for the borrower’s credit history to decide on the lending. The credit reports are used to obtain the following details:
You must follow the below mentioned steps to check credit score for free on IndianMoney.com.
If you want to improve your credit score follow the steps given below:
A good credit score reflects how efficient and responsible an individual has been with payments and debts. Given below are some of the benefits of having a good credit score:
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