Credit Score is a three digit number which depicts credit worthiness. Credit Score is calculated by considering all your past credit related transactions. RBI has authorized Experian, TransUnion Cibil, Highmark and Equifax to compute Credit Score and Credit Report in India. RBI has made it mandatory for all banks and financial institutions to share credit-related transactions with the authorized credit bureaus. TransUnion Cibil is the most popular credit bureau; Cibil score has a range of 300-900, with 900 being the highest.
All individuals who have availed credit from banks and recognized financial institutions, are given a Credit Score by the credit information bureaus. Individuals with no credit history have a Credit Score of -1. It takes up to 6 months from the date you have availed the loan to get your Credit Score, in this case your Credit Score will be 0.
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SEE ALSO: How To Get My Cibil Report Online?
You must have PAN, phone number and personal details to check your Credit Score for free on IndianMoney.com. You don’t require any other documents to check Credit Score for free. PAN and mobile number are required to extract your Credit Report and Credit Score from the credit bureau.
You can check free Credit Score on IndianMoney.com by following below mentioned steps:
SEE ALSO: Cibil Score For Credit Card
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Banks and financial institutions across India must share all credit related transactions with the authorized credit bureaus. Lenders share credit transactions on monthly basis. Both negative and positive reports on an individual’s credit transactions are shared. It takes up to 3 months from the day lenders share data with the bureaus to update your Credit Score.
Below mentioned are the steps to improve your Credit Score:
Frequently Asked Questions (FAQs):
Q. What is Credit?
A. Credit is defined as the money borrowed from a person/organization as debt, to purchase goods and services.
Q. How Does My Free Credit Score Check Affect My Credit?
A. Checking Free Credit Score does not affect your Credit Score in any way, it is called soft enquiry.
Q. Can I Check My Credit Score Every day?
A. Yes, you can check your Credit Score each day. It may take up to 3 months to update your Credit Score.
Q. Credit Report vs. Credit Score: What’s the Difference?
A. Credit Report is the summary of all your credit related transactions. Credit Score is a numerical representation of your credit worthiness.
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