Credit score is a three digit summary of credit worthiness. It is an important factor in sanctioning loans. Credit history shows if a person will repay loans and credits card dues on time. Credit reports are used to check records and history of payments made in the past. The credit report contains the summary of repayment, credit utilization and settlement of loans and enables lenders make effective lending decisions.
There are no quick ways to repair credit score. You can always rebuild credit score based on better financial planning and disciplined repayments. Listed below are a few tips that help boost credit score:
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SEE ALSO: Credit Score Calculator
A credit report contains the summary of loans and credit cards availed in the past. The lenders generally ask credit bureaus for the credit report to make effective lending decisions. Credit reports are important and contain detailed information on loans and credit cards, late payments if any, bankruptcies and track record of repayments.
It contains personal information, contact information, employment information, accounts information, enquiry information and so on. In India, there are four major credit information companies (CIC) that provides credit reports of individuals. They are Experian, High Mark, Equifax and CIBIL.
It is important to understand there are no short cuts to quickly fix credit score. A credit score is the history of repayments made by a person. Building a good credit score takes time and effort and depends on how you manage finances. Given below are some tips that help in improving your credit score:
The credit bureaus assign individuals with a three digit number known as credit score. The credit score generally ranges from 300-900. A high credit score helps get loans sanctioned quickly, whereas a low credit score can lead to financial trouble. Given below are the credit score ranges and what they mean:
SEE ALSO: Cibil Score For Credit Card
IndianMoney has tied-up with Experian to offer free credit score. You can check free credit report and credit score on IndianMoney.com, which is India’s leading financial education company, educating people on misleading sales practices in the financial services sector.
Get credit score for free by entering your first and last name, email ID, gender, Date of birth, address, PIN Code, City, PAN Card and mobile number. After entering the mobile number, an OTP is generated and sent to your mobile number. Enter the OTP and tick the agreement box. Click on “get my credit report” and your credit score and credit report is displayed.
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