Credit score is a three-digit numeric summary of credit history. You get the credit score based on credit history found in the Credit Information Report (CIR). The Credit Information Report gives loan repayment history (all loans and credit cards) across credit institutions over a period of time. The CIR doesn’t have details on savings, investments, FDs and so on.
Types of credit bureaus? Credit Information Companies also called credit bureaus are specialized financial institutions that collect and maintain loan and credit card related information. On the basis of track record of repayments and some other factors, Credit Information Companies create a Credit Information Report and assign a credit score. Lenders like banks and financial institutions check credit report and credit score before sanctioning loans. With credit report, banks can make informed decisions on whether to accept/decline loan applications.
Popular Credit Bureaus are CIBIL TransUnion, Experian, Equifax and Highmark. Want to know more on Home Loans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
A credit score gives banks an idea on how you manage credit. (This is both loans and credit cards). Banks want to know on past repayments before sanctioning new loans. A CIBIL score is a 3 digit number between 300-900. A CIBIL score above 700 is considered good.
CIBIL score is assigned by Credit Information Bureau (India) Limited or CIBIL which was founded in the year 2000. CIBIL score is a 3 digit summary of credit history.
Experian is a credit information Company undertaken and operated by GUS Holdings BV (Netherlands), Union Bank of India (UBI), Axis Bank Limited, Indian Bank, Federal Bank Limited, Punjab National Bank (PNB), Sundaram Finance Limited, Magna Fincorp Limited, and VIC Enterprises Private Limited. Experian was established in 2006, and the Credit Information Company made it to the ‘World’s Most Innovative Companies’ in the Forbes Magazine 2014 Edition. Experian offers comprehensive and detailed credit report with scores ranging from 330 to 830.
STEP 1: You have to create username and password. You then enter name, email ID and password.
STEP 3: You get an OTP to verify details. This is to make sure it’s really you.
STEP 4: Get Credit Score and Credit Report.
STEP 1: Create account by entering Username, Password, First Name, Middle Name, Last Name, Email ID and Telephone Number.
STEP 3: You get a Pop-up window saying CIBIL report vs free CIBIL report. You click on No, Thanks option to continue.
STEP 4: You are led to the next page where you give alternate email ID.
STEP 5: You get SMS to mobile with details on Credit Score. You get email with login credentials to access Free Credit Score.
STEP 6: You then visit Welcome to myCIBIL and get free credit score and credit report.
Get free credit report once a year. Credit score + Credit Report costs Rs 550. Only Credit Report costs Rs 164 including taxes.
How to apply for Experian Credit Information Report?
Experian Credit Information Company of India Pvt Ltd
P. O. Box. 9096,
Mumbai - 400063.
IndianMoney.com is India’s leading financial education company which was formed to curb the misleading sales practices rampant in the financial services sector. IndianMoney has tied-up with Experian to give FREE Credit Score. Get your FREE Credit Score Report on IndianMoney.
To get FREE Credit Score enter:
After you fill Mobile Number an OTP will be sent to mobile phone. You fill the OTP Number and then tick the box:
You then click “Get my Credit Report”.
You will see Credit Score. A credit score of 700 and above is good while some lenders look at 750+ scores. You also get to see:
You will also see Summary: Credit Account Information.
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