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Hacks for fixing credit score fast

28-Nov-2016 written by : FSI-Team

If you own a credit card or if you ever took a loan, you must be aware that a credit score is an important instrument used by the lenders to evaluate your creditworthiness. Your past financial history is a strong reflection of how you are likely to meet your future debt obligations. If you have a sound track record of on time payments of EMIs you will have a healthy score and you can easily secure loans in future too.

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Factors impacting your credit score

Why Indians Lose More Money To Online Frauds Than Other Asians?

26-Nov-2016 written by : FSI-Team

*Ping* New Email Received from Coca Cola Company. It read: CONGRATULATIONS: YOU HAVE WON LOTTERY PRIZE FUND (£5,500,000.00). The naïve and honest young Abha Kumar thought it was nothing short of an answer to his prayers. Little did he know it was only a rip-off. He lost more than two lakhs in the hope of making much more in return.

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credit report

Do I really need a CIBIL score of over 800?

22-Nov-2016 written by : FSI-Team

A CIBIL score in today’s times is virtually your ticket to good financial and credit health, hence it becomes very important to ensure that you always have a good score, one that will see you through when you want to avail of a fresh line of credit.

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credit report

Safeguard Your Identity to Save Your Credit Health

18-Nov-2016 written by : FSI-Team

In today's times everyone faces the risk of a break-in. It is nearly impossible to shield one’s private information from identity bandits. Cases of identity theft are rising unrestrained and are affecting more and more number of people every year. Does that mean we must just accept their presence and reel under a cover of fear waiting for an incident to happen to us? No. Identity theft is a serious offence and there are some simple ways by which you can protect yourself.

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credit report

CIC Act- How it empowers borrowers

15-Nov-2016 written by : FSI-Team

In the year 2005, the Credit Information Companies (CIC) Act was formulated to provide the basic structure for the functioning of credit information companies and to streamline records of credit distribution that had thus far been the domain of banks alone. The primary objective of this Act was to help financial institutions make a correct assessment of the creditworthiness of prospective borrowers. The Act came at a time when lending institutions were looking alternative credit assessment methods and was thus considered a timely move.

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credit report

Obtaining a good CIBIL score – 4 deciding factors

07-Nov-2016 written by : FSI-Team

The CIBIL score is that all-important deciding factor when it comes to your financial health, and making sure it is 'good' – and remains so – is something you always want to ensure. It can be the differentiator between a low rate of interest and the most competitive one, when you decide to avail of finance by way of a loan or credit card. Do keep in mind that to increase CIBIL score you need to be diligent when it comes to your finances.

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About Us

The 3 digit number on a person's credit report called the credit score can have a 6 digit impact on their financial lives.
Freescoreindia provides people with the tools required to understand their credit profiles and unlock the power of their credit score.

Q- What is the difference between Credit Score and CIBIL Score?


By the virtue of being the first credit bureau in India, the credit scores colloquially are called CIBIL Score. The score given by any credit bureau is called credit score. There are four bureaus in India viz. Credit Information Bureau India Ltd (CIBIL), Equifax, Experian and Crif Highmark and all of them give out credit scores.

Q- What is a good Credit/CIBIL rating?


The bureaus in India rate an individual on a scale of 300 to 900. A credit score of 750 and above is deemed to be good and individuals in this score band will have faster access to funding. But a person with low credit score still may be able to get loans since the underwriting is based on various factors.

Q- Why is it important to know Credit/CIBIL Score?


Your credit score shall not only impact the approval of loan that you apply, but also has the potential to influence the rate of interest beign charged. A lower rate of interest will result into huge savings. Therefore, it is highly important to be aware of the credit score.

Q- What should one look into his Credit/ CIBIL Report?


Your credit report has primarily three sections. Personal information, details on all the loans and credit facilities that you would have taken and enquiries from lenders. Each of this broad information is critical to your access to credit and hence need to be looked at with care.

Q- What factors are considered for Credit/CIBIL Score calculation?


The credit bureaus assign credit score to an individual based on complex algorithms. Broadly, there are five factors that impact your credit score. They are:

Q- Why should one initiate credit/CIBIL score check?


One of the major reasons why one should check the credit reports regularly is a high error rate. As per a unique survey, one of four reports has errors. These errors can lead to severely impacting the credit score and diminishing the chances of access to loans at the time of need. To know more about the reasons why one should check score regularly read more from our blogs.

Q- Why we provide free credit score?


Unlike developed economies, where one has access to free credit score once in a year, people have to pay for the same in India. We at freescoreindia have resolved to extend free credit score for two reasons, first to bridge the disparity on availablity of free credit score and second to educate and spread awareness on this important aspect of every one’s financial life.

Q- Will an enquiry impact my Credit/ CIBIL Score?


You can withdraw your credit report from any of the credit bureaus as many times as possible. This will not have any bearing on your credit score. However, the enquiries made by lenders can impact the credit score.