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What To Do If Employer Wants To See the Credit Report

What To Do If Employer Wants To See the Credit Report

08-Dec-2017 written by : FSI-Team

So, you had a rough month and couldn't catch a breath. Now that things are in control, you reflect on the events that took place in the recent past and realize you forgot to pay your credit card bill. Now, apart from the thought of paying a fine, another thing that's likely to cross your mind is:

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20% Consumers Have Different Credit Scores from What Their Lenders See

20% Consumers Have Different Credit Scores from What Their Lenders See

06-Dec-2017 written by : FSI-Team

According to a recent study by the Financial Protection Bureaus that's based on 200,000 credit files from three of the biggest credit bureaus Experian, Equifax, and TransUnion, 1 in 5 consumers is likely to receive a credit score that’s different from the one used by their lender.

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Myths About Credit Scores and Insurance

Myths About Credit Scores and Insurance

01-Dec-2017 written by : FSI-Team

Buying insurance is an important aspect of financial planning and is a decision that must be taken after careful analysis and comparison. While insurance is something that an individual actively seeks to buy, credit history is something that is generated over the course of time due to the way an individual’s attitude towards debt and his treatment of his loans and credit cards.

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Fraud Alert vs Credit Freeze

Fraud Alert vs Credit Freeze - What is the Difference

29-Nov-2017 written by : FSI-Team

A personal loan can help you manage your small debts; help you manage a marriage or any other sudden circumstances. This type of loan falls in the category of unsecured loan, as one does not have to keep collateral security to get the loan sanctioned. Because of no collateral in place you will need to pay a higher interest rate as compared to other loans that are available in the market.

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What Really Influences one's Credit Score?

What Really Influences one's Credit Score?

24-Nov-2017 written by : FSI-Team

Have you ever applied for a line of credit and got rejected? The lender gave you a reason why your credit line was declined; the reason was a low cibil score. What is a credit score? How do I even have a credit score if I have not applied for any loan in the past? What are these scores and how are they bifurcated? How do I get a credit report? These are the questions which arise if you are taking a credit and do not know what a credit score is. We will be solving this remedy for you.

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How Much Damage Can a Single Late Payment

How Much Damage Can a Single Late Payment do to Your Credit Score?

22-Nov-2017 written by : FSI-Team

So, you had a rough month and couldn't catch a breath. Now that things are in control, you reflect on the events that took place in the recent past and realize you forgot to pay your credit card bill. Now, apart from the thought of paying a fine, another thing that's likely to cross your mind is:

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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.