When applying for the loan, you must have taken into considerations the loan amount, the monthly outflow in regards to the equated installments, the term of repayment etc.Learn more
When people find out that their credit score is poor, they often freak out. However, they can't be blamed really because there are a lot of misconceptions about credit such as you can’t improve it once the damage is done, or that it's really challenging, etc. The thing is- none of this is true.Learn more
As a youngster, one has several things on the top of one's mind- classes, lectures, social life, job search, and other responsibilities. While juggling between all this, building a credit history may be the last thing on one's mind. You may have heard it from your parents that one needs a good credit score in order to get approved for loans and credit cards. In fact a good score is needed to unlock a number of financial opportunities in life.Learn more
There are a lot of instances where you may find yourself taking a bank loan. A bank loan can help you in many ways possible to make your life easy. Let's say for example you would like to purchase a house, you obviously know that you do not have enough funds to buy one. What do you do?Learn more
If you are financially conscientious you must already be aware of the fact that your CIBIL score is a parameter of your good financial health. Just like you keep a track of your physical health by conducting physical examinations and checking medical reports, you need to keep a watch over your financial health by checking your credit report.Learn more
After 15 years of credit bureau getting established in India, the awareness on importance of credit score has started growing steadily. While there is still a lot more ground to be covered, but, at least the general population in larger cities are becoming savvy on this important aspect of financial life. Increased efforts from various entities including the credit bureaus through awareness campaigns and advertisements more and more people are reaching out to obtain their reports from the bureau.Learn more
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.
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.
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.
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.
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:
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.
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.
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.