We are living in a world where there is rampant credit usage. However, to access credit at competitive rates of interest, one needs to have a good credit score. To build and maintain credit from an early stage in life is thus of utmost importance. Not only should we strive to improve our own credit score, we inculcate good financial habits in our children right from the start. If you have children who are in their teens or are in the cusp of adulthood, you can in fact help them build a good credit score from scratch. Here is how to do it.Learn more
It takes a lot of hard work to maintain excellent credit and stay at the top of the credit score ladder. But it is definitely worth the effort as a good CIBIL score helps you take charge of your financial life. 4 ways in which an excellent credit rating will help you save money and empower you are:Learn more
Credit scores are becoming increasingly important in current times. The impact of credit history now goes beyond the sanctioning or rejection of a loan application. It can influence your job prospects and very soon maybe your insurance premium rates too! So the significance of trying to better your score cannot be overemphasized; if you have a good score maintaining it should be your priority.Learn more
Social media has become an integral part of our lives- there are no two ways about it. While the degree to which someone is active on various media platforms may vary from one person to another, almost everyone has at least one account on a platform such as Facebook.Learn more
Your credit report is extremely important. Not only has it expressed about your financial health, but also a little something about your personality as well. CurrentlyLearn more
Money is not everything but you need money for almost everything. So, it's important to realize the significance of personal finance, preferably during your teenage itself. Different people live by different opinions and rules when it comes to finance management. However, there are few that are universal and highly emphasized by most finance experts. These are: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.