Women in our society are today pushing the change. Today not only we increasingly find women taking up active full time jobs but also find them leading businesses of different lines, formats and scales. As more women become financially independent, they also are making a mark on the front of credit health. As per a recent analysis from Experian, one of the four credit bureaus in India, women have a better average credit score of 675 in comparison to men who have an average credit score of 670.Learn more
Building a good credit score takes time and patience. You have to pay your credit card bills on time, control expenses, and minimize debt accumulation and a lot more. However, all this is important to ensure that when you need a home loan or a personal loan you are ready and able to get attractive interest rates.Learn more
Anyone who is aware about how loans are sanctioned knows about the importance of the credit score in trying to get a loan approval. The credit scores in India range from 300 and 900 and a score above 750 is considered to be excellent. 79% of all loans that are disbursed are to applicants who have a CIBIL Score of 750 or above. CIBIL being the first credit rating agency for individuals has the first mover's advantage and is almost synonymous with credit rating in India.Learn more
A person is made out of his habits and we all have our own preferences and conducts that impact our lives. Now these habits can affect our lives in a positive or in a negative way. Till the time these habits contribute positively it is fine but if the same have negative influence it is a cause of concern and needs to be changed. Especially when these habits are impacting our financial lives.Learn more
No one today can survive without taking a loan and our financial success to quite an extent, is also dependent on our ability to get loans at the time we need it. And to be able to have access to credit, one factor that plays an important role is the credit profile. This credit profile is the numeric expression and is credit score.Learn more
Parenting is like a tight rope walk where the parents continuously need to strike a balance between various exposures/experiences and guidance provided to the child. While under exposure may not help the child to gain required experience, over exposure may also lead to complications, since kids are impressionable.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.