In today's digital world we are all over the Internet via social media channels like Facebook, Twitter, Instagram etc. We share our thoughts, what we are doing, where are we going to our friends via social media, but then there are some things which we like to keep private from everybody. Like if someone posts he or she has got a new job, do they post their annual CTC as well? The same way if someone shares, they are blessed with a baby; do they share their medical expenses? But are they really private?Learn more
For some time now a lot of emphasis has been given to credit scores and their utility for the borrower and the lender as well. It is well known now that credit scores can get loan applications accepted or rejected; thus this number is definitely important when we think about the borrowing process.Learn more
With the year 2017 nearly drawing to close, it is time to take stock of the year gone by. One of the most important questions to ask yourself is with regard to your finances. You need to check whether or not your financial health is in order. One yardstick of the condition of your finances is your credit score. At the end of the year it is therefore a good idea to ensure that your score is up to the mark.Learn more
Credit scores have become an integral part of our financial life. Access to loans and other forms of credit, interest we pay on them, insurance premiums and now even jobs are affected by what score a person has.Learn more
"There is no age for learning" the famous saying is so true. It not only holds good in all times and for all kinds of knowledge that one acquires, either on something new or even on what one would have been practicing for years.Learn more
Keeping a tab on your credit score is the key to financial security and easy loan approvals, etc. To create awareness about the credit reports and help people realize the importance of their credit profile, the Reserve Bank of India (RBI) has asked all the credit information bureaus to offer one free CIBIL report or credit report per year to all individuals who have a credit history.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.