Corporate credit cards have become a very common business tool these days. The employee charges the approved work expenses to the card and the company takes the responsibility of paying the bills. This is especially convenient for employees who travel for business extensively.Learn more
You started planning your finances and are thinking that you have too many credit cards which you don't need and the cards are giving you a hard time. When you first opted for a credit card it was just a need for emergency situations and you promised yourself, you will use it only when you need it.Learn more
A good credit score is a gateway to your good financial future. However it is sad that many people do not pay attention to their credit scores until they need a loan. By paying attention to your credit rating from the beginning, you could stay credit ready always. Neither would your score tumble down ever nor would you require guidelines to repair the credit report.Learn more
The banking industry has evolved tremendously over the past decade. Banks and Non-Banking Financial Institutions are now largely focused on digital banking services and products and are actively incorporating new-age financial technologies in their current portfolio.Learn more
A credit report gives a true picture of how an individual has managed his credit responsibilities. If you make timely payments and keep you debt utilization low, this positive information will reflect in your report and help you climb up the CIBIL score ladder. However if you make late payments or skip them altogether you may find yourself in the loan defaulter's list.Learn more
"Charge Off" is quite a confusing terminology. Notionally while it may seem to mean that there is no outstanding against the particular account where it is shows, factually it is a negative status. Let us understand in detail what it means and how does it impact you and your credit life?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.