Factors impacting your credit score

Must know on How to Read Credit Report Scores

30-Sep-2016 written by : FSI-Team

As per a few surveys done in India the overall awareness about credit scores is pretty low. It is likely that the few who know about credit rating and its importance may still not be aware of what the scores mean or how to interpret them. It is important to mention here that credit scores are generally a number ranging from 300 to 900 but not always; so let us take a look at different scoring ranges and what they mean.

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credit report

Tips for every girl to manage their money

27-Sep-2016 written by : FSI-Team

It is important for a woman at every life stage to give a thought to her financial health. Whether investing in one’s business or looking to bolster personal finances, it is imperative to explore various investment options, make a savings plan and more importantly, stick to it. More than a third of women while contributing extensively to the family coffers invariably lag behind in critical aspects such as wealth creation, and having a long-term investment plan.

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free cibil report online

Obtain a free credit report and start saving money

24-Sep-2016 written by : FSI-Team

Globally, your credit score holds more relevance than you would imagine – it can be the deciding factor between your being able to rent an apartment or a house, getting a new phone connection, determining the premium you would pay on your insurance policy and in some instances, even getting a job. Closer back home, in India, credit scores are currently used predominantly in the banking and financial services (BFSI) sector, with lenders (banks as well as other financial institutions) evaluating your score before agreeing to extend a fresh line of credit to a borrower.

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free cibil report online

Boost Your Credit Score in 3 Steps

20-Sep-2016 written by : FSI-Team

Vivek applied for a home loan, there was a lucrative festival offer by a builder which he did not want to miss. However he was surprised when his loan application was rejected due to a poor credit score and consequently he missed the home deal.

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Why does India Need Free CIBIL Scores?

17-Sep-2016 written by : FSI-Team

Remember the revered year 2002? It was then that incoming calls to mobile phones were made free revolutionising the Indian telecom industry. Making incoming calls free was like a drop in the water as its ripple effects brought a boom in the segment. Soon, every person, no matter what economic strata, was carrying a cell phone. The time has come to make scores available for free and revolutionize the credit world.

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free cibil report online

Mythology of a great CIBIL score

13-Sep-2016 written by : FSI-Team

So what is behind a great credit score, anyway? What is it that you must do if you want to be in that much-admired league of individuals with a score of 800 and above? For starters then, let us try to understand why so many myths abound with regards to credit scores in the first place, which will help us segregate fact from fiction so that we can work towards ensuring a good credit score

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Credit worthiness since gets gaged through the three digit numerical expression reflecting on one’s credit report; Freescoreindia, has taken upon the
task of spreading the awareness on the importance of credit worthiness by extending free credit score.

Knowledge is an enabler… 

Q- What is the difference between Credit Score and CIBIL Score?


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.

Q- What is a good Credit/CIBIL rating?


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.

Q- Why is it important to know Credit/CIBIL Score?


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.

Q- What should one look into his Credit/ CIBIL Report?


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.

Q- What factors are considered for Credit/CIBIL Score calculation?


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:

Q- Why should one initiate credit/CIBIL score check?


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.

Q- Why we provide free credit score?


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.

Q- Will an enquiry impact my Credit/ CIBIL Score?


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.