We can see a lot of articles these days which are associated to good health and its benefits. Everyone around you is in a race to be fit and to be in top of the competition. Have you ever given a thought, what about your financial health and how to be on top of that as well? Now you must be wondering what of my financial health, it's absolutely fine! I have enough cash in hand, still properties and financially intact for anything future has to throw at me. Do I need to have to bother about it?Learn more
Financially conscientious individuals are aware of the fact that it is important to have a good credit score in order to get a fresh line of credit. However, usage of credit facilities is usually associated with young and middle aged adults. This is why, there is a misconception that if you are an adult above 50 years of age or a senior citizen, your credit score may not as important.Learn more
Have you ever applied for a personal loan or home loan? Do you know how your credit report looks like today? If your answer to these questions is "no", then it's really important that you learn about credit score and the kind of impact it can have on your life, but first things first:Learn more
Being credit healthy is important, though awareness about credit reports is still low in our country but it is on the rise which is a good sign. It is important for you to assess your credit health from time to time and you can do this by getting your credit report from the rating agencies. However it's not only important to understand the information provided in your CIR but you also need to be sure if the information provided there is accurate.Learn more
There is a family emergency and you need urgent funds to fulfill it. You seek financial help from friends and family and you get empty responses. In the mean while you get a suggestion from your friend that you can apply for a loan and immediately think of banking on the idea.Learn more
Did you recently apply for a loan and the file got rejected because of low credit score? Don't worry you are not alone. On a daily basis, there are a lot of loans and financial products getting rejected because of this very reason. Have you ever thought of pulling the credit report and see what went wrong in it?Learn more
Imagine this. You apply for a home loan after you have made all arrangements for the down payment and have set your heart on the dream house. You have all your papers in order and go to your chosen bank's branch to submit your application. You wait with bated breath for your loan to get approved.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.