Do you know exactly how important your credit score is in your life? Although on the surface it’s the score of your creditworthiness, in reality, it’s much more than that.Learn more
Credit score is a very tricky attribute. One needs a lot of patience and a systematic approach to keep the score intact or in a growing phase if it is not upto that level. You need to start making timely payments of the credits which are due. So here, the credit refers to any kind of loan you have taken from banks or financial institution or any person and if they are listed with the credit bureaus. With that, it also is consists of the credit cards.Learn more
There is a lot of buzz about the credit scores today. So many advertisements in various mediums are promoting people to check for their scores. "Want to apply for a loan? Check your credit score for free"; "Do you know the interest rates are based on your score.Learn more
In this age of technology, data has assumed great significance. Analytics are used worldwide to decode customer preferences and provide personalised products and experiences to them. And then there is social media where each person has a virtual presence on every other social media platform. With so much of data and information floating around, the growing concern is privacy and security. This is as true of your credit information as of any other data pertaining to you.Learn more
There are a lot of things in life which until not needed, we do not bother to have information of. The same goes with credit score. Not many of us know what is a credit report, how does credit score impact one's life, what is the importance of maintaining a good credit score, until you do not come to a stage where you desperately need a loan or a financial product.Learn more
No one would want to shell out money for anything that possibly could be done by self. While there are a few things that one would definitely be able to accomplish on his own, the others may be difficult to achieve in case an expert is not engaged. Let us review if it is possible to repair credit scores without the help of a professional.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.