Your credit score affects a number of aspects of your financial life. It is necessary to be clear about what this number is, how it is calculated and what you can do to raise your score. Here are answers to 5 common credit questions that everyone has!
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The young professionals of today's era are becoming smart about their creditworthiness. They understand that in order to get a loan easily and that too at an affordable interest; they must have a high credit score.
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A credit report is a pile of information on how you handle your debts. It is basically used by lenders to check if you are credit worthy whenever you apply for a loan. A positive credit report can be a savior in your bad times when you are applying for a line of credit.
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A credit report is a pile of information on how you handle your debts. It is basically used by lenders to check if you are credit worthy whenever you apply for a loan. A positive credit report can be a savior in your bad times when you are applying for a line of credit.
Learn more
Mr. Singh was a successful businessman who owned a premium furniture store. He was making a huge profit and was sure to use it well. He would frequently shop online for all kinds of things from clothing to electronics, and often dine out with family and friends, etc. thanks to his credit cards. However, at one point he felt the need to buy a new home and decided to apply for a loan at his bank.
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Parenting is the toughest job. However hard a parent may try, but shall not be able to cover everything. And in the end the missed lessons that the child missed learning from parents could turn out to be a vital one when he is faced with the challenges of the world.
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Gone are the days when you had to pay for a credit report. Thanks to the Reserve Bank of India, now you can get one free credit report every year from all the credit rating agencies in India including CIBIL, Equifax, etc.
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The 3 digit number on a person's credit report called the credit score can have a 6 digit impact on their financial lives.
Freescoreindia provides people with the tools required to understand their credit profiles and unlock the power of their credit 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.
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.
