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
With technology taking shape day by day, everything we know is going digital. You can access information on anything from the palm of your hand. Even with such ease, many of us do not check our credit report, unless we are planning a loan or a credit card any sooner.Learn more
Credit score, credit report, credit bureau: These are the 3 words you come across while you are applying or planning to apply for the loans. So in brief, let’s know few basics of credit score.Learn more
In today's world maintaining finance is everything. If you have a good financial status, you are at ease in terms of financial stability and financial harmony. You get all the recognitions in society for being a responsible person who maintains his finances very well.Learn more
There are a lot of things which we plan to make life easy. Things like what kind of house should I buy? Which car will suit my personality and stature? These are complex plans which include a lot of planning. How about planning the monthly budget, how to cut luxury expenses during money tight months, etc.Learn more
There are numerous advantages of having your own personal vehicle. However, most of the decent cars are quite expensive and it's usually not a good idea to get a used one due to the high maintenance costs and the depreciation factor. So, what can you do if you don't have enough money to pay the full price of the car you want? Well, a loan is always a good option.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.