The festival season is around the corner, which means e commerce portals are lining up to roll out a slew of attractive offers. However, banks and other financial institutions are also aware of the season’s charm and shall offer loans and credit cards at attractive interest rates and easy repayment terms. So, if you are interested in buying a car and need a loan, the festive season is a good time for that. But how do you find the best car loan? In this blog, we will answer many questions like these.Learn more
Diwali is all about festivities, celebrations, new clothes and buying gifts. In all this, it is possible to forget about investing goals. After all, Diwali is all about welcoming the wealth home in the form of Goddess Lakshmi! So, where should we invest our money?Learn more
Home is where we start and end the day with. It is every individual’s dream to have a perfect house how they exactly thought it for. Loans have really made it easier today for getting that house that anyone would have asked for! Different banks or NBFCs have lucrative offers and schemes to attract the customers and approve the loan and get the offer cracked.Learn more
Parent's influence plays a very important role in inculcating good financial habits among children. Children tend to emulate their parents when it comes to spending and saving money. Hence it is necessary for parents to understand what good financial habits they must follow so as to secure the financial future of their child.Learn more
Did you recently check your CIBIL score and found out it's not as good as you thought it was? If you answer is "yes", then you needn't worry. There are a lot of people who get a poor score due to lack of awareness or bad financial habits. However, that doesn’t mean that the damage can't be reversed. In fact, not only it's possible to improve your CIBIL score easily, but it's also something you can do yourself.Learn more
It is now beyond a fact that we lead dual lives – one physical and one digital – more and more digital as we take massive strides in technology every day. With the advent of voice controlled devices and bots that promise to enrich our lives with relevant and time sensitive information, we are now constantly at battles between convenience and security in our daily lives.Learn more
Many events in life can lead to an urgent requirement of funds. In such instances, what one looks towards is access to loans, advances and credit. However, the seamless access to credit is while depended upon one's repayment capacity, one’s credit health has a bigger role to play. Despite having the required income to service the loan, the applicant may not be able to get approval on loan application if the credit health is not up to the mark. This may lead one into desperate state of affairs in case the funds were needed for meet an exigency.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.