Factors impacting your credit score

Six useful things to look out for in your CIBIL report

27-Aug-2016 written by : FSI-Team

If you are conscientious financially, you already know by now that it is very important to keep a close watch on your CIBIL score as lenders will compulsorily look at it while assessing your credit worthiness. But even if you do request for your CIBIL report, you may stumble upon things that you may not understand. Just to help you better assess your credit health, here are six useful things that you should look out for in your CIBIL report. In India one does not have access to a free CIBIL report yet, so do ensure you do not miss out on these important details when you access your report at least twice annually.

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Does marriage affect your CIBIL rating?

24-Aug-2016 written by : FSI-Team

Life doesn’t remain the same after marriage. It brings about significant changes in the lives of both the partners. The decision to take vows not only brings lifestyle changes but it affects one’s financial life as well. You start thinking about savings, investments, and insurances more seriously than ever. You think about taking joint financial decisions. But does marriage affect your credit history records as well? Does it affect your CIBIL rating?

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free cibil report online

Why Getting Free Credit Score Is Like Winning A Lottery?

20-Aug-2016 written by : FSI-Team

Banker: Sir your credit score is not in line with our bank’s policy. Unfortunately, we won’t be able to give you a loan Customer: What credit score? I don't believe you. Show me my report. Banker: Sir, you can ask for your report online on www.cibil.com . After paying Rs. 550/-, you will be sent your report in your mailbox.

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credit report

non-traditional-score-models-are-impacting-our-buying-capacity

18-Aug-2016 written by : FSI-Team

The world around us is accelerating at an overwhelming velocity and sometimes it becomes difficult to keep up with it. We constantly endeavour to bring the latest updates for our readers. Though some people would argue that CIBIL score itself is an alien concept, surely it would be surprising to all that the market is gradually transitioning towards newer score models. That’s true. Lending institutions are considering "non-traditional" scoring models alongwith the conventional credit scores, as they believe it gives them a deeper insight into a person’s characteristics as a borrower.

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free cibil report online

When Was the Last Time You Monitored Your Credit Report?

12-Aug-2016 written by : FSI-Team

Mr. Ram Kumar Sharma was a health freak. He led a disciplined life, yoga in the morning, a bowl of fruits after that, green tea without sugar etc. He had adopted many such ways in the interest of his healthy mind, body and soul. Not just this. He had made it a point to get all essential pathological tests done every year on January 1st. This date was convenient to remember.

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credit report

Best site for free credit scores in India

10-Aug-2016 written by : FSI-Team

If you are an individual who is financially conscientious, you probably know or have been told about the importance of building and thereby improving your CIBIL score, so that it remains above the level of 750 and above (out of 900). As an individual who likes to keep financial matters sorted, it is quite possible that you put in your best possible effort to maintain good credit behavior so that you can increase your credit score.

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Credit worthiness since gets gaged through the three digit numerical expression reflecting on one’s credit report; Freescoreindia, has taken upon the
task of spreading the awareness on the importance of credit worthiness by extending free credit score.

Knowledge is an enabler… 

Q- What is the difference between Credit Score and CIBIL 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.

Q- What is a good Credit/CIBIL rating?


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.

Q- Why is it important to know Credit/CIBIL Score?


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.

Q- What should one look into his Credit/ CIBIL Report?


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.

Q- What factors are considered for Credit/CIBIL Score calculation?


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:

Q- Why should one initiate credit/CIBIL score check?


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.

Q- Why we provide free credit score?


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.

Q- Will an enquiry impact my Credit/ CIBIL Score?


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.