08-April-2015 written by : FSI-Team
Are you the one whose son wants to study abroad? But you can't send him due to the shortage of funds. Don't worry! Every one of us faces a financial crisis at some point in our life! To help you out, our financial markets have plethora of financial institutes. You can approach them for financial support and in course of time you can easily fulfil the dreams of your family members.
However for getting credit, there is a protocol that is observed by lenders. According to that protocol, your credit score is checked to determine your creditworthiness. Credit score is derived from the information in your credit report and it is a numerical expression that plays a pivotal role in deciding whether you will be given credit or not. Credit score is formed by considering factors like your payment analysis, time period, irrecoverable debts etc.
Among the companies engaged in the process of credit information in India, three main agencies are given the license by the Reserve Bank of India, which is at apex of our financial system. However the credit score given by CIBIL (Credit Information Bureau India Limited) is the most popular in India. ,followed by Equifax, Experian. Credit Bureaus has your detailed information and thus provides your credit score to lenders whenever the request arises. There are various means available at an individual's disposal to check his credit score.
You can view your credit score online. All you have to do is click on the official site of the credit bureau, fill out all the details written on the application form, make a payment of the amount stated on form, provide official documents i.e. address proof and then if your application is authentic, you will get an email containing your credit score. In case your application is not authentic or there is some error you can contact customer care through the number provided on the site.
Sometimes people prefer to go for offline instead of online credit score due to security issues. The protocol for offline application is same as well, get a printout of your duly filled application form, make a demand draft of the amount mentioned and then attach all the official documents as prescribed in the instruction section. Once that is done, mail your documents along with the duly filled form to the address mentioned in the request form and you will get your credit score in the stipulated time period. Credit Bureaus build up your credit score based on your credit history.
Besides CIBIL, there are other online agencies that provide you with your credit scores. At freescoreindia.com you don't even have to pay an amount for the credit score as you get your credit score free of cost. However if you try to compare your credit score acquired from different agencies; sometimes you may find minor differences in your credit score.
There is also a possibility of errors in the credit score provided by the bureaus, so ensure that you keep a track of your credit score periodically. This way you can immediately rectify if any error occurs in your credit score.
Therefore always keep a check on your credit score through authentic agencies, so that in need of time you can get the financial support if needed.