Getting your credit report in an efficient way

26-Sep-2015 written by : FSI-Team

Credit Health

How to find out your credit score? This is the most common question for any person intending to take a house loan, car loan or personal loan. It is a priority because the terms of loan approval largely depend on what’s in your Credit report and score.

CIBIL score is the most widely used credit score across industry to determine a borrower’s credit worthiness. Most of the banks and lending institutions rely on this score to decide whether to approve a loan, and if yes, on what terms. Sometimes, human resource managers may also use this score to evaluate a person’s financial skills and personal management abilities.

Thus, this is a very important data which you should always know i.e. what your current credit rating is? This credit rating is needed to assess the possibilities of having your loan applications approved or even your occupation application getting accepted by employers.

How to get credit report and credit score? There are two main routines for getting this information. The first and most regular technique is to file an online request with your registered CRA (Credit Reporting Agency) for a report. As per the stipulations of the finance and economy ministry, each individual can lodge a formal request with his or her CRA and get the credit report’s hard or soft copy mailed to them, in lieu of a certain amount of payment. However, you have to register yourself with a particular agency at a certain expense to ensure that you get the right credit report in every FY.

Steps to get credit report

  • Forward an online request for your report - The Finance Ministry requires each of its nationwide customer reporting companies to provide you with your credit report, should you request one, once at regular intervals for a certain cost. Improve CIBIL score accordingly based on your credit report.
  • Choose the credit bureaus and submit your personal details – You can choose the credit bureau from which you want your credit report. The CRA website you choose, will ask you basic questions about your name, date of birth, address, contact details, etc before giving you reports, where you can check and scrutinize your credit report.
  • Identity verification – The website asks for a few basic questions on personal finances and address to give you access to credit report. It is a safety measure against fraud and to avoid impersonations.
  • Read your credit report properly and understand it - When you have your credit report in front of you, simply scroll down the report and carefully check the details which have been provided by a particular credit bureau. It will contain a number of parts and explain what they mean. After reading, discuss with experts on ways to Improve CIBIL.
  • Navigate back to The CRA website and look at your next credit report - The CRA website should make it easy for you to flip between one credit report and the following. Look at each one at your leisure and print them out for your records.



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