CHECK YOUR FREE CREDIT SCORE

Credit Bureau

Credit bureaus collect information from various sources which is used by the lenders and borrowers for credit related decisions. Borrowers can check their credit bureau reports to know about their credit worth, while lenders can estimate the credit amount and interest to be charged, by evaluating the credit bureau reports of the borrowers.

CIBIL score save money

How Credit Bureaus are Impacting loan Approval in India

01-Apr-2016 written by : FSI-Team

If you are an individual and you lend someone money then obviously you want the money back timely and you want the entire amount back. Clearly you will not lend the money to a complete stranger you will lend it only to somebody you know and trust. This is at an individual and informal level; but when somebody approaches a bank or some other lender for loan how does the lender decide who to lend to and who not to lend? The bank also does not want to lose the money; they also want it back. Banks have laid down guidelines that include verifying the KYC credentials of the applicant, assessing the income and repayment potential and of course looking at the credit score. The credit score is something that has entered the loan sanction equation recently but is now an important factor in the decision making process.

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CIBIL score save money

Making free CIBIL score a reality

23-Feb-2016 written by : FSI-Team

Those who access credit regularly are being told through various sources of information that keeping a tab on one’s credit score is important for more reasons than one. While the awareness about credit bureaus are on the rise thanks to the recent dissemination of a tonne of information about credit and credit scores, people take a step back when it comes to really checking their CIBIL score or the credit report from any of the other credit bureaus such as Experian, Equifax and Crif High Mark.

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CIBIL score save money

Why should Indians not get free CIBIL report as in other countries?

25-Jan-2016 written by : FSI-Team

With all banks and financial institutions in India now relying heavily upon credit reports before making the lending decision, it becomes very crucial for individuals to not only track their credit reports but also over time work towards enhancing the same.

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CIBIL score save money

Role of Credit Bureaus in Microfinance

12-Nov-2015 written by : FSI-Team

Microfinance is a source of financial services including savings accounts, insurance and credit for entrepreneurs and small businesses lacking access to banking and related services. [Source: https://en.wikipedia.org/wiki/Microfinance] The self-regulatory organisation Microfinance Institutions Network (MFIN) was set up in 2009 in consultation with the Reserve Bank of India (RBI), as a controlling body for MFIs. As of March 31, 2014, 48 of the leading NBFC- microfinance institutions (MFIs) are present in 488 of India’s 640 districts, covering 26 states and 4 union territories. [Source: http://mfinindia.org/our-members/]

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CIBIL score save money

Protect your CIBIL Score: It’s precious!

20-Oct-2015 written by : FSI-Team

Your credit score is the key to your credit and financial health, and is the first documents lenders use to assess an individual’s loan or credit card application. Typically between 300 and 900, it is a three-digit numeric representation of your credit history, encompassing details on loans and cards (both existing and closed) availed by you and the repayment record on these.

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CIBIL score save money

How does a good CIBIL score save money

15-Oct-2015 written by : FSI-Team

A healthy credit score enables to speed up your loan process. Although lending institutions and banks do not advertise that low interest rates or benefits are linked to high credit score, it is definitely a key factor on interest being charged. The lower the credit score, the higher the rate of interest. Low credit scores may even lead to rejection of loans. Hence, a good CIBIL score helps in saving a considerable amount of money.

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Equifax

Equifax – The largest credit bureau in the world

12-Oct-2015 written by : FSI-Team

Equifax is one of the leading credit bureaus and has presence in all continents. In India it has been established as a private limited company where seven leading banks of India have a stake in this bureau. These include State Bank of India, Bank of India, Bank of Baroda, Religare Finvest Limited, Kotak Mahindra Prime Limited, Union Bank of India and Sundaram Finance Limited.

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Free Cibil Score

Can I check my CIBIL score online free?

30-Sep-2015 written by : FSI-Team

There are four credit bureaus licensed to operate by the RBI in India today, and CIBIL is one of them. Being the oldest bureau, a CIBIL has become is synonymous to credit bureau. However, the bureau does not offer a free score at present. If you do wish to avail of a free credit score, Free Score India does offer this service in partnership with Equifax, one of the said bureaus.

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How to check cibil score to apply for a loan

Experian – Credit Bureau in India

14-Sep-2015 written by : FSI-Team

People who have a good credit score have multiple advantages. One that has a bad credit score can improve it. The first step could be by obtaining the credit report. This could be sought at zero cost from Free Score India or can also be pulled out from any of the four bureaus like Experian. There are many benefits of having a good credit score as it has a positive impact on the financial life of an individual.

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Why should you check your credit report from all the 3 credit bureaus?

27-June-2015 written by : FSI-Team

With a specific end goal to acquire the most precise details of your credit report standing, it is highly proposed for you to get your reports from all the three agencies. It is insufficient for you to get just your Experian credit report or CIBIL report or Equifax report, since it may not provide you with the entire picture as far as where your credit score stands. There may be a couple of items on your Equifax credit rating report, but you will want to contact the other two bureaus and get your reports from them to notice exactly who you owe and how much.

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Importance of Credit report

08-April-2015 written by : FSI-Team

An evolutionary change was experienced by Indian financial markets with declaration of New Economic Policy in 1991. Indian markets opened their gates for foreign countries. Entry of foreign firms brought in technology, job opportunities and fierce competition in business world. These conditions worked in favour of consumers by providing them with good quality and increased standard of living. A paradigm shift was recorded in demand for luxurious goods over necessary ones, evident of increase in average level of income.

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Why to check Credit report

08-April-2015 written by : FSI-Team

Whoever you plan to take a loan from or take a sum on credit for short term basis, your credit report is thoroughly checked. It is more like your passport or identity proof as a debtor. This credit report is a data compiled through various sources. This credit report talks about how well do you handle your debts, from loans to bills, how you pay your bills, your payment defaults, are there any records of bankruptcy/frauds or not, your credit history and credibility – all such information are recorded in your credit report.

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