Credit Score is a 3-digit number that represents a person’s creditworthiness. In simpler terms, it primarily measures your borrowing or credit repayment capacity at a given time. Your credit score predominantly depends on your repayment history. There are multiple credit bureaus that maintain and calculate your credit score such as Equifax, Experian, Credit Information Bureau (India) Limited (CIBIL) and CRIF Highmark. Lenders look closely at an applicant's credit score before approving the loan application.
It is important to check your credit score online in order to avoid any wrong or incomplete information. It also helps you to keep track and understand your credit position better.
You can follow the below simple steps to check credit score for free:
A credit score or CIBIL score is generally calculated on below factors:
There can be multiple reasons as to why your CIBIL score or other credit score keeps changing.
Your existing lenders, potential lenders and even insurance companies can access your CIBIL score or other credit score reports.
At present, you cannot check your credit score with the help of your Aadhaar card, since the credit score is linked to your PAN card. You need to provide your PAN number to get the score.
For lenders, credit repayment history and creditworthiness are two of the most crucial factors when deciding on your loan approval. A borrower’s credit report reflects these factors, which lenders can access through the control number in CIBIL. Also called the ECN number, it is used by lenders to catalogue your credit details. To know what […]
The remark of DPD in a CIBIL report is an important detail that requires instant action on your part. It can affect your CIBIL score negatively and is one of many data points captured in your report apart from your credit score, recent credit inquiries and more. DPD meaning Days Past Due is thus an […]
A credit score is one of the first measures a lender considers when you’re applying for a loan in India. It’s this information helps the banks and lending institutions evaluate any individual’s creditworthiness and repayment ability while applying for a loan. So, does it mean that people without credit scores aren’t eligible for a loan? […]