Your credit score can be one of the most vital factors in determining access to loans. Therefore, this is a metric that you might want to know with accuracy and precision. Fibe does not rely entirely on your credit score for evaluating access to instant credit and also doesn’t deny access based on credit score alone but nevertheless offers free credit score calculation on its app. The entire process - from getting your credit score to accessing instant personal loans - is completely online and hassle-free.
A credit report, also known as a credit information report (CIR), is a detailed record of a person’s credit history and is generally prepared by a credit bureau. This would include all the loans taken by the person, how the loans were repaid, the companies that have given credit and other details of public record.
Therefore, a credit report serves as an important measure of a person’s financial stability. The report is useful for creditors, utility companies, employers, and others to analyse the credit history of a person and figure out where they stand financially and whether they have defaulted on any credit or loan repayments in the past. But credit reports can also be useful to individuals to analyse their own financial history, which would help them catch any inaccuracies or cases of identity theft early.
We know that a credit report contains a detailed credit history of an individual. When the same is encapsulated in a number, then that number is known as the credit score. A credit score is arrived at on the basis of the data contained in the credit report. Therefore, while a credit report is a stand-alone document, the credit score depends on the credit report.
However, different credit score calculators may have certain differences in their criteria, such as attaching varying weights to different factors. Also, when it comes to utility - employers, landlords, etc. are more likely to ask for a credit report while credit card issuers would be more interested in the individual's credit score.
While you can get a free credit score check and credit report for yourself, understanding your credit report is the crucial step towards making better financial decisions. The report generally contains the following types of information.
While reading your report, it is always better to double-check all your details and ensure that there are no discrepancies.
In India, there are 6 credit reporting agencies that are registered under the Securities and Exchange Board of India (SEBI). These are:
Of these, only 4 agencies provide credit reports to individuals currently. These are Equifax, CRIF High Mark, TransUnion CIBIL, and CRIF. These agencies only provide reports to customers while it is the lenders that make the decision about giving loans to borrowers.
As stated earlier, credit reports are largely used by lenders to assess your financial record. In a way, the lender gets a broad view of a customer’s credit history and along with the lender’s own customer data, this helps them decide the customer’s eligibility for credit. A report that contains defaults in payments, bankruptcies etc. could result in lenders potentially declining loan applications or perhaps assigning higher interest rates.
Moreover, too many enquiries by companies in a short period of time may not look good on your credit report. This is because credit scoring models used by lenders may factor in the number of hard enquiries on your credit report while evaluating your loan application. Therefore, keeping a good financial track record always pays off when it comes to applying for credit.
It is important to know certain key terms in order to understand a credit report.
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