Yes - It is possible to get a free credit Health check online through CreditMantri. CreditMantri has tied up with Equifax to obtain a credit report for all of their customers. (Equifax is one of the three credit rating agencies that issue a credit report in India.). With just a few details, your credit report will be ready to view.
What is a Credit Report?
- Detailed record - A credit report is a detailed record of an individual's credit history. It is created and maintained by credit reporting agencies, also known as credit bureaus, such as Experian, TransUnion, CIBIL™, and Equifax.
- Information source - A credit report typically contains information about an individual's credit accounts, including credit cards, loans, and mortgages, as well as their payment history and credit utilization. It may also include public records such as bankruptcies, tax liens, and judgments.
- Personal information - Other information that may be included in a credit report includes the individual's personal information, such as name, address, and identity proof, as well as inquiries made by lenders or other companies who have requested a copy of the individual's credit report.
- Employment information – This includes all the information related to employment be it past or current.
- Credit utilization - The amount of your available credit that has been used up is displayed in this section.
- Credit score - Your creditworthiness is represented numerically here, taking into account both your credit history and other elements.
- Evaluates creditworthiness - Lenders and other creditors use credit reports to evaluate an individual's creditworthiness and determine whether to approve them for credit or loans. Employers, landlords, and insurance companies may also use credit reports when making decisions about hiring, renting, or insuring an individual.
- Identify errors - It is important to regularly check your credit report to make sure all the information is accurate, as errors or fraudulent activity can negatively impact your credit score and financial well-being.
Is a Credit Score Different from a Credit Check/Credit Report?
Yes. A credit score forms part of your larger credit report. Your credit score is a three-digit number between 300-900 which is a snapshot of your creditworthiness. Your score is mentioned in your credit report which contains information on all your credit transactions. Your report has details on every single loan or credit card account you have had with a variety of lenders over a period of time. It includes your payment history, number of credit accounts, your outstanding balance, delinquent accounts, and your total credit limit among other details.
What is the Process to Get a Free Credit Check Online?
First, you need to register at creditmantri.com and apply for a free credit check. You will be asked for some documentation – ID proof and address proof. Once you complete this and the documents are verified by the agency, CreditMantri will obtain your credit score. You do not need to make any payment for the credit score. It will also not impact your credit score.
What are the Credit Bureaus that Provide Credit Checks?
The 4 most popular credit bureaus in India are as below –
- TransUnion CIBIL™
- CRIF Highmark
FAQ of How to Get a Free Credit Check
1:What is a credit check?
A credit check is an assessment of a person's creditworthiness, which is based on their credit history and credit score. It is used by lenders, landlords, and other financial institutions to determine if a person is eligible for credit, such as a loan or a credit card, or if they can be trusted to make rent payments on time.
2:Who can perform a credit check?
Credit checks can be performed by lenders, landlords, employers, and other organizations that have a legitimate reason to assess a person's creditworthiness. However, they must obtain the person's consent before conducting the check.
3:What information is included in a credit check?
A credit check typically includes information such as a person's credit history, credit score, payment history, outstanding debts, bankruptcies, foreclosures, and other financial information.
4:How can I check my own credit score?
You can obtain a free credit report once a year from each of the four major credit reporting agencies - Equifax, Experian, CIBIL™, and TransUnion.
5:How long does a credit check take?
The length of time it takes to perform a credit check can vary depending on the organization conducting the check and the amount of information that needs to be reviewed. Typically, it takes a few minutes to several days to complete a credit check.
6:Can a credit check hurt my credit score?
A credit check can have a temporary negative impact on your credit score, but the effect is usually small and short-lived. Multiple credit inquiries within a short period of time, such as when shopping for a loan or credit card, can have a more significant impact on your score.
7:Can I dispute errors on my credit report?
Yes, if you believe there is an error on your credit report, you can dispute it with the credit reporting agency that provided the report. The agency is required to investigate the dispute and correct any errors they find.
8:What distinguishes a credit rating from a credit report?
Individuals may use a credit report or credit score that is provided by one of the four Indian credit bureaus—CIBIL TransUnion, Experian, Equifax, or CRIF High Mark. On the other side, credit rating is offered by CRISIL, ICRA, etc., and is relevant for businesses and organizations.