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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 –
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TransUnion CIBIL™
Equifax
Experian
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