Users can now get their credit score for FREE online by using any one of these – Your PAN, Aadhaar or Passport. And we are going to tell you how!
Your Credit Score is a snapshot of how you’re doing financially. It’s calculated based on the information you provide on credit applications, the payment history on your credit reports, and how you’ve handled financial responsibilities in the past. In general, the higher your score, the better your borrowing decisions and credit-worthiness.
Users should be aware of their latest credit score and what is in their credit report. This helps them to understand where they stand in terms of credit and can help them avail better loans.
There are 4 credit bureaus in India - CIBIL™, Equifax, Experian and CRIF Highmark. An individual is entitled for one free credit report from each of these bureaus every year.
How Does One Access Their Credit Report?
It is a very simple process to access your credit report online. All you need to do is visit the website of the credit bureau and input a few basic details. Upon verification, your credit report will be emailed to you.
We have made this step-by-step list to make it easy for you to access your credit report –
- Go to the official website of any one of the credit bureaus – CIBIL™, Equifax, Experian or CRIF Highmark
- Click on the option that says 'Get Your Credit Score’ or anything similar
- Most of these websites will require you to choose a payment plan before you proceed. You can choose whichever suits you.
- On the next page, you will be required to enter your details. The basic details commonly required by all the 4 credit bureaus are – Your full name (as mentioned in your PAN card), your email address, mobile number, and any one ‘Identity Document’ number.
- The ID document numbers accepted are – Your PAN, Driver’s License Number, Passport Number, Voter ID number, Aadhaar card or your Ration Card number. Remember, these identity documents should be in your name.
- Once you enter these details, the credit bureau verifies the details and pulls up your credit report.
- The report will be sent to your registered email address.
Other Ways To Get Your Credit Score Online For FREE!
These days, most financial services websites and banks are offering free credit scores to their users. They have partnership with one of the credit bureaus and pull up your credit report through them. The process to obtain your credit report from these websites is pretty much the same. You need to enter your mobile number, email address, and PAN number to get your credit score.
Creditmantri has been in the credit management services for over a decade and offers multiple credit building services to its users. It is very easy to get your credit report, along with a detailed analysis of your credit report on our website.
Click on the ‘Check Free Credit Score’ button, enter your mobile number, email address, Date of Birth, PAN number, and PIN code. Your credit report is generated and delivered to you instantly. It is as simple as that!
What Is The Importance Of Your Credit Score?
Your credit score is a 3-digit number ranging between 300-900. It is a reflection of your credit worthiness. Lenders seek this score to decide whether or not to approve your loan. It is also used to determine your credit limit and the interest rates you will be charged on various loans and credit cards. The higher your credit score, the better your chances of getting a good loan.
Credit cards, personal loans, home loans, any kind of installment loans, Buy Now Pay Later, overdrafts, are all reported to the credit bureau and contribute towards your credit score. Every credit bureau has its own algorithm to calculate your credit score. Also, not all lenders report to all 4 credit bureaus so it is important to research the credit report and get your complete credit report.
How Can I Improve My Credit Score?
A credit score of 700 or higher is considered ideal for obtaining the best loans. Don't be concerned if you discover that you have a low credit score, less than 600. There are legitimate ways to raise your credit score. It will take some time, but it is certainly doable.
1. Make certain that no payments are missed
On-time repayment raises your credit score and establishes a positive reputation. One of the most important aspects of your credit report is your payment history. It tracks how quickly you pay your bills and make EMI payments. If you have a history of late payments on your credit report, this is not a good sign.
2. Pay off all of your credit card balances
Credit card debt should be limited to no more than 30% of total debt, according to experts. This allows you to pay your monthly obligations more easily and avoid late or missed payments.
3. Do not apply for too many credit cards at the same time
Multiple credit requests in a short period of time will harm your credit score in the long run. Borrowers should conduct thorough research on the loan they intend to take out, taking advantage of the wealth of information available online, in order to avoid several harsh inquiries on their credit.
4. Maintain a diverse credit mix
A healthy credit mix should include, among other things, a credit card, a student loan, a home loan, and a line of credit. This credit diversity shows lenders that you can effectively manage a wide range of credit types.
Additional Read: 10 Credit Score Myths That You Shouldn’t Fall For
5. Check your credit report for errors and correct them
Check your credit score on a regular basis. If you find an error on your credit report, you must correct it as soon as possible and then follow up to ensure that it has been corrected. If you do not correct the error, it will remain on your credit report, potentially lowering your credit score.
6. Do not cancel old, unused credit cards
Even if we want to pay off our credit card debt, keeping old credit cards active by making small purchases is preferable.
7. Do not be afraid to seek professional help if you require it.
Creditmantri is a professional credit repair service that can assist you in repairing your credit. They'll work with your lender to come up with a solution. They can also help you manage your finances so that you can repay the loan.
Read more on how Creditmantri can help you fix your credit