You can learn your credit score and get a Credit Health Check that analyses your credit situation – without any expenditure on your part
Is it possible to get a free credit check or a credit report?
It is not possible for anyone, either lenders or borrowers, to get a CIBIL score or credit report for free. However, if you wish to know your credit score for free, CreditMantri can obtain your Equifax credit score at no cost to you. You can learn your credit score and get a Credit Health Check that analyses your credit situation – without any expenditure on your part.
There are 3 established credit rating agencies, or credit bureaus, in India – CIBIL, Equifax and Experian. The credit scores and reports issued by all 3 agencies are equally valid but, perhaps, CIBIL is the most well-known agency. Banks and other lenders use the credit scores of all 3 bureaus.
If you wish to obtain a copy of your credit report, you can apply online on the website of any of the three bureaus. You will need to make a payment and provide ID proof. Sometimes, the format and language of the credit report might be too technical and may require some help with understanding and interpreting. If you wish to get your credit report together with an analysis to help you understand your credit situation, you could use CreditMantri’s credit services.
How is a CIBIL score different from a credit report?
The CIBIL score is a single number that forms a part of your credit report. It is a 3 digit number that ranges from 300-900 and gives potential lenders a quick idea of your credit-worthiness.
A credit report is a multi-page document that is a record of all your credit-related activity over a period of years. It has details of your payment behaviour across all your loans and credit cards and gives lenders a detailed picture of your past and current credit behaviour.
What are the factors that affect my CIBIL score?
- Delay in payments: Any delayed, partial or skipped payments will cause a negative effect on your score.
- Exceeding credit limit: Using more than 50% of your credit limit canbring down your credit score.
- Balance between secured and unsecured loans: Secured loans (home, gold auto loans) are loans that are provided against collateral such as a house, gold or vehicle. Unsecured loans are loans that are provided without any security, like a personal loan. It is important to have a greater proportion of secured loans to prevent a negative impact on your score.
Applying for multiple loans and credit cards within short time frame: If you have too many loans or credit card applications without corresponding approvals, it will lead to a decrease in your credit score. Each rejection causes a drop in your score.