CREDIT SCORE ADVICE

The Knowledge base is aimed at addressing frequently asked question on credit score/rating, CIBIL reports and how it impacts your loan and credit card eligibility. It is aimed at helping you understand your credit history and any issues which impact your credit score.

1 What is a Credit Score or Credit Rating?

A Credit Rating is a number computed by an approved credit rating agency and it provides a hint of the credit worthiness of an individual. An individual's Credit Score provides

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2 Who issues a credit score or credit rating?

Credit Information Bureau India Ltd (CIBIL) is India's premier credit information bureau. Experian and Equifax are the other large players operating in India. Know More

3 What is considered a good credit score?  How is my score computed?

The CIBIL credit score ranges from 300 to 900. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan

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4 If I have a good credit score, will I surely get a loan or credit card?

A good credit score alone does not mean a person will get the loan he wants. Lenders additionally look at the status of previous loans and the repayment history on such loans. A previously 

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5 What is a Credit Information Report or CIR?

A Credit Information Report (CIR) is a report on past repayment performance reported by various member banks and financial institutions about an individual.

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6 Can errors in reporting cause a bad credit score?

At times, as a result of an error, your credit card / loan details may be inadvertently linked to another person with a similar profile.

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7 What if I never had a credit card or loan before? Will I have a credit score?

When you have not borrowed in the past or have never had a Credit Card or a loan, there will be no updates about you with the credit bureau.

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8 How can I get my CIBIL report and Transunion Score?

You can apply for a CIBIL report and your credit score online, or we can help you these, when you subscribe to our "JUST A REPORT" service. Just click here to subscribe to our services.

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9 How soon can I get my CIBIL report and Transunion Score?

If you are able to successfully answer 3 to 5 random validation questions, during the online application process, your CIR / Credit Report will be emailed to you by CIBIL within 2-3 days

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10 Can I get my CIBIL report for free from anywhere?

There are no credit reports available for free. CIBIL provides you with the CIR and TU score for Rs.470/-.

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11 Try our free credit score predictor.

Try our free credit score estimator to check your likely score. This is a simple simulation score and may not be the exact score. Your score is calculated based on a number of parameters and the performance of your past loans.

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12 What is Defaulter or Negative List?

There is nothing called a Defaulter List or Negative List. Banks and credit institutions report repayment performance on loans and credit card dues to the Credit Information Companies

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13 Can I remove my name from Defaulter or Negative List?

There is no negative list or defaulter list which a Credit Bureau (CIBIL etc.) maintains. Your credit score may be impacted by poor repayment behaviour and there are actions you can take to help re-build your credit score

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14 What causes negative or bad credit history?

Irregular Payment history, Write-offs and Settlements, High Current Balances and High number of Enquiries are the causes of negative or bad credit history. For detailed information click on Know More.

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15 Will a default from many years ago impact me even today?

Your credit history will reflect for at least 7 years from the date of the maturity of your loan, and perhaps for even longer.

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16 Is it possible to improve my Credit Score?

Yes. It is definitely possible to improve your Credit Score. However, it is dependent on your ability to make timely repayments on your loans and fully close any issues / payments due on your past loans or credit cards to the full satisfaction of your lenders.

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17 How long will it take to improve my Credit Score?

There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement.

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18 If I close all my old issues by paying in full to my banks, will my Credit Score increase immediately?

Unlikely. Merely repaying overdue debt will not immediately improve your credit score. You must maintain a sustained clean track record and disciplined financial behaviour for the score to improve.

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