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Is it possible to get a free credit check or a credit report?

Yes! It is possible now to get a free credit report. An individual can get one free credit report, including credit score once in a year from credit bureaus like CIBIL™, EQUIFAX, and Experian, as directed by the RBI. However, company like CreditMantri offers free credit score as well as a detailed credit analysis report which helps you make informed decisions and discover credit products that are best suited for you

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 behavior across all your loans and credit cards and gives lenders a detailed picture of your past and current credit behavior.

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 can bring 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.

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