A credit report can seem technical in its format and language. However, it is possible to learn how to understand the salient information contained in your credit report.
You will see demographic and identification data on your credit report like date of birth, current and previous address, email ID, telephone number, PAN number, driver’s license number, passport number, type of employment, annual income, etc. It is important to ensure that all this information is correct, so that there are no administrative errors when you apply for a loan. It is a good practice to check your credit report every year. If there are any errors it is vital to coordinate with the lender and the credit bureau to resolve these immediately so that it does not impact your loan application.
Next you will find details of every single loan that you have ever been granted. Your report will list the names of all your lenders, type of loan (personal loan, credit card, auto loan, etc.), date the loan was disbursed, total amount of the loan, the current outstanding, interest rate charged, the period of the loan, monthly EMI amount, current status of the loan, 36 month history on your repayment behaviour, etc. Late payments, if any, are recorded as DPD or Days Past Due. All overdue repayments are listed, and the status field will signify if there is any negative status – e.g. if the loan is in a WRITE-OFF status, previously SETTLED, if a legal suit has been filed or whether the loan is considered CURRENT, which means all repayments are being made in a timely manner. This is important data in the computation of the credit score and you should ensure that this section is always and completely accurate.
Lastly, the credit report will list the number of times that you have ever applied for a loan or credit card – this is called a credit enquiry. Too many credit enquiries without a corresponding approved loan could adversely affect your credit score. This means that the customer is ‘credit hungry’ and could have a negative impact on your credit score.
A CIBIL score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL score or credit report for free.
It is important to know that there is no such thing as a CIBIL defaulter list. There used to be a defaulter list earlier,
To check your credit history, you should obtain a copy of your Credit Report. For this, you need apply to one of the three
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
It is possible to improve your credit rating or credit rating within a few months, depending on the state of your credit
A more relevant question is, “Is it advisable to get a loan with bad credit?” There is a chance you can get a loan if
It is important to remember that there is no instant quick-fix for increasing your credit score overnight or in a couple
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,