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A credit report is a detailed summary of all your credit activities and payment behaviour. Prepared by the credit bureaus in the country, credit reports contain information related to your current as well as old credit accounts, loans, payment history, and closed accounts. In addition, the credit report also includes details of your credit cards, credit limit and credit inquiries.
The Credit Report has all the information related to credit and it might be difficult to read at a glance. Let’s take a detailed look at each section of the credit report:
| Credit Score | This section will mention your credit score that will be between 300-900. Your credit score is calculated by taking several factors like payment history, age of the credit, credit inquiries, mix credit and credit exposure. You should take measures to maintain a high credit score. Note: If you have no credit history or are new to the credit system, your credit score will be as NA/NH. |
| Personal Information | Name, address, mobile number, date of birth, gender, PAN number, passport number, voter ID, driving licence number, and name of the employer. Note: Make sure to check if all the above mentioned information is accurate. |
| Account Information | Credit accounts, credit cards, loans (home/auto), monthly payment history, credit limit, current balance, date when the account was opened, date of last payment, account type (single or joint), amount of loan, amount overdue (if any), total outstanding, and payment status. Note: Make sure there is no error in the account information. If you come across an incorrect entry related to your credit account, raise it immediately for a dispute. |
| Credit Inquiries | This section will list names of companies and the dates your credit report was pulled for a credit application. It will also mention the loan size and type of loan you have applied for. Note: The report will only include hard inquiries (made by banks and other financial institutions). Soft inquiries (made by individuals) will not be mentioned here. |
EarlySalary lending app has bagged BBB credit rating from CARE. The BBB rating suggests that EarlySalary has a “stable” outlook. The ratings assigned to the debt instruments of EarlySalary has been given after taking into consideration its adequate capitalization along with participation from reputed private equity investors. The top management executives with diverse experience as well as robust business and operations process has helped EarlySalary receive the CARE’s BBB credit rating.
The digital lending platform targets salaried professionals, above 21 years of age with a monthly salary of above Rs 18,000. Millennials are the largest user base of the mobile first application and over 55% of these borrowers work for the top 200 corporates in the country. The key rating strengths of EarlySalary includes comfortable capital adequacy, participation of diverse investors, robust business, operations process, and liquidity position. EarlySalary has disbursed over 5 lakh loans worth more than 850 crores. At present, users can access the lending platform to avail loans of up to Rs.2 lakhs; a line of credit ranging from 50 days to 2 years and interest-free EMIs for shopping and travel.
11 March 2019
The Reserve Bank of India (RBI) may soon ban credit rating agencies from having dual role of being advisor-cum-rating agencies for companies, reported IANS. The move comes from the banking regulator to prevent credit rating agencies from making biased assessments about the financial condition of their clients and restrict conflict of interest that may seep in. RBI is expected to soon initiate a dialogue with market regulator Securities and Exchange Board of India (SEBI) to chalk out new regulations that would impact the way credit rating agencies function, as per official sources.
The move comes from RBI after the IL&FS fiasco that has created rippled in the finance sector. The role of rating agencies has come into the limelight post the IL&FS debt fraud. Credit rating agencies are jointly regulated by both SEBI and RBI as these firms rate bank loans and NBFCs, which constitute 70% of their business. RBI Governor Shaktikanta Das took a meeting with top credit ratings officials, and the deputy governor. They raised doubts over rating agencies' ability to assess credit risk and take timely rating action.
11 March 2019
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