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  • How To Read Your Credit Report

    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.

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  • 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 Card, 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.

    TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.

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