How to Read a Credit Report

A credit report is a detailed account of a person’s credit history. The credit report will include details of your credit accounts, like, credit cards, auto loans, home loans and any other form of credit availed from a registered lender. The credit report will also include details like payment history, credit limit and account balance, opening date of credit, status of loans (close or open, paid in full, not paid in full). The report will also include new credit inquiries, collection records and public records, for cases in which an individual has filed for bankruptcy or a tax lien.

A credit report can seem like quite an intimidating document to read, but listed below is a section-wise breakdown of how a person should read his/her credit report:

  1. Personal Information

    This section of the credit report will contain information pertaining to the individual’s identity, such as, the person’s name, address, current and previous accounts, date of birth, etc. An individual should check the details provided under this section, if there is an incorrect address in the report or the person’s name has been misspelled, he/she should report this to the Credit Rating Agency (CRA) as this could be a sign of wrong data being reflected in the report or credit fraud.

  2. Account Information

    This section of the credit report will carry information pertaining to the person’s present and past credit account. The individual should check the details of this section carefully as this is quite a detailed section. The following details should be checked:

    • Date of opening
    • Name of creditor
    • Current balance
    • Highest balance/credit limit
    • Monthly payment history
    • Account type (Instalment, revolving, open)
    • Account ownership (Individual or joint)
    • Payment status

    The individual should check the details in this section to verify that they are accurate. The balance reflected in various accounts are on the statement date, this can be a little confusing, as it may reflect a balance even if the individual has paid off in full or may show account that were closed prior to receiving the Credit Report.

  3. Public Records

    This section of the Credit Report will list and bankruptcies filed by the individual, tax liens availed by the individual or collection accounts. The dates provided in this section should be checked as they will directly affect how long they will appear on an individual’s credit report and affect the person’s credit score.

  4. Inquiries

    This section carries data pertaining to any inquiries made by companies regarding an individual’s credit score. If an individual applies for multiple lines of credit, this could affect his/her score negatively. In most cases inquiries do not affect a person’s credit score, as they are soft inquiries by lenders for promotional purposes. A soft inquiry is generated when the request for the credit report is not related to the individual’s request for credit.

News About How to Read a Credit Report

  • Election Results 2019: India’s credit rating depends on policies by new govt, says Moody’s

    Moody’s credit rating agency has stated that India’s credit rating will depend on policies of the new government, as per a latest report from PTI. The credit rating agency expressed hope that the country would continue with its fiscal consolidation plans. William Foster, Moody's Investors Service VP Sovereign Risk Group stated that new policies are yet to be formulated following which the agency will be able to allot credit ratings to the country. The credit rating agency expects broad push towards fiscal consolidation to remain. At the same time, it predicts a greater policy emphasis on supporting low income.

    Moody’ upped the country’s rating to 'Baa2' from 'Baa3', changing outlook to 'stable' from 'positive' in 2017. The US-based credit rating agency said reforms would help stabilise rising levels of debt. In the interim budget that was announced in February, the government pegged the fiscal deficit for 2019-20 at 3.4% of GDP, as against the original target of 3.1%. The fiscal deficit was 3.4% of GDP in 2018-19.

    24 May 2019

  • Credit Bureaus Waiting to Measure Creditworthiness with Alternate Data

    The credit bureaus want to use alternative data to measure creditworthiness of consumers who have no or limited loan records. As per a report from the Economic Times, the bureaus in the country are eagerly waiting for the final draft of the personal data protection law that will allow them to calculate credit scores of potential borrowers who have no credit history. A draft of the Indian Personal Data Protection Act has been placed in the public forum by the Ministry of Information Technology (MeiTY). By the end of 2019, it is widely anticipated to be tabled in parliament with a few amendments. Traditionally, the credit bureaus measure the creditworthiness of borrowers by measuring their credit health. However, the bureaus now want to move beyond credit and also take into consideration alternate data such as telecom companies, payment firms, and government databases. The factors outside the core banking system is expected to help the bureaus analyse the behaviour patterns of potential borrowers who

    When you apply for credit products like loan or credit card, lenders such as banks check your credit score. Higher credit scores suggest you have been a responsible borrower thereby resulting in cheaper interest rates on loans. Harshala Chandorkar, COO, Trans-Union CIBIL told ET that alternate data also has merit and it enables credit bureaus access behavioural patterns of individuals with no credit history. However, they have a phone connection which can give further access to alternate data. She added that any kind of payment behaviour can be predicted and can be analysed at the time of deciding whether to approve a loan or a credit card application. Manu Sehgal, business development leader, emerging markets at Equifax gave some insights about potential borrowers. He the current banking sector has around 400 million customers who have no credit history. Of them, around 300 million customers have one account and the rest 100 million have no account. As per Sehgal, the number of potential borrowers with not enough credit data is high and therefore, it is important to make it easier for them to get access to credit.

    The government has announced that the law would be comprehensive and modelled after the European legislation on data protection. At present, all the four credit bureaus in the country are mandated by Credit Information Companies (Regulation) Act (CIC Act). Under the act, the credit bureaus are not allowed to use alternative data in generating credit scores. These credit bureaus can only use loan account data from core banking system such as repayment time of loans, default history and the size of defaults.

    9 April 2019

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CIC Reviews

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  • IndusInd Bank Credit Card
    "Multipurpose card "
    INDUSIND BANK LTD
    0.5 3.0/5 "Satisfactory"
    I had applied a credit card with INDUSIND BANK through online, received a call from bank on time for further process. It is a life time free card. The process was done on smooth. The executive has come and collected the address proof document. Within 15 days I got a card along with welcome kit. EMI conversion is avail. I use for shopping, fuel, premium amount to pay and online payment.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 15, 2019
  • SBI Cards
    SBI Cards Credit Card
    "Need to reduce interest rate"
    SBI CARDS
    0.5 2.0/5 "Expected more"
    I am using SBI credit card for past 2 year. Credit limit is Rs.95,000 which is very sufficient. Contacting customer support is easy and I get quick response. I was applied through bank executive. Rate of interest is very high compared with other cards.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • review Other Loan
    "Best Service"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
    I am using paytm service for more than 2 years only.I am using this service mostly for groceries ,shopping and online merchant payments.while using this service i will be getting cash back offers .There was no technical issues faced so far on the usage .I am really satisfied with the service so far .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • IndusInd Bank Credit Card
    "Good "
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I have applied a credit card with INDUSIND bank on two months before through online. On time I recieved a call for further process. Took nearly 10-12 days to complete the process and recieved a card around 20 days. It is a life time free card. The limit is manageable. I got a welcome kit along with card. I am using fuel purposes, there is option for surcharges waiver off. EMI conversion is applicable.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • HDFC Bank Credit Card
    "Best service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am using HDFC BANK credit card for past 4 years. I have applied through bank executive and took a month to process the card. Credit card is approved with 20K limit and it is enhanced up to 56K. There provide the personal banking executive, I can get update from them instantly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • HDFC Bank Credit Card
    "Best Service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have HDFC Bank credit card which was availed directly through bank. I am using for past 2.5 years .This was a free card and got the credit card on exact time frame .The agent has shared all the details about the card and i am satisfied with the service.There are good reward points as well as cash back offers.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • RBL Bank Credit Card
    "Best Service"
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    I have Ratnakar Bank credit card which i am using for the past 2 years .If spend 3.5 lakhs then the charges will be waived off .There are reward points as well as cash back offers it is very useful.can contact customer service any time require no particular time is fixed to contact.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2019
  • ICICI Bank Credit Card
    "Good card to get for cash back"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been using ICICI bank credit card for more than one year. It was applied through online. By 15 days I received the card. It is annual fee chargeable of 500 rupees. The credit limit of 3.10L. EMI conversion is good and there is no charges for it. I use for shopping mall and to purchase online products , based on usage I get cash back. There are many offers like airport lounges I get 4 times free on yearly basis. It is coral card.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2019
  • SBI Cards Credit Card
    "Better Service"
    SBI CARDS
    0.5 3.0/5 "Satisfactory"
    I have SBI credit card which was taken through Online. I am using this credit card for the past 1 month. I have got the credit card on time without any delay .The credit limit was 65,000 and this was a chargeable card.The process was smooth and satisfied with the overall service .
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 14, 2019
  • IndusInd Bank Credit Card
    "Good card for interest rate "
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have applied a credit card with INDUSIND bank through online. The verification process was done on smooth. The executive has came and get signature from me. The credit limit is good, but initially the executive has told I will get 30% high of my existing card but once I received it, got same credit limit. By 10 days I received a card. I got same features for this card. I use for shopping and dinning purpose. Based on usage I get reward points. Interest is good of 12%.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 14, 2019
  • HDFC Bank Credit Card
    "Good service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I am using HDFC dinners club credit card for past 3 year. I use this card mostly for the purchase of electronics items. EMI conversion options are available at 12% rate of interest. I have received rewards points but not yet redeemed. customer support response is very good
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2019
  • YES Bank Credit Card
    "Average service"
    YES BANK
    0.5 1.0/5 "Really Bad"
    I applied for Yes bank credit card through online and submitted documents to bank executive. I received the mail stating app is in process further there is no update. I suggest bank to give a proper information for the customer regarding the application.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2019
  • Axis Bank Personal Loan
    "Need to decrease interest charges"
    AXIS BANK
    0.5 2.0/5 "Expected more"
    Since I am holding salary account with AXIS bank, I got offered for a personal loan with pre approved. So I have not submitted any documents to them. I have taken a loan on 12 months before. The amount of 2.30L with tenure period of 5 years. Rate of interest is high of around 20% and fee of 13K. I use to pay EMI of 6092 rupees. They have a sanctioned a loan within few seconds.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 14, 2019
  • Axis Bank Credit Card
    "Good"
    AXIS BANK
    0.5 4.0/5 "Great!"
    On one year before I had taken a credit card with AXIS bank. Since it was pre approved card so no need to submit any documents to them. Within 10-15 days I received the card. The credit limit of 25K was okay, after 6 months they would increase the limit up to 40K. I will be getting lot of benefits and offers like shopping, groceries, movie tickets based on usage I get discounts up to 15%. EMI conversion is applicable.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 14, 2019
  • SBI Cards Credit Card
    "Need to enhance the credit limit "
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have applied a credit card with SBI for more than two months. It was processed through online. Interest charge for this card of 13%. On time I received a call from bank for further process. I have submitted pan, photocopy of existing card statement and address proof of Aadhar. Within 10- 15 I got the card, with low limit of 45K. There was no any extra features. EMI conversion is avail.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 14, 2019
  • Kotak Credit Card
    "Good "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I have been using KOTAK bank credit card more than 2 years. It was applied through bank directly. It is a life time free card. The credit limit is sufficient. EMI conversion is applicable and charges are nominal. I get free movie tickets on every month. Mostly I use for business purpose. Based on usage I get reward points and cash back.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 14, 2019
  • SBI Cards Credit Card
    "Need to enhance credit limit"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have applied a credit card with SBI through online on three months before.I have received a call on delay basis after one week for further verification process from bank end. Initially they would told as I will be getting limit of 75K but once I received the card, I can use up to 45K only. It is annual fee chargeable of 2K and there is no waiver off option. There is no extra benefits.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 14, 2019
  • SBI Cards Credit Card
    "Best card"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have a good experience with SBI credit card. I am very much happy with the credit limit, it is Rs. 4L. It is a annual fee chargeable card. I applied through online process is easy and it is flexible to use this card. Bank executive has explained me with benefits.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2019
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I have applied Indusind credit card thorough online and documents are collected by bank executive and received the card with in 15 days. As it is a life time free card I selected it. I am satisfied with the process. I have not yet used this card properly.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 14, 2019
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have applied INDUSIND BANK credit card through online and submitted the documents to bank executive, received the credit card within a week. It is a life time free card. As of now experience is good with this card. I get reminder call before due date for the payment which is good. Credit limit is very sufficient.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 14, 2019
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