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.

CIC Reviews

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  • Bank Bazaar Credit Card
    "Easy to use"
    HSBC BANK
    0.5 5.0/5 "Blown Away!"
    When ever i visit bankbazaar website, i was able to see the variety of products whatever the doubt i have about the products, its gets clear completely. Through my friends i come to know about the bankbazaar. User interface is really good. Last 3 years, I'm using this website.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 18, 2019
  • American Express Credit Card
    "Good card to use"
    AMERICAN EXPRESS BANKING CORPORATION
    0.5 5.0/5 "Blown Away!"
    Taken 3 years before my Amex credit card. They are providing a very good rewards and offers. Its a Gold credit card. There is no annual fee. I have no issue in the customer care service. I'm satisfied with the credit card to me. Overall, its a very good product.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 17, 2019
  • Bank Bazaar Credit Card
    "Good website which everyone can use for financial product. "
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    It has a basket of product and its a one stop solution for the financial product. The customer care executive is good and they have explained the features and benefits of the benefits. From Google search, i came to know about this website and for past 1 year I'm using this website.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 17, 2019
  • IndusInd Bank Credit Card
    "Yet to explore the card"
    INDUSIND BANK LTD
    0.5 3.0/5 "Satisfactory"
    I have not used the card much and if i use more i could say more about it. I don't go to make the payment beyond the due date hence I'm not aware of the interest rates. I have received the card on time. Documentation process was smooth. There is no particular reason as such for choosing this card but I'm happy about the credit limit they have given to me.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 17, 2019
  • RBL Bank Credit Card
    "Need to concentrate safe and secured feature"
    RATNAKAR BANK
    0.5 1.0/5 "Really Bad"
    The customer service is not upto the mark, the higher officer is not responsive. Last November 15th, there was some fraudulent happened for Rs.2000, I paid the amount then I requested them multiple times to give that money back, there is no response. Still it was not sort out and they should upgrade the good limit.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Feb 16, 2019
  • review Current Account
    "Good service"
    ICICI BANK
    0.5 4.0/5 "Great!"
    My current account was taken with ICICI BANK , i have to maintain 25000 with this account . Only the disappointing part is they deduct so many charges without my knowledge . I am holding this account for past 1 year . Their customer support services are also good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • review Other Loan
    "Good service"
    ICICI BANK
    0.5 4.0/5 "Great!"
    My family account was taken with ICICI BANK , i am holding this account for past 6 year . I have to maintain 50000 of minimum balance with this bank account . There is so much hidden charges taken with this bank . The process was good and even service is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • Axis Bank Saving Account
    "Good service"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I am holding an saving account with AXIS BANK . Net banking and mobile banking works great. Statements i get on time. Customer service is good, they respond to you on time. Their customer support number is always reachable. I am happy the way service are provided.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • SBI Saving Account
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I've a savings account with the STATE BANK OF INDIA , I never had any issues with the services of SBI. Overall comparing to other banks the charges are very low with SBI. Customer support and their response is good . I am happy with mobile application and net banking .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • ICICI Bank Credit Card
    "Average"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I have ICICI BANK Credit card , i am planning to close this card because they deduct so many unnecessary charges, there was so many hidden charges . They offered ICICI PLATINUM credit card . Credit limit is 80000 and it is fair enough . It is life time free card .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • ICICI Bank Credit Card
    "Average"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I have ICICI BANK Credit card , i am planning to close this card because they deduct so many unnecessary charges, there was so many hidden charges . They offered ICICI PLATINUM credit card . Credit limit is 80000 and it is fair enough . It is life time free card .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • Citibank Saving Account
    "Average Account"
    CITIBANK
    0.5 5.0/5 "Blown Away!"
    The salary has been automatically credit from CITI bank account. I'm not using the mobile app and the Internet banking facility is wonderful. I have gone to their branch and the response is prompt. Its a zero balance account. They have not deducted any hidden charges so far.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • ICICI Bank Credit Card
    "Average"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I have ICICI BANK Credit card , i am planning to close this card because they deduct so many unnecessary charges, there was so many hidden charges . They offered ICICI PLATINUM credit card . Credit limit is 80000 and it is fair enough . It is life time free card .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • IndusInd Bank Credit Card
    "Not satisfied with the service"
    INDUSIND BANK LTD
    0.5 1.0/5 "Really Bad"
    The experience i had with them has been a hassle where i had applied for a PLATINUM CREDIT CARD which was a life time free card and they had provided me with a AURA EDGE Credit card and which has a fees of 5900. The documentation process has been a hassle and to cancel the card also had been a hassle.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • SBI Life Life Insurance
    "Excellent bank"
    SBI LIFE
    0.5 5.0/5 "Blown Away!"
    I'm very happy with the bank and their policies. I have purchased my money back policy from SBI Life. I used to take the policy for tax benefits purpose. Its a very long lasting relationship with SBI, i have chosen them. I'm satisfied with the sum assured amount. The premium amount has been deducted from my account. I have selected the yearly payment mode.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • Royal Sundaram Health Insurance
    "The policy really sucks"
    ROYAL SUNDARAM GENERAL INSURANCE
    0.5 1.0/5 "Really Bad"
    Taken my health insurance policy from Royal Sundaram. Ideally i used to got for master check up when i went for the hospital they have not sent a mail to the hospital hence i paid the money from my end. They don't have a master health check up facility and the same has been informed from the laboratory. They won't pick up the call from their customer care. They will started follow up for the payment renewal alone about a month before.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • IndusInd Bank Credit Card
    "Average"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    My credit card was taken with INDUISND BANK , they offered me 100000 of credit limit with this card . There is no annul fee at the time of getting the card . There is nothing special with this card it is very normal card anywhere available in the market . Overall it is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 16, 2019
  • ICICI Bank Personal Loan
    "Optional personal loan"
    ICICI BANK
    0.5 3.0/5 "Satisfactory"
    In the year of 2007, i have taken my personal loan from ICICI. They were good in processing the loan and they do charged me a processing fee of Rs, 1000 and otherwise i found everything is fine. The amount automatically has been deducted from my salary account. I'm not aware of the interest rates provided by them.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • Citibank Personal Loan
    "Not affordble by common people"
    CITIBANK
    0.5 4.0/5 "Great!"
    The way process the loan was not too bad. Since i hold a salary account with them, i have chosen the CITI bank personal loan. The other 2 more months for closing the loan and i thought of wrong choice of choosing the CITI bank loan. Interest rates are comparatively higher than the market rates and they have charged me a Rs. 1000 as processing fee.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • Kotak Credit Card
    "Good. Can improve"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have taken a life time free credit card with Kotak Mahindra Bank. I am not sure about it though, the credit limit is fine. Before the purchase of the card I was told that if I buy a PVR movie ticket, I would get one free. Later I was told that if I use the card for 10k I would get that offer. The balance transfer option has a tenure only for six months. The process was delayed, it took a month.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
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