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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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  • Experian Credit Report
    "Quite friendly and awesome"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. Regards Francis
    Was this review helpful? 285
    ,
    Reviewed on Nov 11, 2019
  • Experian
    Experian Credit Report
    "nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 345
    ,
    Reviewed on Aug 21, 2019
  • Experian Credit Report
    "Good place to take personal loans and credit card"
    EXPERIAN
    0.5 2.5/5 "Just OK"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 330
    ,
    Reviewed on Aug 14, 2019
  • Experian Credit Report
    "CT"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 351
    ,
    Reviewed on Jul 11, 2019
  • Experian Credit Report
    "Need to provide reward points and cash back"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 362
    ,
    Reviewed on Jun 26, 2019
  • Experian Credit Report
    "Good card"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
    Was this review helpful? 355
    ,
    Reviewed on Jun 24, 2019
  • Experian Credit Report
    "SBI bank Credit card"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
    Was this review helpful? 386
    ,
    Reviewed on Jun 11, 2019
  • Experian Credit Report
    "CREDIT REPAIR "
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
    Was this review helpful? 368
    ,
    Reviewed on May 10, 2019
  • Experian Credit Report
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
    Was this review helpful? 378
    ,
    Reviewed on May 08, 2019
  • Experian Credit Report
    "Review of Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
    Was this review helpful? 365
    ,
    Reviewed on May 04, 2019
  • Experian Credit Report
    "Ease of use, quick access and detailed report"
    EXPERIAN
    0.5 3.5/5 "Pretty good"
    Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
    Was this review helpful? 371
    ,
    Reviewed on Apr 30, 2019
  • Experian Credit Report
    "Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
    Was this review helpful? 371
    ,
    Reviewed on Apr 30, 2019
  • Experian Credit Report
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 358
    ,
    Reviewed on Apr 30, 2019
  • Experian Credit Report
    " My credit card is not show my security is very good"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
    Was this review helpful? 353
    ,
    Reviewed on Apr 29, 2019
  • Experian Credit Report
    "credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 365
    ,
    Reviewed on Apr 25, 2019
  • Experian Credit Report
    "Excellent Service by Bank Bazaar"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
    Was this review helpful? 367
    ,
    Reviewed on Apr 23, 2019
  • Experian Credit Report
    "Experian credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
    Was this review helpful? 394
    ,
    Reviewed on Apr 05, 2019
  • Experian Credit Report
    "Realiable credit score"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
    Was this review helpful? 401
    ,
    Reviewed on Mar 24, 2019
  • Experian Credit Report
    "Credit Score Tracking"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
    Was this review helpful? 447
    ,
    Reviewed on Mar 08, 2019
  • Experian Credit Report
    "Very nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 386
    ,
    Reviewed on Mar 02, 2019
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