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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  • HDFC Bank Saving Account
    "Excellent"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have selected HDFC saving account past 5 year.Customer service is good and responsible. Near by location ATM machine is more. After 5 transaction i can able transfer another ATM also chargers .Documents submitted through executive there is no delay to open the savings account
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 20, 2019
  • Kotak
    Bank Bazaar Credit Card
    "Good Service"
    KOTAK MAHINDRA BANK
    0.5 4.5/5 "Excellent!"
    I came to know about Bank bazaar through Social Media .This website is doing a very good service and can get update about credit score since it is a free service can check whenever required it is very much useful .This portal is easy to access and gain knowledge as well .I am completely satisfied on using this portal ,Even we can get details about marketing information as well .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 20, 2019
  • RBL Bank Credit Card
    "Good card"
    RATNAKAR BANK
    0.5 3.5/5 "Pretty good"
    I got RBL BANK credit card . I have applied this card recently , yet to get this card it was in process . But the moment i applied the customer support has done the proper follow up . Everything has been done online and the process was very simple . They came to my place to collect doctment .
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • SBI Cards Credit Card
    "Excellent services"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    SBI is one of the best card to use because even small transactions also can be converted into EMI. There are plenty of offer available and they are going to increase my limit. In restaurants, jewelry, movie ticket, i get a discounts and rewards points. SBI is providing a excellent customer care service.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 20, 2019
  • HDFC Bank Credit Card
    "Good but can improve on reward point redemption"
    HDFC BANK
    0.5 4.0/5 "Great!"
    Since one year I am using HDFC jet privilege credit card, best thing they are prompt in their service. I am getting reward points for the transactions but all the points converting into Jp miles it would nice if they other options like mobile recharges, travel booking, hotel ticket. I am holding chargeable card.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 20, 2019
  • Standard Chartered Bank Credit Card
    "Good card"
    STANDARD CHARTERED BANK
    0.5 3.5/5 "Pretty good"
    I bought the STANDARD CHARTED BANK Online. I've been using this card for a past 1 year . This card is better.So far it has been a good experience with the card. The whole application and the documentation process was smooth and hassle free. No annul charges is there .
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • ICICI Bank Credit Card
    "Facilities are good"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    ICICI is a good card to use and we can get the proper information from the customer care officer. We can convert our purchase into EMI as well. In one shot, they have increased my limit upto Rs. 6000. I'm getting the rewards points which i haven't utilized till now. Overall, i'm satisfied with the services.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 20, 2019
  • ICICI Bank Credit Card
    "Good card"
    ICICI BANK
    0.5 3.5/5 "Pretty good"
    My credit card was taken with ICICI BANK . I ma holding this card for past few months . I use this card for shopping , traveling , petrol and for so many purpose . They offered good credit limit here and service is also good . Features are good here and it is life time free card .
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • HDFC Bank Credit Card
    "I'm not satisfied with the service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    In HDFC, i could not able to convert my purchase into EMI and for last 4 years, i have been using the card with HDFC. I haven't know about the variant of my card. I got the limit of Rs. 50000 and i haven't received any offer for credit limit enhancement. I am planning to disconnect with my HDFC credit card.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 20, 2019
  • HDFC Bank Credit Card
    "Good card"
    HDFC BANK
    0.5 3.5/5 "Pretty good"
    I have HDFC BANK credit card . The process of getting the card was easy and the documentation part is also smooth . I do not have to pay annul fee it is life time free card . The credit limit which they offered was good i do not have any issue with that . Overall it is good experience with this card.
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • Bank Bazaar Credit Card
    "Bankbazaar can provide all the guidance to new comers"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I got a full support from the bankbazaar customer care service people. I get a lots of information regarding the financial products through bankbazaar website. There was a good guidance and proper information has given. From 2016, i am using the bankbazaar website and its my 4th purchase with bankbazaar.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 20, 2019
  • Bank Bazaar Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I am using the services of BANK BAZAAR for the last one year and the services of them had been good. I had been using their mobile application which has been quite convenient in using and i used to check about credit cards through them. Their customer support team has ben quite responsive and had been helpful.
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • Bank Bazaar Credit Card
    "Satisfactory"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    Based on the credit score Bank Bazaar is showing credit card offers alone it would if great if they give personal loan and car loan offers. The customer care team is very proactive, whenever I raise request for any queries I am getting instant calls. But they are offering private institute for loan requirement but the interest is higher it would be nice if get tie up with more banks.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 20, 2019
  • IndusInd Bank Credit Card
    "Good card"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I hold INDUISND BANK credit card . I use this card on most on the On-line portal for purchasing things. Mobile Banking is Convenient Here as the interface gives you a easy access. I am holding this card for more than month and i got card on time . Overall it is good card .
    Was this review helpful? 0
    , kochi
    Reviewed on Jul 20, 2019
  • Kotak Credit Card
    "One of the best card"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    Till now i haven't communicated with the kotak customer care people. Since i got the offer, i have selected them. I get rewards points on all my purchases. They have provided me a limit of Rs. 40000 and the annual fee is zero. Already i have converted my purchase into EMI.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 20, 2019
  • HDFC Bank Saving Account
    "GOOD"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    It is the minimum balance account where there is a 10K rupees. Once i got deducted 7K for non maintenance and latter called to the customer support and refunded the amount. The online banking is good without any issues. There are charges with the debit card usage as a service charges but there are charges 500 rupees per year.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 20, 2019
  • review Other Loan
    "Good service"
    IDFC BANK
    0.5 4.5/5 "Excellent!"
    I hold IDFC BANK , i have saving account with them . When it comes to customer service they are the best. If i have any concern you can dial their customer support number and i get connected within a minute. Their Net banking platform is really fast and convenient to carry out all day to day transactions.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 20, 2019
  • SBI Saving Account
    "Good service"
    STATE BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    My saving account was taken with STATE BANK OF INDIA , I never had any issues with their services. They always provided me with immediate response. Their branch support services are always nice and ready to help anytime. Overall it was a good banking experience with them.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 20, 2019
  • Axis Bank Saving Account
    "Good service"
    AXIS BANK
    0.5 4.5/5 "Excellent!"
    It is a salary account with AXIS BANK is very good. The mobile banking experience is also good. I haven't faced any issues with their services.Their banking services are normal and they do not have any unwanted charges for transactions. Overall it has been good experience .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 20, 2019
  • Axis Bank Saving Account
    "Good service"
    AXIS BANK
    0.5 4.5/5 "Excellent!"
    It is a salary account with AXIS BANK is very good. The mobile banking experience is also good. I haven't faced any issues with their services.Their banking services are normal and they do not have any unwanted charges for transactions. Overall it has been good experience .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 20, 2019
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