A credit report is a summary of your credit activities and repayments behaviour. It is prepared by the credit bureaus in the country and comprises credit score, detailed credit information related to your current as well as past credit accounts, loans, payment history, and closed accounts. Moreover, the credit report also includes personal information, details of your credit cards, credit limit, and credit inquiries. Lenders like banks and non-banking finance companies use a credit report to understand the creditworthiness of loan as well as credit card applicants.
Here are some of the reasons to should check your credit report:
At the time of applying for a loan:
It is better to know what your current financial status is before you apply for any type of loan (home and auto). Checking your credit report will give you an idea of whether the lender will approve your loan. A higher credit score gives you a better chance of getting quick approval for a loan. It must be noted that each credit inquiry lowers your credit score, therefore you should limit the number of times lenders check your credit.
Checking your credit report after a long time:
You should check your credit report periodically to understand what are the areas that you need to work on. It is a good habit to check your report at least 2-3 times a year as there could be errors in it.
Get your free credit reports:
Since 2017, the Reserve Bank of India (RBI) has made it mandatory for all the credit bureaus in the country to offer 1 credit report to consumers once in a calendar year. As there are four credit bureaus in the country, you can request 4 credit reports from each of the credit bureaus.
Error in personal information:
Your credit report can have errors related to your personal information like name, address, mobile number, among others. If you come across any errors, you can raise a dispute to the respective credit bureau.
Check for an identity theft:
You can also be a victim of fraud which can result in a drop in your credit score. If you come across accounts that are not yours, you should get it fixed at the earliest.
Incorrect credit account information
Your credit report can also have incorrect records of your credit accounts or duplication of the same loan or credit card account. In some cases, your credit accounts can get mixed with someone else’s details and hampers our credit score.
Unexpected drop in your credit score
A good time to check your credit report is when you witness a sudden drop in your credit score. This might be due to fraudulent activity or some error in your credit report.
At the time of an upcoming big expense
Checking your credit report comes in handy when you are planning to buy expensive items like electronic devices or planning international travel. This gives you an idea of your present credit status.
FAQs On Credit Report
Can I get a free copy of my credit report?
Yes. As per the RBI mandate, you are entitled to receive one free credit report from a credit bureau in one calendar year.
How much does a credit report cost?
The price of a credit report is different for each credit bureaus. You can get the exact cost of the report by visiting the credit bureau official website.
Does my credit report contain any other information?
Yes. Your credit report has your personal information like name, address, mobile number, email address, employer details and PAN number.
Can I get errors fixed in my credit report?
Yes. If you come across any errors in your credit report in terms of personal or credit account information, you can raise a dispute with the respective credit bureaus and get the errors fixed at the earliest.
If you have negative information in your credit report, it gets cleared off after 7 years. However, in case you have been through bankruptcy, the negative information remains on your report for 10 years. In the case of revolving accounts like credit cards, your positive history will stay on your report for as long as the account is active.
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 .
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.
I am using the services of bankbazaar from last 1 year. I checked my credit score using the mobile app which was user friendly and easy to use. Customer service was good and their response was on time. I found all the information at one place on the mobile app.
I have been using the services of bankbazaar from last 5 months. Customer service is fine with bankbazaar and their response was prompt. The website of bankbazaar was easy to use and was user friendly. It was easy to fill the details and check the credit score.
I had received a mail communication from bankbazaar advising me to check the credit score. Though this was my first experience it was simply superb. As far as the level of service is concerned it was good also the response was on time.
I was checking on google for personal loans and then i came to know about bankbazaar. The services provided by bankbazaar was good and their response was prompt. The website of bankbazaar is easy to use and also user friendly.
I was looking out for a personal loan and I ended up reaching this site for checking my credit score. The report was very much accurate and informative too. It hardly took 5 minutes for me to fetch the report. Coming to the website even that was very much user friendly.
Nothing new nor there was no specific reason for checking the credit score infact this is my first experience. It hardly took few minutes for me to fetch the credit report. The report was very much accurate and informative too. Even the response was equally good.
I did not encounter any issues at the time of fetching the credit report. I have checked my credit score previously too and I would certainly say it was a good experience. It hardly took 2 to 3 minutes for me to fetch the score. According to me the report was accurate,informative and perfect.
To start off, it was a good experience at the time of fetching the credit score. This is the first time i have checked the credit score because i wanted to get the credit card. Report was accurate and was informative. It was easy to fill the details and get the report. In all it was a smooth process.
I being a Customer of Bankbazaar for the past 1.5 years, thought of checking my credit score on this website. Their customer care executives were kind enough to explain to me about the features and benefits of credit score in detail. I would end up saying that it was a hassle free experience of fetching the credit score.
Basically, it was through advertisement I got to know about this website. This is my experience and it is the best too. The Customer service has always been a top notch here. Talking about the website it is very much user friendly and it is very easy to use as well.
I came to know about bankbazaar through mails and this was my first time experience. Customer service was good and their response was on time. I am using the mobile application of bankbazaar, it is user friendly and easy to use.
This review is all about my experience of fetching the credit score, though I dont have any reason for checking the credit score but it was useful for me. I was able to fetch the report successfully moreover I did not find any discrepancies with the report since it was accurate and perfect.
Hi all, I am a loan seeker and I wanted to check my credit score and that is why I checked my credit score here. I basically like the outlook and the website design. On top of all that, the report fetched was 100% accurate and it was flawless too..
The key factor which made to check my credit score was few months ago my credit score was down so i just wanted to check my credit score and I ended up checking my credit score here. Even the website was user friendly. The report was accurate and it was informative too.My experience was completely hassle free.
Well, I appreciate the efforts taken by Bank Bazaar in providing the credit score feature, in fact it is an excellent idea too. Basically, I got to know about Bank Bazaar through their promotional mails. Therefore I advise all my friends and colleagues to explore all the features and to reap the benefits offered by Bank Bazaar.
I tried fetching my credit score one month back and that is how I started my interaction with Bank Bazaar. It all went well where I had applied for the credit check through internet followed by which, I had received a call from their executives who gave the next steps and finally my credit report was fetched effortlessly.
This is my first experience with Bank Bazaar of fetching my credit score through them although it was the first time it was simple and easy. I had downloaded their mobile application as well and it was a very simple task. Apart from the credit score feature I tried availing loans through Bank Bazaar and their executives were very helpful in providing appropriate guidance.
It was through my Husband I got to know about the service rendered by Bank Bazaar and their credit score feature. This happened approximately last week when I tried to fetch my credit score. Their executives came to my aid my doing the necessary followups and finally my credit report was fetched successfully.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Grab our newsletter!
Gain an edge by connecting with us via email. We promise never to spam you.
Request received - loud & clear! Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.