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    Check Your Experian Credit Score

  • Steps to Generate Free Credit Report and check your Credit Score

    A Credit Report is a comprehensive and detailed statement of an individual’s history with regard to his activities in the credit market. Credit agencies track all of his/her activities and equate it to a number between 300 and 900. This number helps lenders determine the risk factor of loaning money to a particular creditor. Generating a report directly from a credit agency can cost you close to Rs.1000 on average. Here’s how you can generate yours for free on Bankbazaar.com.

    • Log into https://www.bankbazaar.com
    • Click on ‘Get your FREE Credit Score’ seen on the homepage
    • If in case you don’t see it on the homepage, click on the menu dropdown on the top, right hand corner of the site and click on ‘Credit Score’
    • The site will then prompt for your gender. Click on your gender
    • You will then be asked to provide your age. Select your age, click on the month and year, followed by the date
    • Next, you will have to select the city you reside in
    • You’re only a few steps away. Select on the company you work for from the list provided or simply type in the name of the company
    • Mention your monthly salary after excluding all the deductions
    • Fill in your personal details
    • You will then be sent an OTP in your mobile phone. Type in the OTP in the space provided
    • Enter your PIN code followed by your PAN card details and wait for the site to fetch your credit score
    • You will then see your Credit Score with the detailed credit report sent to your e-mail ID

    One must note that all the information provided to Bankbazaar will be kept confidential and the credit score will not be affected by requesting for it by following the above mentioned steps.

    Why Credit Report is Important?

    Credit report, managed by credit information bureau India (CIBIL), It shows your creditworthiness. CIBIL is one of the leading and erstwhile credit information companies that collects and maintains credit information of residents.

    Higher the Credit Score, more favorable it is to get a loan or a credit card application approved. The credit reports are generated by CIBIL based on the credit information that is collected by banks and financial organizations on a regular interval.

    Importance of Credit Report

    CIBIL is also popularly known as TransUnion CIBIL limited. When you apply for a loan or a credit card, the banking as well as non-banking financial organization look into the Credit Report prepared by CIBIL. Based on the report, the lenders either approve a loan or reject it.

    If the credit score is higher, chances of a loan getting approved at a favorable tax amount is higher. But, if the credit score is below 700, the report reflects defaults and the interest rate on the loan may be higher. A loan application gets rejected if the score is below 500. This shows multiple defaults and poor credit transactions.

    Guidelines to Achieve a Good Credit Score

    Building a pleasing CIBIL Score involves multiple factors and is primarily based on credit history. Below mentioned are the few important factors that can accelerate the credit score:

    • Pay all your credit card dues and EMIs on time to keep the outstanding debt in control
    • Restrict multiple credit card enquiries as it may project you as credit hungry and plummet your credit score
    • Clear all the credit card balance on-time as this significantly enhances the credit score
    • Maintain a lower credit rating as the usable credit versus how much you are using greatly influences your credit score.
    • Never close your old credit card account as it improves your Credit Score

    How to Check CIBIL Score on BankBazaar’s website?

    Checking the credit score, using bankbazaar’s free credit score app is easy. Follow the below mentioned steps to check your credit score:

    • Visit the bankbazaar’s website that is
    • Click on ‘Get your FREE Credit Score’ tab on the homepage
    • If in case you don’t see it on the homepage, click on the menu dropdown on the top, right hand corner of the site and click on ‘Credit Score’
    • The site will then prompt for your gender. Click on your gender
    • You will then be asked to enter your age. Click on the month and year, followed by the date
    • Next, you will have to select the city you reside in
    • You’re only a few steps away. Select on the company you work for from the list provided or simply type in the name of the company
    • Mention your monthly salary after excluding all the deductions
    • Fill in your personal details
    • You will then be sent an OTP on your mobile phone. Type in the OTP in the space provided
    • Enter your PIN code followed by your PAN card details and wait for the site to fetch your credit score
    • You will then see your Credit Score with the detailed credit report sent to your e-mail ID

    Insights on Credit Report, Credit Score, and Credit Rating

    Credit score, credit report and credit rating are three inter-related terms. And, so many a times, individuals misunderstand the subtle difference between each other. Mentioned below are the differences in detail:

    Credit Report Credit Score Credit Rating
    • The past record of repayment schedules of credit card bills and loans are reflected in a credit report
    • A good credit report results to a higher credit score. The good credit report proves that you were good at managing the pending debts
    • Normally, a credit report holds the information for nearly 5 years, and later gets replaced by fresh entries
    • A 3-digit number that is generated statistically and  ranges from 300-850
    • The credit score varies depending on how well your manage your pending debts of loan and credit card bill
    • Scores closer to 800 adds value to your loan application, while credit scores below 600 increases the chances of a loan getting rejected
    • This is a broader term, it reflects the credit worthiness of a government, country and organization
    • It is marked with grades such as AAA, BB, B++. Credit. The good credit rating aids a company to raise funds at lower rate
    • Credit ratings alters when the industries or companies performance change

    FAQs on Credit Score & Credit Report:

    1. Can everyone access my credit score?
    2. No, CIBIL Score is kept absolutely confidential and can be only accessed by few authorized bodies apart from you. Moreover, the authorities can only access the credit report if you apply for a loan. Under any circumstance, they are not permitted to disclose the information to a third party.

    3. Can I check CIBIL score by using PAN Card?
    4. Yes, you can always check your credit score or credit report with permanent account number (PAN). In India, for most of the financial transactions, PAN card can be used.

    5. Does CIBIL offer free credit score?
    6. The credit bureaus of India offers free credit report once in a year as per the RBI’s directives.

    7. Why financial organizations and lenders compulsorily check CIBIL score before approving a loan?
    8. Banks and financial organizations wants to verify the repaying capacity of a borrower as lenders does not want to lose their money. In case, the credit report is poor, the chances of defaults are higher. So, maintain a good credit score.

    9. Why does a closed credit card’s report gets reflected on the credit report?
    10. Lenders present the credit report to CIBIL after regular intervals and that is why at times not so old details are reflected on the credit report. Moreover, such cases may take place in case there are identity theft.

    11. How is the CIBIL score calculated?
    12. CIBIL score is calculated based on the multiple factors. The calculation is done by using complex statistical model that is proprietary business secret between CIBIL and TransUnion. 

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