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  • Steps to Generate your Free Credit Report

    A credit report is a detailed summary of an individual’s credit history such as their personal information, account balance, and payment history. Click here to get your credit report for free.

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  • 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.550 on average. This article will explain how you can generate your credit report for free on BankBazaar.com.

    How to Generate Free Credit Report on BankBazaar

    The steps mentioned below explain how you can generate your free credit report on BankBazaar -

    1. Visit BankbazaarHome Page.
    2. Click on ‘Get your FREE Credit Score’ seen on the homepage
    3. 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’
    4. The site will then prompt for your gender. Click on your gender
    5. You will then be asked to provide your age. Select your age, click on the month and year, followed by the date
    6. Next, you will have to select the city you reside in
    7. 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
    8. Mention your monthly salary after excluding all the deductions
    9. Next fill in your personal details
    10. You will then be sent an OTP in your mobile phone. Type in the OTP in the space provided
    11. Enter your PIN code followed by your PAN card details and wait for the site to fetch your credit score
    12. You will then see your Credit Score with the detailed credit report sent to your e-mail ID

    One must keep in mind that all information submitted to BankBazaar will be kept private and requesting it by following the above-mentioned steps will not have an impact on one's credit score.

    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

    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 Steps to Generate Free Credit Report

    1. Can everyone access my credit score?
    2. No, it 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. How can I get a free credit report?
    4. Visit CIBIL's official website. Please provide the required information, including your name, email address, PAN, and phone number. To verify your request, respond to a few questions regarding your debts and payment history.

    5. How are all the credit reports generated?
    6. CIBIL creates credit reports based on credit data that is routinely gathered from banks and other financial institutions.

    7. What distinguishes a credit score from a credit report?
    8. A credit score is a three-digit figure with a range of 300 to 900 that allows a bank to estimate a person's borrowing capacity. Companies and businesses are assigned credit ratings to assess their creditworthiness.

    9. How is the CIBIL rating determined?
    10. A CIBIL score is determined using a variety of variables. A sophisticated statistical model that is a trade secret between CIBIL and TransUnion is used in the calculation.

    11. Can I use my PAN card to check my CIBIL score?
    12. Yes, you can always use a permanent account number (PAN) to check your credit score or credit report.

    13. Why does the information from a closed credit card appear on the credit report?
    14. As banks and lenders regularly provide credit reports to CIBIL, old and prior information is not included on the credit report. Additionally, scenarios like this could occur in the event of identity theft.

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