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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.1000 on average. Here’s how you can generate yours for free on Bankbazaar.com.
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.
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.
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.
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:
Checking the credit score, using bankbazaar’s free credit score app is easy. Follow the below mentioned steps to check your credit score:
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|
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.
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.
The credit bureaus of India offers free credit report once in a year as per the RBI’s directives.
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.
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.
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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