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    Find out your Credit Score! Give us some basic info and get your credit report instantly for free!

    Credit Score – you’ve heard the term before, haven’t you? You also have a vague idea that it’s a number banks inspect to determine your credibility. But do you know who calculates your Credit Score and what factors determine it? Well, this article will answer all your questions about Credit Score and all its ramifications.

    What is Credit Score?

    A Credit Score is a three-digit number indicative of your credit behaviour. Consider it marks given to you by financial institutions for your financial behaviour. A high score means you have good money-management skills and that you repay your debts on time. Likewise, a low score raises questions about your financial credibility.

    How does this impact you? Well, banks always check your Credit Score before processing your loan or any other kind of credit request. A good Credit Score will help you get a loan or a Credit Cards easily. Moreover, you can bargain for better rates of interest on loans if you have a good Credit Score.

    In a nutshell, your Credit Score tells financial institutions whether they can extend credit to you or not. A good Credit Score means you are a safe bet, and a bad score translates to ‘uh-oh, maybe next time’!

    How to get your free Credit Score by BankBazaar

    • Visit our website
    • Select the menu option at the top right corner of the page
    • Under the listed options, click on ‘Credit Score’
    • You can also visit: /credit-score.html to access the page directly
    • Select your gender
    • Enter your date of birth
    • Select the city of your residence
    • Enter your address details
    • Provide your name with PAN card details
    • Enter your mobile number and e-mail address
    • Sign-in to view your credit score
    • Sign-up is allowed email ID, Facebook, and Google+ ID
    • Once you have signed-in, you will be able to view the summary of your credit score

    Who computes Credit Score?

    Your Credit Score is computed by Credit Information Companies. There are four companies in Indian which do the job– CIBIL TransUnion, Experian, Equifax and High Mark.Let’s unveil the mystery around how these companies compute your score.

    When you make a transaction—the one that is relevant to determine your score—banks send details about it to all four credit bureaus. To send details to all credit agencies is a mandate by the RBI. Essentially, banks keep Credit Information Companies up-to-date about your monetary habits. If a bank needs to check your Credit Score, they can approach any one of the bureaus. It doesn’t matter which one because all will have the same score for you– all four are equally authoritative and on par with each other.

    After receiving information from the bank, credit bureaus get down to the task of collecting more information about your financial habits from other banks and financial institutions. The credit bureaus then processes this information to formulate what is called a Credit Report.

    Now, what is a Credit Report? A Credit Report is your financial marks card. It contains your Credit Score. It’s wiser to check your score from time to time.

    Why should I check my Credit Score?

    It is very important that you keep a close eye on your Credit Score. It is the best way to gauge your chances to get a line of credit. Another reason why you should track your score is to know if it dips, or if an error has been made by credit agencies while calculating your score. This will help you make timely amends.

    Do the four Credit Agencies compute scores differently?

    Though the processes followed to compute your score might differ from agency to agency, your Credit Score calculated by all will be the same. This is because banks intimate the relevant information to all four agencies. Therefore, no matter which agency a bank picks to check your Credit Score, there will be no major discrepancy in it.

    Of the four agencies, CIBIL, however, is the most popular since it was one of the first Credit Information Companies to start operations in India. This has fuelled the notion that CIBIL Score is more accurate than a score from other agencies. This, however, is not true. Banks give equal weightage to scores from all four agencies. Equifax, Experian and High Mark Credit Scores are as good to banks and other financial institutions as CIBIL Score.

    BankBazaar has tied up with Experian, which means that we can help you check your Credit Score for free. Otherwise, it costs a few hundred rupees.

    Isn’t CIBIL the deciding factor in a loan?

    Though many believe this, it’s not true.

    All Credit Information Companies, including CIBIL, create your Credit Reports which tell banks about you credibility. Second, CIBIL and the other credit agencies do not entertain requests from individuals to make changes to financial details in Credit Reports. Changes are incorporated when banks provide relevant information to these agencies. This ensures that information in your Credit Report is legitimate. After all, your Credit Score is one of the most important factors considered by banks when deciding about your loan or Credit Card application. Your Credit Score also determines the interest rate banks chalk up for you.

    So make sure that you score big on this one!

    Why is BankBazaar giving me my Credit Score for Free?

    BankBazaar feels that you should always be in complete command of your personal finances. In order to help you with this goal, we have made provisions for you to check your Credit Score for free. Knowing your Credit Score before applying for a loan can help greatly.

    If you have a good score, you can be rest assured that your loan or Credit Card application will be processed without any hassle. You can even leverage a good score to ask your lender bank for better rates of interest and additional benefits. On the other hand, seeking credit with a poor score will further lower your score. Let’s not even imagine getting approval for a credit line. Hence, check your Credit Score before you apply for a financial product. Work up the score if it’s not in the acceptable range.

    TIP: Credit agencies review and renew your score every few months. If you have a poor Credit Score, start managing your money wisely and pay your dues on time for a good few months. Credit agencies will reward you by boosting your score.

    Does my Credit Score get impacted if I enquire about it?

    It depends on the kind of enquiry being made. There are two types of enquiries – hard and soft enquiry. Hard enquiries send your Credit Score down by a few points, while soft enquiries do not impact your Credit Score.

    An enquiry made by an individual is called a soft enquiry. BankBazaar will make a soft enquiry on your behalf when getting your Credit Score from Experian. Hence, this will not impact your Credit Score in any manner. Moreover, checking your Credit Score on our website is free!

    TIP: It’s wiser to check your Credit Score from time to time so that you stay in the know. Always check your Credit Score before applying for a loan/card. You will know whether your score will tide you over or if it needs fixing.

    A hard enquiry is when a financial institution checks your Credit Score to take a decision on your credit application. Every time you apply for a loan or a Credit Card, the lending institution checks your score. Each time a bank checks your score, your score will dip by a few points.

    TIP: If you are applying for a loan or a Credit Card, do not apply to many banks at the same time. Too many enquiries will hurt your Credit Score.

    Why BankBazaar is asking me for my PAN and phone details for the Credit Score?

    We need your PAN and phone details to extract your Credit Score from Experian. We assure you that your personal information is secure with us. We will not use your PAN or phone details for any purpose other than to extract your Credit Score. We will not share your details with anyone else. Pinky swear!

    I have my score. What do I make of it?

    Your Credit Score will be any number between 0 to 900 points. Use this guideline below as your reference to know what your score means.

    • Below 300: You are too risky a bet for bankers and other lenders. You do not have a sufficiently big credit history to allow banks to judge your credibility.
    • 300—449: When we talk about poor Credit Score, we are referring to this range. You cannot afford to miss a payment on your ongoing loans or card bills.
    • 450—599: Mediocre, at best! Some banks will consider your loan and Credit Card request, not all. You can do better.
    • 600—749: A score in this range is good, just shy of perfect. Banks will readily give you line of credit.
    • 750—900: Banks will look at you favourably if your score falls in this range. It speaks volumes about your credibility. A Credit Score in this range will throw open a host of loan and Credit Card offerings for you at attractive rates.

    How does the Credit Score affect you?

    A bank or lender would check your credit score or report to review your credit management skills, based on the review, a lender may or may not give you a credit. It is advisable to keep an eye on the credit score before applying for a credit card or loan. If you have a poor credit score and you keep applying for credit, every reject will further lower your score.

    A good credit score will empower you with the ability to negotiate the interest rates. The banks or lender would like to offer a credit line to someone with a better credit score.

    Calculation of Credit Score

    As per Reserve Bank of India (RBI), every financial institution is expected to send financial data of an individual on a monthly basis to credit bureaus. Currently, there are four credit bureaus in India including CIBIL, Experian, Equifax, High Mark. The credit bureaus collect financial data that is useful for the credit score/report. All the four credit bureaus use a similar method for calculating the credit score, no matter from which bureau you’re receiving the score, it will have the importance as the other.

    Based on the information from your credit history, such as details of a loan, credit card, and the payment habits, the credit bureaus will calculate a credit score that will indicate your financial credibility.

    The following factors will be considered in the calculation of your credit score:

    • Credit card utilization
    • Payment history
    • Age of credit lines
    • Total number of accounts
    • Entries for credit inquiries, and
    • Negative status account

    Monitoring your Credit Score

    The credit score is updated on a monthly basis based on the relevant information provided by financial institutions. It is advisable to keep an eye on the credit score to determine your financial credibility while applying for a loan or a credit card. It will help you in avoiding the situation where your credit application are getting rejected due to a poor score. By monitoring the score on a regular basis will help in identifying mistakes and correcting errors before they are too late.

    Soft vs. Hard credit inquiry

    When you are obtaining your credit score or report, it is considered to be a soft inquiry and it doesn't have any adverse impact on your score. When the bank or lender inquiries for a credit report, it is referred to as hard inquiry and it can reduce your score. You can be rest assured that your credit score won't get impacted due to soft inquiries.

    A credit score inquiry through BankBazaar would require furnishing PAN card details along with phone number. This information is required for verification purpose only to identify you as the owner of the report. The credit score is completely free in addition to the process being simple and fast.

    Benefits of a good Credit Score

    If you have a good Credit Score, you can avail loans and Credit Cards faster and with ease. Check yours now!

    Get The Best Credit Card - A good Credit Score may get you the best of Credit Cards. Get a feature-loaded card and reap the benefits.

    Quick Loan Approval - A good Credit Score works like an expressway for your loan application. Banks may approve your application quickly and readily.

    Better Interest Rate - With the backing of a good Credit Score, you can bargain for a lower rate of interest on loans and Credit Cards.

    Loans Made More Affordable - Loans come saddled with processing fees and many other charges. You can bargain your way out of some of these charges with a good Credit Score.

    Check your Credit Score right away and see if you are eligible for all these benefits. You can check your score on BankBazaar at zero cost.

    4 Credit Score secrets

    Credit Score is one of the most misunderstood topics in the financial book. Here are four secrets to help you understand your Credit Score better.

    Credit Score ? Credit Report

    Your Credit Score is calculated based on information present in your credit report. Your credit report presents details about your credit accounts, credit application and debt repayment, among others.

      Checking Your Score Will Not Hurt It

    When you or a company enquires about your Credit Score, it’s called a soft enquiry and it does not hurt your credit score.

    Credit Score Math

    There are five prime factors that go towards deciding your Credit Score. They are - debt repayment, credit utilisation ratio, average credit age, type of credit account (secured / unsecured) and Credit Score enquiries made.

      Keep An Eye On Fraud

    You did nothing wrong and yet your Credit Score is low? Please go through your Credit Report thoroughly and immediately report any unauthorized activities to your bank to correct your score.

     

    It’s important that you check your Credit Score regularly. BankBazaar has partnered with Experian and we will fetch your Credit Score at no cost. It’s just a matter of a few minutes. 

    What are Credit Reports?

    Credit reports are a summary of an individual's credit history. The report contains details of the credit and loan history along with other basic details. Most lenders (banks) use the credit reports in making effective lending decisions. In a credit report, you will find information related to all types of loans and credit account, the report will also contain details such as the name, date of birth, PAN card number, address, etc. You can also find details related to the last credit report check performed by a lender. In India, there are four major credit information companies (CIC)) that provides credit reports of individuals. Some of the CIC offer a free credit score check while the other don't, however, lender pay a fee while obtaining a credit report of an individual. When an individual applies for a loan or a credit card, the bank will review their credit report before approving the loan/credit.

    The CICs collect the individual's information from financial institutions such as banks as well as government agencies such as the Income Tax Department. These reports help the lenders in minimizing repayment defaults by avoiding individuals with a bad credit history. Though the banks are not solely relying on these credit reports to give out loans/credit, these reports play a crucial role in the calculation of eligibility.

    The following CICs gather individuals financial information to prepare credit reports in India:

    • TransUnion CIBIL Limited: (earlier known as - Credit Information Bureau (India) Limited) is the first Credit Information Company (CIC) of India that was founded in August 2000. The company collects and maintains records of an individual’s repayment habits related to loans and credit cards. These records are sent to TransUnion CIBIL Limited by the member banks and financial institutions on a monthly basis. The information received from these establishments are used to create Credit Information Reports (CIR) and credit scores. These reports and credit scores are provided to lending institutions such as banks in order to help them make lending decisions.
    • Experian Credit Information Company of India Private Limited: With headquarters in Dublin, Republic of Ireland, Experian uses its own methods of calculation to create credit reports. The credit report from Experian has information of an individual's credit and loan history that are bought as credit reports by various banks in India. Similar to TransUnion CIBIL Limited, Experian collect information from the member banks and other establishments. The lenders are required to pay a fee to obtain credit reports from Experian.
    • Equifax Credit Information Services Private Limited (ECIS): One of the oldest credit information companies of USA, Equifax is also the largest credit reporting agency in the US. Headquartered in Atlanta, Equifax provides credit reports for individuals as well as businesses. Equifax has tied up with various banks and institutions in India that help the company in creating credit reports and assessing credit scores.
    • CRIF High Mark: Considered to be one of the few credit information company that specializes in analytics, scoring, and credit management solutions. CRIF High Mark creates credit reports based on the information collected from banks, Income Tax Department, and other banking as well as non-banking companies. The credit reports from CRIF High Mark are available against a fee. There are many Indian banks who have tied up with CRIF High Mark to create reports and to assess their borrower's financial credibility.

    What are credit reports used for?

    The CICs will evaluate an individual's credit history to calculate a score that represents the individual's credit worthiness. Each CIC has their own method of assigning the score, however, a high score will indicate a healthy credit score while a low score can decrease the chances of loan application approvals. Most of the CICs will provide you with a free credit score while a fee is charged towards the credit reports.

    Why Credit Reports are used?

    The credit reports are used by lenders such as banks to determine the repayment capability of a loan/credit seeker. The credit report provides a useful insight into understating an applicant's past credit repayment behavior. A credit report will also contain information related to late or missed payments that can adversely affect your credit score. When an applicant applies for a loan/credit, the lending institution will look into the credit report to determine whether you will be able to repay the loan amount. There can be various reasons for obtaining a credit report, such as:

    • Determining creditworthiness
    • Reviewing missed/late payments
    • Checking the credit score
    • To analyze all credit and loan accounts under one platform
    • Reporting errors on the report
    • Making effective landing decisions, etc.

    You can refer to any CIC's website to check whether you can purchase a quick credit report of yourself. These reports will help you in keeping a close tab on your credit score that can be useful while applying for any type of loan/credit. Reviewing the credit report periodically will also enable you to report any incorrect entries/information. If you are planning to apply for a loan/credit card, it is essential to make sure that you have a healthy credit score and report so the chances of loan application approval are higher.

    The application process for obtaining your Credit Report

    Most CICs offer credit reports through online and offline mediums. The individual will require producing of required details and make a payment to get his/her credit report.

    The following documents and details are required for obtaining a credit report online:

    • Name
    • Date of birth
    • Address
    • PAN card number
    • Identity authentication

    The following documents and details are required for obtaining a credit report offline:

    • Visit the CIC's site to download and fill out the form requesting for your credit report
      • Self-attested and scanned copy of any of the Proof of Identity (PoI) such as PAN Card, Driving License, etc.
    • Enclose a Demand Draft (DD) that is payable to the relevant CIC for the required fee
    • Mail the documents along with the DD to the address mentioned on the CIC's website

    The online process will be quicker compared to the offline method, however, you can track the status of your credit report for free. The CIC will typically email the password-protected credit report to the individual when the credit report is requested through the online facility. In the case of offline application, the credit report will be sent through postal/courier services.

    What is the difference between a Credit Score, Credit Rating, and a Credit Report?

    Most often, the term credit score, credit rating, and credit reports are confused with the meaning of the other term. However, the following list should help you in understanding each of the terms:

    • A credit score is a three-digit numerical representation of your financial credibility that can vary from a score of 300 to 900 while the credit rating is referred to the scores that are assigned to businesses and companies. The credit reports contain a detailed overview of your credit history based on your past credit and loan details.
    • A credit score or credit rating can change on a monthly basis based on the information provided by banks and non-banking financial companies (NFCs), if there are any changes, however, the information stored on your credit report stays for many years.
    • Credit score is numerical while the credit ratings are indicated in ratings such as A, A+, etc.
    • Few of the CICs offer free credit scores and ratings, however, credit reports are chargeable.

    Importance of Credit Reports for companies and businesses

    Similar to individual credit reports, the CICs prepare credit reports and assign credit ratings to businesses and all other types of firms. The credit report for businesses is closely reviewed by suppliers and government agencies while providing utility and business contracts. In fact, business and companies are required to provide their credit rating while applying for electricity, gas connection, phone, internet, and various other types of services. The credit reports also help businesses in managing market risk by carefully choosing their suppliers and business partners. The credit report enables the reviewing company to make business decisions with confidence.

    The credit reports for businesses provide information related to the establishment, owners/directors, employees, profit and loss, liability, assets, pending court cases (if any), and various other details. These type of credit reports can be expensive based on the amount and type of information it offers.

    Understanding the Credit Reports through key terms

    If you are going through the credit report for the first time, the information and technical terms can turn out to be a little overwhelming. There are various acronyms that can sound similar to other terms, however, the following list will help you in knowing few of the key terms:

    NA or NH: If you never owned a credit card or took a loan, there are chances that you will see an NA or NH on your credit score. NA or NH indicates that are there no, little, or insufficient credit activity to create a report or to generate a credit score.

    STD: Applicable to an individual's credit report where the payments are made with the due dates.

    SMA: Applicable on a credit report when the borrower has delayed the repayments.

    DBT: This indicates a doubtful situation where the credit information has been inactive for over 12 months.

    LSS: A credit report can be remarked as LSS if a lender reported the loan/credit card account as loss or if the account remains as a defaulter for a longer period of time.

    DPD: Days past due (DPD) indicates the number of days that the account has not received a payment. Written Off/Settled Status: In a situation where the borrower could not make the repayment but came to an agreement with the lender for either a repayment plan or a settlement will indicate a written off or settle status.

    Reading 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:

    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.

    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.

    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.

    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. 

    Is your Credit Score good enough for loan approval? Check!

    A Credit Score is a three digit number that summarises your past financial behaviour. Banks use this score to decide whether to accept or reject your loan or Credit Card application.

    What Is A Credit Score?

    A Credit Score is a three digit number that broadly ranges between 300 and 850. Having a high score increases your chances of getting a loan or a Credit Card.

    What Affects Your Credit Score?

    Financial transactions such as loan repayments, Credit Card utilisation and bill payments affect your Credit Score. Repaying your debts on time will improve your score and vice versa.

    What’s A Good Score?

    Generally, a score above 750 is considered good. Anything above 850 is excellent. Anything below 500 is poor, suggesting a higher chance of defaulting on repayments.

    How Do I Improve My Credit Score?

    Repaying your debt on time, reducing your Credit Card utilisation ratio, increasing your credit limit and not foreclosing loans are some ways to improve your Credit Score.

    If you don’t have a Credit Score, you can build it by applying for a secured Credit Card. This card is given against the security of a Fixed Deposit. Just keep your card utilisation ratio at 30 percent.

    FAQs on Credit Score/ Credit Report

    1. Why is PAN card required for checking the credit score?

      The PAN card is required for obtaining the individual’s score accurately. The credit score can also be obtained by using other valid Proof of Identity (PoI) instead of the PAN card. The PoI helps in identifying individuals in the database.

    2. Can credit score inquiries affect the score?

      No, the inquiry will not affect your credit score. When you apply for a loan or a credit card, it can have a slight impact on your credit score but when you are checking your credit score it is not.

    3. Why do we need a phone number for credit score?

      The phone number helps in identifying individuals accurately. Your credit report will already have your phone number, when you provide your phone number, it is verified against your records to ensure you are the right recipient for your credit score.

    4. Is there a limit to request for accessing credit score?

      There are no limits to the inquiry of credit score. You can check for your credit score as many times as you need to. The inquiry for the credit score is considered as a soft check while only hard checks can impact your credit score.

    5. How the credit scores changes?

      The credit score depends on the credit report changes, as and when the changes are made to the credit report, the credit score would change depending on the positive or negative impacts. For example, when you are applying for a credit card or loan, making payments towards the credit, it will impact your credit report and the score.

    6. What is the significance of credit score range?

      The credit score range can vary depending on the assessor, however, the value will represent the same level of creditworthiness. The credit score summary will also indicate the health status, it will tell you if a particular score is excellent, good, average, or poor.

    7. What can be considered as a good credit score?

      Credit score may vary based on the credit rating company. The credit report and score will provide you with an indication of whether you have a good or bad score. A good score with a particular assessor will more likely to have a good score with another assessor.

    8. What are the factors that are included in the calculation of credit score?

      There are few factors that are considered while calculating an individual’s credit score. Primarily, the account information that includes information of credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of credit score.

    9. Will the credit score be affected for owning multiple credit cards?

      This will depend on your credit history. If you have multiple credit cards with a higher limit and you are under-utilizing or over-utilizing it, this can impact your credit score negatively.

    10. What type of information is included in my credit report?

      The following information will be included in your credit card report:

      • Individual’s name, address, and other personal details
      • PAN card and contact number
      • Credit history
      • Credit cards/loans
      • Payment patterns
      • Lender’s inquiry details, and more
    11. What kind of information is not included in the credit report?

      A credit report won’t contain any information related to your checking or savings accounts. Also, the information pertaining to criminal records, medical history, lifestyle, and other details are not included in the credit report.

    12. How long does the information remain on a credit report?

      This will depend on various factors such as the inclusion of hard inquires, payment details, credit card, and loan applications. As soon any changes are detected, your credit report would change. The information is obtained on a monthly basis for the changes to be implemented. If you find any error on your credit report, you are recommended to get it corrected from the assessor.

    13. Is it possible to delete information from the credit report?

      Unless it is incorrect, no details can be deleted from your credit report. The credit report provides an insight of your credit history and lending worthiness. Most lenders vastly depend on the credit reports to assess the lending risks.

    14. What do I need to do to if I find errors on my credit report?

      If you notice any error or wrong entries in your credit report, you can get in touch with the credit report provided to get it rectified. The process is simple, you can get in touch with your credit report provider through phone, email, and other mediums.

    15. Is the Credit Information Report same as the CIBIL Score?

      No, the Credit Information Report contains details of credit history and inquires, CIBIL, like various other credit rating companies have their own method of calculating the score based on the information on the credit report. The Credit Information Report has all the details of an individual’s credit date while the CIBIL score indicates the credit worthiness. The CIBIL score is derived from the information available in the Credit Information Report.

    16. Who can access my credit report?

      Your credit report can be accessed by you, lenders, and government recognized regulating bodies.

    17. Why do lenders check the Credit Score?

      The lenders refer to the credit score to determine the credit worthiness of individuals. It helps the lenders or the banks to understand the risk factors involved in lending out money to an individual.

    18. Can the CIC (Credit Information Companies) change or delete my credit information?

      No, the CIC collects information from various financial institutions but doesn’t change any data. The CIC compiles information related to credit transactions and payment histories of an individual.

    19. What’s the credit score required for application of a credit card?

      A score of 700 and upwards has a higher chance of approval for credit card application. The banks might hesitate to give you a credit card if the score falls under 700.

    20. How can I improve my Credit Score?
      • In order to improve your score, you will need to know your credit score and get a detailed insight by obtaining a credit report. You can also incorporate the following tips for improving your credit score:
      • Don’t keep applying for a credit if it’s getting rejected. If you keep applying for a credit, it will further impact your credit scores negatively. Every application demands a hard check on your credit report.
      • Pay your credit card bills and loans within the due dates. Failing to pay the bills and EMI on time will be recorded in your credit report.
      • Avoid the settlement of loan and credit cards.
      • Keep your borrowing limit to the lowest possible.
      • Review your credit report at least once a year to keep a tab on your credit score and patterns.
    21. What is the highest score you can get on Experian?

      Experian’s credit score ranges from 300 – 900. 900 being the highest score.

    News About Credit Score

    • Experian introduces credit score service for commercial enterprises

      Experian, one of the largest Credit Information Companies in the world, has decided to come up with credit score services for commercial companies.

      The Indian division of the UK-based firm came up with this move to make it easier for banks to assess credit risks that are related to commercial entities.

      With this, Experian is set to increase its foothold beyond the 360-degree credit risk assessment company. Basically, the new offering combines both business and individual borrowings of a person, which in turn helps banks to better judge the creditworthiness of an entity.

      Another advantage of this service is that it will help banks determine whether or not an entity is able to repay the loans they are borrowed.

      In the light of VIjay Mallya’s massive loan default, banks weren’t exactly in the best of situations to judge the risk they were getting into. But, this service will enable banks to improve their business by providing loans to companies that will follow through on the repayment.

      27th March 2017

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