Free Credit Score & Experian Credit Report – How to Boost Your Credit Score
Your Credit Score is a 3-digit number displayed on your credit report. It provides a snapshot of your credit history to lenders which helps them make decisions about your eligibility for loans and Credit Cards. Checking your Credit Score helps you correct any errors and maintain or build a good Credit Score, which has numerous benefits for you. Check your Credit Score for free right here!
Your credit report is a summary of your entire credit history, from loans to Credit Cards, both active and closed. This is based on data collected from lenders and collated by the four major credit bureaus in India. It gives lenders crucial information about your creditworthiness.
How to Check Free Credit Score on BankBazaar
Steps To Get Your Free Experian Credit Score on BankBazaar:
- Visit the BankBazaar Credit Score page.
- Enter your first and last name.
- Add your mobile number and e-mail ID.
- An OTP will be sent to your mobile number for verification.
- The next step would be to verify your age.
- Your free Credit Score will be displayed on the screen.
You can also check your Credit Score for free on the BankBazaar mobile app. Download the app on Google Play or the App Store and follow the steps given above to get your free Credit Score.
Why Check Your Credit Score?
Checking your Credit Score and monitoring your credit report can help you build and maintain an excellent score. By tracking your progress consistently, you can make sure that your repayments are recorded correctly, identify any errors or false information immediately, and resolve such errors quickly by reporting them to the relevant credit bureau. This helps to avoid any negative impact on your Credit Score.
How Are Good Credit Scores Helpful?
A good Credit Score gives you an advantage when applying for loans or Credit Cards. The higher your Credit Score, the more likely it is for lenders to offer you loans at attractive interest rates. It also makes the process of Credit Card or loan applications smoother and faster.
What is a Good Credit Score in India?
In India, a Credit Score above 700 is considered as good by credit bureaus; 750 and above is considered as excellent.
Experian Credit Score Range in India
Experian Credit Scores in India range between 300 and 850. The different Experian Credit Score ranges are mentioned in the table below:
Experian Score Range | Meaning |
NA/NH | Indicates no credit history. |
350 – 549 | Poor - very low chances of loan/credit card approvals |
550 – 649 | Fair - Loan/credit approvals possible but with higher interest rates |
650 – 749 | Good - indicates a low-risk borrower |
750 – 799 | Very good - increased chances of loan/credit card approvals |
800 – 850 | Excellent - higher chance of approvals, lower interest rates, and added benefits |
CIBIL Score Range in India
CIBIL scores in India range from 300 to 900 and have differing impacts on loan applications, as given below:
CIBIL Score Range | Meaning |
750 - 900 | Excellent – easier to get loan approvals at competitive interest rates |
700 - 750 | Good – loan approvals at standard interest rates |
550 - 700 | Average - eligible for loans but with a high collateral or higher interest rates |
300 - 550 | Poor – lower chances of loan approval |
How is Credit Score Calculated?
Credit bureaus calculate the Credit Score based on parameters such as repayment history, Credit Card usage (credit utilisation ratio), total number of credit accounts (loans + Credit Cards), credit enquiries, and age of credit.
Quick Guide to Improve Your Credit Score
Listed below are effective ways to improve your Credit Score:
- Pay your Credit Card bills and loan EMIs on time.
- Avoid paying Credit Card bills partially; pay the full amount.
- Try to keep your credit utilisation ratio below 30% of the available credit.
- Do not close old Credit Cards, as their account history can help you boost your Credit Score.
- Try to maintain a healthy mix of credit products and ensure their dues are paid on time.
- Avoid applying for multiple loans or Credit Cards within a short span of time. This can lead to hard enquiries, which may impact your Credit Score.
- Check your credit report regularly for any errors; if errors are found, report them to the credit bureau immediately.
FAQs
- How can I improve my Credit Score?
There are many ways by which you can improve your Credit Score. Some of these ways are timely payment of loan EMIs and Credit Card bills, limited borrowing, and maintaining a credit utilisation ratio of less than 30%.
- Who can access my credit report?
Your credit report can be accessed by lenders, government-recognised regulating bodies, and by yourself.
- What are the factors included in calculating a Credit Score?
The factors that are considered while calculating an individual’s Credit Score are information on Credit Cards and loans, public records containing information pertaining to tax lien and bankruptcy, and the hard enquiries made by lenders.
- What kind of information is not included in a credit report?
A credit report won’t contain any information related to your checking or savings accounts. Also, any information pertaining to criminal records, medical history, lifestyle, and other details are not included in the credit report.
- How long does information stay on a credit report?
This will depend on various factors such as the inclusion of hard enquiries, payment details of Credit Cards and loans, etc. The information is updated on a fortnightly basis in India. If you find any error on your credit report, you are recommended to get it corrected by the assessor.
- What do I do if I find errors on my credit report?
If you notice any errors or wrong entries in your credit report, you can get in touch with the credit bureau that provided it to get it rectified.
- Can I have more than one credit report?
Yes, you can obtain credit reports from different credit bureaus.
- Are there any charges to check your Credit Score?
Usually, no charges are levied to check the Credit Score.
- What is the highest possible Credit Score in India?
The highest possible Credit Score in India is 900.
- Will owning multiple Credit Cards affect my Credit Score?
This will depend on your credit history. If you have multiple Credit Cards with a higher limit and you are under-utilising or over-utilising it, it can impact your Credit Score negatively.
- What is considered a good Credit Score in India?
In India, a Credit Score above 700 is considered as good by credit bureaus; 750 and above is considered as excellent.
- What is the Experian Credit Score?
The Experian Credit Score is a 3-digit score that falls in the range of 300 to 900. It is calculated based on your credit history
- What are the major credit bureaus in India?
There are four credit bureaus in India, also called Credit Information Companies (CIC). These are Experian, TransUnion CIBIL, CRIF High Mark, and Equifax.
- Is Credit Score and CIBIL score the same?
CIBIL score is a Credit Score that is provided by TransUnion CIBIL Limited which is a credit bureau. Credit Scores can also be obtained from other credit bureaus in India, such as Experian, Equifax, and CRIF High Mark.
- Can I get a loan in India with a low Credit Score?
It is possible to get a loan in India even with a low Credit Score, though it would depend on the loan amount, lender's policies, and may come with a higher interest rate or require a collateral.
- Will closing a Credit Card affect my Credit Score?
Closing a Credit Card may affect your Credit Score especially if it is a very old credit account and if your credit utilisation ratio is lowered because of its closure.
- How to report a wrong entry in my credit report?
You can report a wrong entry in your credit report by filing a dispute on the relevant credit bureau's website or mobile app.
- What is the impact of multiple credit enquiries on my Credit Score?
Multiple credit enquiries, also called hard enquiries, can bring down your Credit Score by a few points because it can signal financial distress to lenders. However, this is more applicable for multiple enquiries within a very short time frame.
- Why was I denied a loan despite having a good Credit Score?
Being denied a loan despite having a good Credit Score could be due to various factors ranging from instability in employment, limited credit history, or too many recent hard enquiries on your credit report.
- What does “New to Credit” mean?
"New to Credit'' (NTC) refers to individuals who have no prior credit history (i.e., who have not taken out any loans and who do not have any Credit Cards).
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