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All you need to know about your credit score and how it is downloaded

Posted by IndiaLends on June 8th, 2020

Your credit score plays an important role at the time of getting credit approval. It is a must to under the working of a credit report to avoid any kind of loan rejections. Higher is your credit score, better are the chances of loan approval.

Process of Credit score and how it is calculated

A credit score is a three-digit number which ranges from 300- 900. It originates under the  ‘ Accounts and Enquiries’ sections of your CIBIL report which include your loan account, credit cards, their payment status, or any outstanding amount under ‘ Days past due’.  The score reflects your creditworthiness based on your borrowing or repayment history which is shared by the lenders.

Factors that play an important role in analyzing the creditworthiness of a borrower:

Payment History: If you make late payments default on your EMIs, then it will leave a negative impact on your credit score.

Credit Mix: If you have a balanced mix between unsecured and secured loans, it will leave a positive impact on your credit report.

Multiple Inquiries: If you are making too many hard inquiries in a short period, it reflects your credit hungry behavior in the mind of lenders.

High credit utilization: A high credit utilization limit indicates a rising debt burden over time and may negatively impact your score.

From where you can check your CIBIL report for free including your credit score:

  1. Credit Bureau’s Platform

Online four credit rating agencies offer you to access one free credit report every 12 months according to Fair Credit reporting agencies act. The main credit rating agencies where you can go for a credit report or CIBIL score check are TransUnion CIBIL Limited, Experian Credit Information Company of India Private Limited, CRIF High Mark, and Equifax Credit Information Services Private Limited.

 The process to download a credit report directly from the Credit Bureau’s online platform:

Online you just need to fill a Credit Report application. Once the application is received and verified, you will get a free credit report.

Documents which need to be submitted:

  • Identity Proof (Passport, Voter ID or PAN Card)
  • Address Proof
  1. FinTech Platform

You can easily access your free credit report for free in just a few clicks. The whole process is easy and less time-consuming. To check your free credit report at IndiaLends, you need to follow these steps.

Step 1: Click on free credit score check’

Step 2: Enter your personal and employment details along with your PAN Card number

Step 3: You will receive an OTP on your registered mobile number

Step 4: Enter OTP and view your credit score instantly

Note: To get a detailed credit report, you need to download a credit report either from their mobile app or logging to their website.

You need to review your credit history frequently throughout the year. It can be only possible when you keep a check on credit score and download your report frequently to avoid any kind of unpleasant surprises at the time of filing a credit application. Checking your report regularly will also alert you to possible inaccuracies if any. In case you spot any discrepancy, you can log a dispute on the CIBIL website or request the lender to report the correction to CIBIL.

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