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Whenever somebody applies for a loan or a credit card, one of the first things that the lender does is to check the customer’s credit score. There are several credit information companies (CICs), such as Transunion, Equifax, Experian and CRIF High Mark, that provide the lending institutions with an individual’s credit score and credit report. Therefore, it is important for everyone to know the following things - what is a credit report, how is a credit report made, what is a credit score, and how to check the credit score. These are important to know even if you do not want to apply for loans or credit cards today. A good credit score will ensure that you have access to loans and credit cards from banks whenever you require them

How to Check Credit Score?

Firstly, the rules ensure that any person can get their credit report and credit score from the credit agencies by visiting their websites and requesting for the same. The normal process involves logging in to the website of the concerned agency and uploading the documents required by the agency to provide the credit report. Once this is done, the documents are verified, and the report is emailed to the user in a few days, provided that the user pays the associated charges.

An easier and quicker alternative is to check your credit score for free at mymoneykarma. This gives you your credit score from Equifax instantly. Additionally, you also get a completely free detailed analysis of your credit report. This is for free, and we don’t charge you anything. We will also keep a track of your credit score in the long run and advise you on how to maintain a good credit score.

What Is a Credit Report?

Credit report is like a report card made by credit bureau (or Credit Information Company) that contains your credit history with all the different lenders. It is a report that provides the details of an individual’s borrowing history and repayment record; it tells the prospective lenders whether the individual is a reliable borrower. A credit report includes the following information:

  • Credit score
  • Demographic details of the applicant (name, age, gender, address)
  • Employment and earning details
  • Details of hard enquiries made by potential lenders when they receive your loan/credit card application
  • Records of all previous and current loans along with your track record on payment
  • Details on any unpaid defaulted loans and loans settled with banks
  • Total credit limit on your credit cards and the amount spent monthly

Hence, a credit report provides the future lenders with data points on the applicant’s creditworthiness on the basis of previous and current credit behavior. The lenders take the lending decision based on the credit report.

How Is a Credit Report Made?

The Credit Information Companies (CIC) collect the records of your loans and credit cards. These records are made available to these companies by the banks and lenders on a regular basis as mandated by RBI. Based on this data, the CIC runs its algorithms to provide a credit score to each individual along with a detailed credit report that predicts a borrower’s creditworthiness and financial track record.

How Is Credit Score Calculated?

The process of calculating credit score begins once the credit information company receives the monthly data from the banks and other financial companies. This data is detailed at an account level, and it captures all customer activities such as repayments, interest rates, new applications, closures of loans, defaults, settlements, etc. This data is then run through complex algorithms that provide the credit score and the credit report.

How to Get a Good Credit Score?

A good credit score in India will be the basic determinant of one’s access to credit. This is because all lenders require a good credit score as an eligibility criteria to grant more credit. You can get a good credit score by paying your bills on time, monitoring your credit usage and avoiding shopping for credit with multiple lenders. Protection Status