How To Get a Free Credit Bureau Report

Credit report and credit score are essential terms in the glossary of finance. I was unaware of them until last year when I had a conversation with my friend about taking a home loan. She asked me if I knew my credit score or had checked my free credit report recently. I had no answer. I had to ask her what a credit score is and why it is essential in the first place. 

The Free Credit Score Mystery

She told me that a credit score is a three-digit number. It is determined by credit information companies (often called credit bureaus) by assessing the credit history of the borrower. It is calculated based on the reports submitted by the banks and other credit card companies in which the individual already has active credit accounts. The number can range from 350-900, and should be in the range of 600-800 to be considered healthy.

One can check his/her credit history through a detailed credit report issued by the Credit Information Companies (CIC). A borrower is entitled to get a free credit score report every year from each CIC, namely TransUnion, CIBIL, Equifax, CRIF Highmark, and Experian.

Is There Anything Like a 100% Free Credit Report Check?

Here, I asked another question to my friend - "What if I want to check my credit report twice, thrice, or maybe more than that in a year?"

She told me that it is possible to get a second credit report from these CICs, but I would have to pay the concerned charges. However, she also told me about another exciting way of getting a credit report multiple times a year - through mymoneykarma - for free!

mymoneykarma is a Fi-Tech firm, providing an online portal through which customers can have a 100% free credit report check various times a year. It assists them in improving their credit score by making them understand their credit situation.

Moreover, mymoneykarma helps its customers to compare their current home loan interest rate with the rates provided by other banks on their website. It also suggests and arranges for a balance transfer to banks offering more favorable interest rates. The tool helps customers in intelligent finance management.

How Can I Get a Free Credit Score Report from the mymoneykarma Website?

1. Visit the mymoneykarma website.

2. Fill in the required details like full name, date of birth, PAN, pin code, and the mobile number registered with banks to get an invite code.

3. Enter the verification code sent to your registered mobile number.

4. You will get a credit report on your screen with a detailed analysis of your credit history.

5. In case you already have an invite code given by an acquaintance, click on the 'I have an invite code' tab present in the top-left section. Provide the code to register on the website.

What Does a Credit Report Contain?

It comprises the following components:

1. Credit score

2. Information about the demography (age, gender, name, and address) of the customer.

3. Records of current and past loans along with the credit history.

4. Details about defaults in payment and loans settled with banks, if applicable.

5. Details of hard inquiries made by banks upon receiving loan applications.

6. Credit utilization rate as per the card limits.

7. Delinquent accounts of the customer.

8. Age of credit history (since the time the customer has had credit cards and loans)

9. Consistency in making timely payments.

To Conclude

Check your credit report on mymoneykarma's intelligent finance tool at least once a month to know about the areas of improvement in your credit score. Also, learn more on how to build a good credit score and what to do if your credit score drops.