A credit report contains details about your credit history – loans, bankruptcies, credit accounts etc. The information in the report is used to generate your credit score, which is a three-digit numeric summary of your creditworthiness. Financial institutions will look at your credit report and credit score while making lending decisions. If you would like to view your CIBIL report, you would have to visit CIBIL’s official website and fill in their request form. The bureau will make available the report at a certain cost. It is important that you check your report at least two times a year to know where your creditworthiness lies. If you ever get the option to check free credit score from a legitimate source then do not let go of it.
At present, India’s credit bureau does not give out CIBIL reports for free. If you want to avail the report right this moment, you would have to pay a certain sum to avail it. However, recent news articles have suggested that the credit bureau is likely to begin providing individuals with one free credit report per year. The bureau is expected to begin doing so from January 1, 2017, news reports suggest. The central bank has said that the report must be provided on request, any time during the calendar year. Access to the free reports, which will be in the electronic format, is expected to raise consumer awareness and help people make more meaningful financial decisions. Now when you do avail a free CIBIL report, it is important that you treat it as a credit health management exercise. Many make the mistake of limiting themselves to checking on their report only before sending out a loan application. It is very essential that one regularly checks on his or her credit health so as to know where they stand financially.
If you want to check free credit score, visit the online website of Freescoreindia. Freescoreindia has joined hands with Credit Sudhaar to provide free credit scores in the country. In order to check free credit score from the website, you would be required to enter some basic information such as your name, email address, city and phone number. Once you have submitted all the necessary details and documents, your credit score will get updated to your online account in a span of 72 hours. You will also receive notification via SMS and email concerning the same. Finally, login to check free credit score.
It is prudent that you check your CIBIL report at least two times a year. Checking your report is the best way to know what needs improvement. If you plan on sending out a loan application, it would be a good idea to look at your report at least six months prior so as to make sure that no discrepancies have crept in. Regularly checking on your report will also help you realize whether or not you have fallen victim to identity theft. This is crucial given the rising cases of people falling victim to identity thefts. Additionally, staying updated about what your credit history looks like will help you set your financial goals.
Banks and other financial institutions will look at the contents of your CIBIL report to assess whether or not you are eligible for their loans. They will also determine the interest rates to charge you based on the conclusion they draw of you from your CIBIL report. If your score is low, chances are that lending institutions will charge high interest rates. Sometimes even employers will look at a candidate’s credit report to help them in their hiring decision. Landlords could also review your report when determining whether or not to rent to you. It is thus very important to keep track of the contents in your report and ensure that there are no errors of any sort. If you would like to check free credit score, we suggest you go through the website of Freescoreindia. If you come across other websites that will let you check your score or report for free, make sure it is authentic before taking things forward. Do not share yours personal details unless you are 100% certain that the website is authentic.