How to Check My Credit Score Online for Free in India?
Credit Cards have always been one of the most widely used modes of making cashless payments for various purchases online as well as offline. Ever since the Government of India started encouraging people for using cashless modes of payment, the popularity of Credit Cards has risen manifold. Nowadays, most of the tax-filing individuals have one or more Credit Cards, which they use for paying bills and buying stuff online as well as offline. Various incentives such as cashback, discounts, and freebies offered on specific transactions have also contributed significantly to the increasing popularity of Credit Cards for making digital payments.
With the rising popularity of Credit Cards, even the card issuers have started issuing special cards that offer various incentives on a particular transaction. To make the application process easy for customers, card issuers have started offering the Best Credit Cards Offers in India through online channels such as company website as well as online finance marketplaces.
You just need to fill up an online application form with some essential details and the representatives will get back to you for more details and take the process forward. If your credit profile meets their requirements, your new Credit Card shall be issued in a few working days. While assessing your application for the Credit Cards, the issuers assign a significant weight to your credit score and would approve your application only if your credit score meets their specified threshold, which in most cases is 750 and above.
All about Your Credit Score
In the modern times, a good credit score has become the single most prominent factor in determining your eligibility for a Credit Card or a loan. A credit score is a numeric representation of your creditworthiness, which is calculated by various credit bureaus in India. This calculation is based on a number of factors such as running loans, credit utilisation ratio, defaults, and write-offs in addition to various other factors. In India, a credit score is measured out of 900. Ideally, a credit score of 750+ is preferable as it not only enhances your eligibility amount, it also helps you in getting the loan product at lowest interest rates. If your credit score is below 700, your chances of getting a loan or Credit Card get bleak.
Different Credit Bureaus in India
There are four credit bureaus in India who calculate your credit score which is used by the lenders for determining your loan eligibility. Following are the four credit rating bureaus operating in India:
- TransUnion CIBIL
- Experian
- Equifax
- CRIF
Out of the above four, Credit Information Bureau (India) Limited or CIBIL score is the most widely accepted credit score by a large number of banks and other financial institutions. CIBIL calculates your score out of 900, and any credit score above 750 is considered optimal by the lenders.
CIBIL allows you to also pull your credit score so that you can check it and report any discrepancies that are there. It also helps you to assess your eligibility for availing a credit facility and take remedial actions, as and when necessary.
How to Check Your Credit Score for Free in India?
The importance of maintaining a good credit score cannot be reiterated. One of the essential steps in maintaining a good credit score is to keep a close eye on your credit score and take corrective steps as and when necessary.
Earlier, in order to pull out a credit report, you had to pay a fee every time you applied for one. Since 1st January 2017, the Reserve Bank of India (RBI) has directed all credit information companies operating in India to provide one full credit report to any individual who applied for the same, after due identity checks.
Here is the method to check your credit score online for free in India:
1. CIBIL
a. Visit the CIBIL website, www.cibil.com and click on the link titled “Click here to get your Free Annual CIBIL Score and Report online.”
b. Sign-up for an account. You will be required to provide your financial and personal information during the process.
c. After your account has been created, verify your email address and phone number.
d. Now, log-in to your CIBIL account to access your free CIBIL report.
e. Check it carefully and if there are any discrepancies, raise a complaint immediately.
2. Experian
a. Visit the Experian website, www.experian.in and click on the link “consumer services.”
b. There you will see a button titled “Get your credit report,” you must click on it.
c. Then you will be taken to a new page where you must create an account by entering your personal and financial information.
d. Afterward, log-in to your account and access your free credit report.
3. Equifax
a. Visit the Google Play Store or Apple App store and search for the Equifax app.
b. Download the app, create a new account by entering your financial and personal details.
c. You will then be able to access your credit report on your mobile.
In addition to accessing your credit report through these methods, you can also use the services of various online finance marketplaces that help you access your credit score for free.
Be a financially responsible person and keep a close watch on your credit score, so that you are not caught unprepared.
Also Read: Does an Unused Credit Card Impact Your Credit Score?
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