In your financial life, your credit scores play a fundamental role. To understand your financial status and how you can further strengthen it, it is important to keep a tab on your credit history. These days, with the emergence of Fintech firms, it’s easier to check your credit score and online download the study. Hence, by procuring your credit report online, you can review your credit history. What you need to do is ask any of the three major credit bureaus in India-Equifax, Experian, High Mark CRIF, or CIBIL-for a free copy of your survey. Among them, CIBIL is generally the most sought-after office since it is India’s oldest credit information office offering free credit scores and customer reporting online. The credit report issued by them will include a list of the loan-related transactions of the person and any credit card account they have had or currently have. It is, in other words, a description of the financial history of the individual. Based on the details provided in the credit report, the credit score of the person is determined. Payment history, credit utilization ratio, credit history length, credit mix, and new credit are the other variables depending on which your score is measured.
THE PROCESS TO CHECK YOUR CREDIT HISTORY
By downloading their free credit report from any of the major credit bureaus or by visiting any Fintech business, customers can easily review their credit history. The process for checking your credit history is listed here:
- First, applicants would have to visit the official website of CIBIL and request a credit report from them.
- After that, some necessary documents, such as proof of identity and proof of address, need to be submitted.
- Any of the following may be proof of identity:
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- PAN card
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- Passport
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- Aadhaar card
- Any of the following may be proof of address:
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- Passport
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- Utility Bills
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- Aadhaar card
- You need to input the requisite information and pay the appropriate fee online.
- After that, after the document has been checked and the payment has been made, the customers can get their credit report by email.
You will be able to review your credit score and appreciate your financial well-being after accessing your credit report. A fair idea about your eligibility for the credit products will be provided by the score listed in your report. If you have a higher credit rating that is above 750, the chances of approving your loan are high. Along with other incentives from your lender, you would also be entitled to obtain a discounted interest rate. If your score is poor, then you need to consider the reason behind it and work at the earliest to raise it. With a low ranking, the only downside you have is that the probability of your loan approval will be smaller, and you will not be eligible for lenders to obtain good offers. You will be paying a very high rate of interest even though you get the loan.
So, before you apply for any loan or credit card, reviewing your credit history is an important step. Checking it on a regular basis will ensure that your credit report or score does not have an error or inconsistency that will hinder your eligibility for credit items.
