How To Download Free Credit Report
A Credit Report is a summary of records on how you manage your credit account. It summarizes your financial activities, includes credit card dues, loan amount, up-to-date payment of EMIs, and your credit history. Credit bureaus agencies (CIBIL ,Equifax, Experian, and HighMark CRIF) collect all the credit-related information provided by credit companies, lenders, and other financial institutions. This data helps moneylenders to decide to give you a loan at a favorable interest rate.
Credit Report is consisting of four sections:
- Personal information: Candidate's Name, Address, and contact details.
- Employment information: Candidate's income details monthly and annually given by banks.
- Accounts information: credit history, current outstanding, Payment history, mortgage loans, and records of all credit accounts.
- Inquiries: Records of all the banks and financial institutions who have referred the report for granting the loan.
Significance of the Credit Report
When you apply for a loan or a credit card, the banking and non-banking financial organization access your credit report to check your creditworthiness. And then approves or rejects a loan. If the credit score is good, the possibilities of getting a loan at a favorable interest rate get higher. But, if the credit score is lesser than 700, thus the report may indicate a fault. Hence, the interest rate on loans may be more.
When the credit score is below 700, Banks will reject your loan application because this score may show repetitious defaults and poor credit activities.
Steps to download your free credit report
You can download your Credit report by following the below steps:
- Visit the official website of CIBIL.
- Click on the icon, GET YOURS NOW.
- Fill in your personal information like Name, DOB, contact number, ID number, etc.
- Now, create your account with your own username and password.
- An OTP will be sent to your contact number or email to verify your identity.
- Verify your Identity, and after completing the process, you will move to the account dashboard page, which will reveal your credit score.
- Click on the credit report icon to download your credit report.
A maximum number of free credit reports you may get in a year:
In India, there are four credit bureaus: CRIF, Equifax, Experian, and CIBIL. According to the Reserve Bank of India (RBI), candidates can access one free credit report from each credit bureau in a year.
Although, If you wish to access your report monthly. You have to bear some charges - CRIF and Equifax may charge Rs 399 and Rs 472, particularly for each new report.
CIBIL may charge Rs 550 for one month and Rs 1,200 for a year.
Procedure to rectify any inaccuracy in your credit report
In case you detect any errors in your credit report regarding your loan amount, errors in any personal information (name or address)., you must instantly raise a discussion with your credit bureau agencies with all the relevant details or can also email them.
Your credit report is your permit to get easy loans and credit facilities for all your financial activities. You have to put some effort into maintaining a good credit score &report. Always keep an eye on your bills and make up-to-date payments of credit cards and other dues. This will enhance your credit report to get the best credit deals and offers.