How to check your credit score online?
Anyone can find themselves in a situation where they apply for a credit card or loan with a bank or other financial entity. During such times, the most important deciding factor for the approval of the card or loan is your credit score.
Hence, you must ensure your credit reports India, are at their best. Several factors can influence your credit scores, such as your payment history, credit utilization, length of credit history, your different credits, and any new credit that you take up.
The credit score is calculated by four separate credit bureaus, Experian, CIBIL, Equifax, and CRIF High Mark. Each of these has a unique algorithm, which is used alongside the data provided by credit lenders to calculate the score of an individual. If you have unpaid dues, your credit score under all bureaus might decrease, even putting you at the receiving end of debt collection services. On the other hand, if your score is good, you can negotiate better terms while applying for a loan or credit card. One such example is lowering your interest rate, which can help save a lot of money over time.
You need to check your credit score regularly to ensure your scores are well-maintained. This can also help you change your financial plans and interests when the score is lower than preferred. So, how can you check your credit score online?
How can you check your credit score online?
Credit bureaus
Since there are four credit bureaus in India, you can visit any one of their websites to know your score. Moreover, every credit bureau is mandated to provide you with your credit score and report for free once every year. If you have any issues finding the credit report online, you can even send them an email asking for the information.
Banks and Credit Card Companies
Several financial institutions like banks have started providing their customers with their credit reports as this helps their clients to maintain their scores. Since banks are a lender, they do have access to this information. Such institutions must know a person’s credit score so they can decide on whether he or she can be given credit or not. So approaching them for the score is ideal. Some creditors also charge a small fee to share the credit score, whereas many of them give it for free. If your bank or credit company gives you the option to check your credit score, it should be available on their official website. You can just log in and check the score whenever required.
Third-party financial portals
Other than banks, various apps and services also keep an eye on your credit report. Such financial institutes can help monitor your score and maintain it regularly. These companies can share your credit score with you without charging any fee. The credit score can be checked online through their portals at any time. While looking up your credit score, you will need a few unique details that belong to you, including name, date of birth, PAN card number, and employment data. The score comes up a few minutes after these details are submitted. Make sure to regularly check your credit report. If you are approached by a debt collection agency, it means you have overdue unpaid accounts with a creditor. Try paying off such dues before your credit score gets hugely impacted by them.
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