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Your credit score is a 3-digit number displayed on your credit report. It provides a snapshot of your credit history to lenders which helps them make decisions about your eligibility for loans and credit cards. Checking your credit score helps you correct any errors and maintain or build a good credit score, which has numerous benefits for you. Check your credit score for free right here!
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Your credit report is a summary of your entire credit history, from loans to credit cards, both active and closed. This is based on data collected from lenders and collated by the four major credit bureaus in India. It gives lenders crucial information about your creditworthiness.
Get your free credit report today on BankBazaar, powered by Experian, one of the leading credit bureaus in India.
Steps To Get Your Free Experian Credit Score on BankBazaar:
You can also check your credit score for free on the BankBazaar mobile app. Download the app on Google Play or the App Store and follow the steps given above to get your free credit score.
Checking your credit score and monitoring your credit report can help you build and maintain an excellent score. By tracking your progress consistently, you can make sure that your repayments are recorded correctly, identify any errors or false information immediately, and resolve such errors quickly by reporting them to the relevant credit bureau. This helps to avoid any negative impact on your credit score.
A good credit score gives you an advantage when applying for loans or credit cards. The higher your credit score, the more likely it is for lenders to offer you loans at attractive interest rates. It also makes the process of credit card or loan applications smoother and faster.
In India, a credit score above 700 is considered as good by credit bureaus; 750 and above is considered as excellent.
It is a good habit to check your credit score on a quarterly basis or a minimum of once a year. Tracking your credit score a few months before applying for a big-ticket loan is also a good idea as it helps you correct or maintain your credit score before you submit your loan application. You should also check your credit score after you have closed a loan account or credit card in order to make sure that the closure is reflected in your credit report.
The four major credit bureaus in India that are licensed by the Reserve Bank of India are Experian, TransUnion CIBIL, CRIF High Mark, and Equifax. These are also called Credit Information Companies (CIC).
Find out your credit score for free today through your Experian credit report on BankBazaar!
Experian credit scores in India range between 300 and 850. The different Experian score ranges are mentioned in the table below:
| Experian Score Range | Meaning |
|---|---|
| NA/NH | This indicates that you have no credit history. |
| 350 – 549 | Considered as Poor. Very low chances of loan/credit card approvals. |
| 550 – 649 | Considered as fair. Loan/credit approvals possible with higher interest rates. |
| 650 – 749 | An Experian score of 650 – 749 is considered good and indicates a low-risk borrower. |
| 750 – 799 | Good score leads to increased chances of loan/credit card approvals. |
| 800 – 850 | Excellent score leading to higher approvals, lower rates, and added benefits. |
The main difference between free and paid credit reports is the depth of information available in each.
Free credit reports will typically give you the latest credit score as well as a summary of your credit accounts and enquiries that were made by lenders (in case of loan or credit card applications).
Paid Experian credit reports will provide your latest credit score and a detailed record of all your credit accounts (both closed and active loans or credit cards), details of the credit account (lender's name, account number, date opened or closed, amount borrowed, amount outstanding, etc). It also provides the full list of enquiries made on your credit account. You also get a comprehensive credit summary.
Here are the benefits of a good credit score.
Get your free Credit Score right away and see if you are eligible for all these benefits. You can check your score on BankBazaar at zero cost.
Listed below are effective ways to improve your credit score:
Knowing the factors that can lower your credit score can help you to avoid them. It is understood that having a high outstanding balance on your credit card can significantly reduce your credit score. Apart from that, there are several other factors that can hurt your credit score:
Listed below are some of the factors that do not have any impact on your credit score:
Lenders will look into your credit score to see how credit worthy you are. The closer your credit score is to 900, the higher the chances that the lender will approve your loan application. This is because a high credit score reflects a credit history with timely payments and no defaults or delays in repayments, which shows the lender that you are capable of repaying the loan.
Credit Score for NRIs: NRIs do have a credit score in India based on their credit history (loans and credit cards). This can be obtained and tracked through the credit reports issued by the relevant credit bureaus in India.
If there are errors on your credit report, you can resolve them by raising a dispute to the relevant credit bureau.
Experian: If there's an issue with your Experian credit report, contact customer care on the phone number 022-6641-9000 or send an email to consumer.support@in.experian.com. Registered users can log into their account on the official Experian website to raise a dispute; select ''Dispute'' and then ''Raise a Dispute''; select the relevant dispute type and enter the required details; click on ''Submit''.
CIBIL: Registered users should log into their account on the official CIBIL website; click on ''Raise a Dispute'' and then ''Access Dispute Form''; fill up the required details in the applicable section and submit the form.
CRIF High Mark: Registered users should log into their account on the official CRIF Highmark website; click on ''My Report'' and then ''Raise a Query''; select the credit report which is disputed and click on ''Proceed''; select the account that is disputed; click on ''Proceed''.
Equifax: Registered users should log into their account on the official Equifax website; navigate to the ''Dispute Center'' and click on ''File a Dispute''; click on the information to be changed and upload the required documents; click on ''Submit''.
Credit bureaus calculate the score based on parameters such as repayment history, credit card usage (credit utilization ratio), Total accounts (loan + credit cards), credit enquiries and age of credit.
When it comes to checking credit score, there are two types of enquires, hard and soft enquires. Hard enquiries may decrease you Credit score by few points, While soft enquiries do not impact your Credit score.
A hard enquiry is when a financial institution checks your Credit Score to take a decision on your credit application. Every time you apply for a loan or a Credit Card, the lending institution checks your score and it is regarded as a hard enquiry. One to two hard enquires in a year don not usually impact the score.
When you check your own credit score, it is called a soft enquiry, and it has no impact on your score.
TIP: If you are applying for a loan or a Credit Card, do not apply to many banks at the same time. Too many enquiries will hurt your Credit Score.
Credit Score is one of the most misunderstood topics in the financial book. Here are four secrets to help you understand your Credit Score better.
Credit Score and Credit ReportYour Credit Score is calculated based on information present in your credit report. Your credit report presents details about your credit accounts, credit application and debt repayment, among others.
Checking Your Score Will Not Hurt ItWhen you or a company enquires about your Credit Score, it’s called a soft enquiry and it does not hurt your credit score.
Credit Score MathThere are five prime factors that go towards deciding your Credit Score. They are - debt repayment, credit utilisation ratio, average credit age, type of credit account (secured / unsecured) and Credit Score enquiries made.
Keep an Eye On FraudYou did nothing wrong and yet your Credit Score is low? Please go through your Credit Report thoroughly and immediately report any unauthorised activities to your bank to correct your score.
Before you plan to get an application approved keep a track of your credit score on regular basis either by taking free CIBIL score or subscription based CIBIL score. Scores normally range from 300-850.
| Credit Report | Credit Score | Credit Rating |
|---|---|---|
| Your credit report has information on the current and past credit agreements that you hold. These include mortgages, credit card accounts, student loans, and inquiries on your credit history. | A credit score is similar to a grade that is provided to your credit report. It is a 3-digit number that usually ranges from 300 to 900. | A credit rating functions as an indicator of an organisation's ability to repay its loans. |
| The credit report reflects your credit management, and you have control over the listings there. | The credit reporting bureau assigns you the credit score based on your credit history. | In order to determine whether or not these borrowers will be able to repay loans on time, specialized credit rating agencies analyse their financial risk. |
| In order to access your credit report, you can get in touch with credit reporting agencies or use a credit monitoring service that offers you this information. | Your credit score is a part of the exhaustive credit report that you receive from the credit bureau. | The highest credit rating is AAA or A1, which demonstrates safety in terms of principal and interest repayment. D is the lowest possible rating. |
There are many ways by which you can improve your credit score. Some of these ways are maintaining payment of loan EMIs and credit card bills. Along with this, limited borrowing and maintaining a credit utilisation ratio of less than 30% can also help your score.
Your credit report can be accessed by you, lenders, and government-recognized regulating bodies.
There are a few factors that are considered while calculating an individual’s credit score. Primarily, the account information that includes information on credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of your credit score.
A credit report won’t contain any information related to your checking or savings accounts. Also, the information pertaining to criminal records, medical history, lifestyle, and other details are not included in the credit report.
This will depend on various factors such as the inclusion of hard inquiries, payment details, credit card, and loan applications. As soon any changes are detected, your credit report would change. The information is obtained on a monthly basis for the changes to be implemented. If you find any error on your credit report, you are recommended to get it corrected by the assessor.
If you notice any error or wrong entries in your credit report, you can get in touch with the credit report provided to get it rectified.
Yes, credit reports contain your overall banking history and are used to assess your credibility, which is your credit score.
Usually, no charges are levied to check the credit score.
Usually, the credit score ranges between 300 and 900. However, depending on the credit information company, the credit scores may vary.
This will depend on your credit history. If you have multiple credit cards with a higher limit and you are under-utilizing or over-utilizing it, this can impact your credit score negatively.
In India, a credit score above 700 is considered as good by credit bureaus; 750 and above is considered as excellent.
The Experian credit score is a 3-digit score that falls in the range of 300 to 900. It is calculated based on your credit history.
There are four credit bureaus in India, also called Credit Information Companies (CIC). These are Experian, TransUnion CIBIL, CRIF High Mark, and Equifax.
CIBIL score is a credit score that is provided by TransUnion CIBIL Limited which is a credit bureau. Credit scores can also be obtained from other credit bureaus in India, such as Experian, Equifax, and CRIF High Mark.
It is possible to get a loan in India even with a low credit score, though it would depend on the loan amount, lender's policies, and may come with a higher interest rate or require a collateral.
Closing a credit card may affect your credit score especially if it is a very old credit account and also if your credit utilisation ration is lowered because of its closure.
You can report a wrong entry in your credit report by filing a dispute on the relevant credit bureau's website or mobile app, if available.
Multiple credit enquiries, also called hard enquiries, can bring down your credit score by a few points because it can signal financial distress to lenders. However, this is more applicable for multiple enquiries within a very short time frame.
Being denied a credit card in spite of having a good credit score could be due to various factors ranging from instability in employment or address, limited credit history, or too many recent hard enquiries on your credit report.
''New to credit'' (NTC) refers to individuals who have no prior credit history (i.e., who had not taken out any loans and who did not have any credit cards).
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Experian was established in India in 2006. It was licensed by the Reserve Bank of India (RBI) as a credit bureau in 2010. It was the first credit bureau in India to be licensed under the Credit Information Companies (Regulation) Act (CICRA) of 2005. It is among the four major credit bureaus in India. Experian is a global information services company that provides data and analytical tools across 90 countries with the goal of improving financial health for all.
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
