14 Your Credit Rating

Each year, there are more people applying for a loan than the year before.  Before sanctioning the loan, companies/banks check for the credit worthiness of the individual before sanctioning the loan.  If you are going to take a loan soon or just want to know what these companies check for and see about your credit score, then this blog is for you!!

There are 4 companies in India who have been permitted to compile and disseminate credit reports to people.  Usually they charge some amount for preparing and sending this report.  But as per recent (sometime back) guideline issued by the government, they are obligated to send you one report free each year.  This means, in effect, you can get 4 reports each year, as there are 4 companies providing this information.   The best way would be to apply from one company, each quarter and repeat the same steps next year!!

These 4 companies and their websites are mentioned below: -

CRF High Mark – www.crifhighmark.com
Equifax India – www.equifax.co.in
Experian India – www.experian.in
Transunion Cibil – www.transunioncibil.com

The data provided in this report is the same that is seen by the lenders before they sanction the loan to you.  Following information is provided in this report: -
  • Your credit score, a figure between 300 and 900.  Higher the score, higher your chance for getting the loan
  • Your address and the variations.  Means in case you have changed your house, it will have the old address too.  All the addresses that you have used for opening any bank account or used in conjunction with your name
  • Phone numbers that you have used in conjunction with your name
  • Number of accounts that you have, including Savings Bank, Credit Cards and Other Loans taken.  It will also contain any delayed payments that you have made and overdue amount, if any.
  • If any lender has inquired about your credit report in the last 24 months, it will have the lender’s name too in this report.
With this report, they can get an idea as to whether you will be able to repay the loan back to them or not.  Also once you get your report and you find some discrepancy, you can also write back and have it corrected.  Maybe you have already paid back the loan or have closed one of your credit cards.  Banks take a lot of time close the credit card as they don’t want to lose a customer.

Keep checking your Credit Score regularly and enhance your chance for getting that loan!! Cheers!!

Today’s daffy definition

Hospital – A place where a nurse wakes you up to give you a sleeping pill!!



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