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What is a Credit Report and Why is it Important?

Highlights

  • Why should you check your credit report before applying for a loan or credit card?
  • Which are the credit bureaus that offer credit reports to Individuals in India? Know all these and more in this post

A credit report is the record of your payment history and it helps the lender know about your creditworthiness. It is important to keep track of your credit report to maintain a good credit score. The score ranges from 300 to 900 which is based on your payment history. How to check a credit report? You can check a credit report of several credit bureaus in India on their website or at Wishfin, the official partner of two renowned credit bureaus – Transunion CIBIL and Experian. Read the post and know how your credit score is built and how to check it online.

Why is it Important to Check a Credit Report?

If you don’t check your credit report, it means you’re putting your financial health at risk. Because when you don’t check your credit report, you don’t know your credit score, which can potentially lead to rejection of loan and credit card applications. You can get a higher interest rate on loans if your credit score is on the lower side. The advantage is that the credit report is easily accessible and free to obtain. A credit report will not only help you know your credit score but also suggest ways to improve it.

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What Does Your Credit Report Consist of?

A credit report is a summary of your credit history, which includes your name and Social Security number; your credit cards, your loans, how much money you owe, and whether you pay your money on time or not. Lenders use your credit report to decide about approving new credits.

Credit Bureau Agencies in India

There are three main credit reporting agencies operating in India – TransUnion CIBIL, Experian, and Equifax. Below, you’ll know how you can access your credit report from these credit bureaus.

TransUnion CIBIL

You can check the CIBIL report at Wishfin by following the steps below.

  • Visit the official website of Wishfin
  • Go to the ‘CIBIL Score’ page
  • Mention your first name, middle name and last name
  • Enter your date of birth and select gender
  • Enter your PAN card number
  • The net monthly income you earn
  • Employment status
  • Employer name if salaried
  • Contact details such as the mobile number and email address
  • Accept the ‘Terms & Conditions’
  • And click on ‘Submit’

How Can I Check My Experian Credit Report at Wishfin?

To access your Experian credit report without any hassle, you can use Wishfin services. Follow the steps below to get your credit report for free online.

  • Visit the official website of Wishfin
  • Click to ‘Experian Free Credit Score Check’
  • Enter your personal details – first name, middle name, last name, mobile number, and email address
  • Click on the ‘Submit’ button
  • Enter the One-time Password (OTP), which you receive on your mobile number
  • After that, click on ‘Verify and Continue’
  • Enter your PAN number, Date of Birth, and your residence address with state Pincode
  • Click on ‘Submit’
  • A page will appear where you need to enter your loan and credit card details
  • After that, you can log in and check your credit report for free
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How Can I Check My Equifax Credit Report?

You can get a free copy of your credit reports every 12 months. Just create a myEquifax account to get up to 6 free Equifax credit reports. Visit the official website of Equifax and create an account for free. Fill up a form and mention your personal information and PAN details. And confirm those details by entering the One Time Password (OTP) which you’ll receive on your registered mobile. Then, you can log in to your myEquifax account and download a copy of your credit report. And if you find the information inaccurate, you can either contact your bank or file a dispute with the credit bureau.

How Can You Improve Your Credit Report?

If your credit report is not good and the reason for this is your poor payment record, don’t worry you can make your credit report healthy by following the points shown below.

Pay Your Loan EMIs/Credit Card Bills on Time

The common reason for a poor credit report is your non-payment. If you skip your loan payments or credit card bills, it has a direct impact over your credit report. And to improve this, you just need to pay the loan EMIs or credit card bills on time. When you do that, both your credit score and credit report improve.

Utilize the Credit Card Limits Smartly

The reason for your low credit score can be the overutilization of your credit card. When you do so, it impacts your credit report. Why? Because it increases the possibility of default. So, it’s important to utilize your credit card smartly and keep the bills affordable. This will help ensure a full payment on time.

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Apply for a New Credit When You Need it

Financial advisors suggest customers with a poor credit report not to apply for any loan or credit card until it’s necessary. Why? Because whenever you apply for a loan or credit card, a hard inquiry is made, which affects your credit report negatively.

Don’t Close the Oldest Credit Card

When you close your oldest credit card it can impact your credit report negatively as your credit utilization ratio can increase with the same. Plus, the oldest credit card must have run for long and can give more ideas about your repayment potential. Discontinuing the same can cut short the age of that credit, which can reduce the score. So, if you have multiple credit cards and want to close some, ensure you close the new one with not much credit limits on it.

Dispute Your Credit Report for Any Inaccuracies

You should check your credit report carefully from all the credit reporting bureaus whether it’s TransUnion, Equifax, and Experian. Because if the information is wrong or there are errors on your credit report, it can lower your credit score. If you see any errors, file for a dispute of information and get it corrected instantly.

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