It’s crucial to have a strategy while examining your credit report. You need to be aware of the information you want to examine, how frequently you should check it, and the associated costs. These days, several online personal loan applications include a free credit check.
Although challenging, checking your credit record is not impossible. You need to monitor your finances constantly. You should regularly check your credit report in addition to keeping a watch on your banking activities, accounts, and balances via email, online banking, SMS notifications, or any other technological methods.
By doing this, you may be able to prevent fraud and identity theft, which may be expensive if they go unnoticed over time. Here is all the information you require regarding credit report checking in India.
What details are required in order to check your credit report?
You’ll probably want to check your credit report just as much as the lenders do, whether they are banks, NBFCs, or your preferred personal loan app, if you intend to open a bank account or credit card, obtain a loan through an online personal loan app, or purchase a home.
A credit report is required to periodically examine your creditworthiness as well as keep track of your financial status or overall financial health. If there are any issues, you should request a credit report investigation. Additionally, you must be aware of the data the report will contain (or not include).
How frequently should your credit report be checked?
To be aware of any alterations to your credit history that can impair your future ability to obtain a loan or mortgage, you should regularly check your credit report. This will alert you to any changes to your credit history that can provide problems in the future. If you have a credit card or a bank account, you may want to check your report more frequently.
Is it necessary to pay a charge to obtain your credit report?
Credit bureaus are required to make their reports freely available in the majority of countries. However, in some nations, credit bureaus may charge a fee for delivering your credit report. It is possible that credit reports play a significant role in a person’s financial picture.
In a notification dated September 1, 2016, the Reserve Bank of India (RBI) mandated that the country’s four credit information companies (CICs)—Equifax, Experian, CRIF High Mark, and CIBIL TransUnion—produce one free credit report, complete with a credit score, once a year for anyone who requests it, provided that the CICs have access to their credit history.
You must pay for the printing of your credit report if you want a paper copy. If you order your report online, through a phone app, or through an online loan app, you might be able to acquire it for free. These four credit bureaus independently compile and produce a person’s credit report.
The free credit report is comprehensive and contains the same data as is made available to banks and other lending institutions. This is consistent with the rule that all credit bureaus must annually offer one free credit report.
How to obtain a free credit report
Assume your credit report is available in digital form. In that scenario, before ordering additional reports, applying for a loan, or reviewing your creditworthiness, you should make sure you have that information. There are various approaches of doing this. Through TU CIBIL and Experian, almost all lenders and loan providers offer a free option for you to check your credit score.
A physical copy of your credit report is recommended.
Whether you want a paper copy of your credit report is entirely a matter of personal preference. Of course, it is accessible digitally. But you’ll want to make sure you have it with you when you apply for a loan since, depending on the terms and conditions of your loan provider, they might require a paper copy of your credit report.
You must have your report scanned and saved as a PDF if it is a hard copy. Additionally, you should confirm that the information on your copy is accurate. The information published on your report is online at some credit bureaus. Make sure the information on a paper copy corresponds to what is listed online if you have one.
Guidelines for keeping an eye on your Indian credit report
You should check your credit report at least once a month if you want to stay on top of your finances while residing in India. This will give you a better sense of any changes to your credit history that may have an impact on your future ability to obtain credit.
You should monitor your account and make sure that it is being paid off on a regular basis if you have a credit card or create a bank account while you are residing in India. To assist shield you against fraud, you might also think about signing up for an identity theft protection service. You must be aware of the details you’re looking for if you’re interested in checking your credit report in India.
Ensure that you are aware of the information that is provided on your report, what it is listed as, and what constitutes a substantial change.