What is a Credit Score?

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A credit score is a summary of your credit history. Your lender – banks and non-banking banking institutions – provide information to the credit reporting agencies which in turn compiles the information received from multiple lenders into one credit file.

You can find three credit agencies India – Credit information Bureau of India Limited, Equifax and Experian.

All three of them provide credit file.

CIBIL credit report

CIBIL stands for Credit information Bureau of India Limited. A cibil credit report is a report that is exhaustive of the payment reputation for the past 3 years.  It comes with CIBIL TransUnion Score this is certainly referred by the lenders to test your creditworthiness once you submit an application for that loan. The CIBIL TransUnion Score ranges between 300 and 900. A score above 750 is regarded as a good score by the lending company while the chances of you getting loan rises.

A CIBIL Report Consists of 5 Sections

Information that is personal – under this section you will find your name, date of birth, gender, PAN card number, passport, driver’s license, Motor ID etc.

Contact information – It will have your contact details: telephone, mobile numbers, address (Permanent, current, office) or over to 4 email addresses.

Employment information – it has your income and occupation details as reported by your lender.

Account information – This is basically the most important part of your credit information report. It has the important points associated with loan and credit cards you have got taken. It will have specific information such as the loan date, last payment, and loan outstanding, total loan amount. It will have a month-on-month history payments created by you when it comes to past 36 months.

Inquiry information – the inquiry is shown by it produced by the lender for your credit application such as name, date of application and its size.

Equifax Credit History

Equifax credit report is also a compilation of one's credit history collected from various lenders. It will provide your individual in addition to credit accounts details such as for instance loans that you own that you have taken and credit cards. The credit report will provide your credit also score.    

There are two main forms of reports that Equifax provides.

Basic Credit File

It will have the following details:

Information that is personal section will have information associated with your name, date of birth/age, address and ID information.

Credit summary section will provide details pertaining to each of your the loan accounts with details such as for example outstanding loan amount, the total amount of loan taken, the period of the loan, any defaults or delay you have got made.

Recent activity section will show the loan applications produced by you in the recent past.

Account details section shall offer the repayment history for every loan account.

Inquiries section shows any inquiry produced by any lender on you.

Enhanced Credit Information Report

That is an even more detailed type of the credit that is basic containing graphs and charts for borrowing limit utilization against available borrowing limit, credit mix and delinquency trend etc.

For lots more details visit our free credit score page and click on " Get my free credit score" get the invitation link build a profile and get detail synopsis of loans,credit score improvement, factors that effect our credit score, recommendations etc .