Significance of a Credit Report Check

1. Significance of a Credit Report Check www.indialends.com

2. The credit report is a compilation of information about the way you handle the credit and paying your debt. There mainly three credit bureaus- TransUnion, Equifax and Experian where you can go for a free credit report check and determines the risk level.

3. Details available in the credit report : • Information about how much debt you have accumulated • How you are paying the bills- on time, partial payment and other information • Where you live • Where you work • Whether you've filed bankruptcy • If there is any kind of lawsuit judgment entered against you • Whether you've had a home foreclosed or vehicle repossessed One should order your free credit report at least once a year from any of the credit bureaus to make sure the information listed on it is correct. If you suspect being a victim of identity theft, you should monitor your credit report on a more frequent basis and dispute the same to the credit bureaus. www.indialends.com

4. What is the difference between credit score and Credit report? Your credit report contains a brief history of your debit and credit accounts or any relevant data like bankruptcy information. On the other hand, the credit score is the number which ranges starts from 300-900. Any score above 750 is considered a good credit score Your credit report is a brief history of your debts and credit accounts, as well as relevant data like bankruptcy information. A higher score reflects a better credit history, showing lenders you are a good investment and are most likely to make payments on time. Online there are many Fintech authorized by the Credit bureau are available where you can know your credit score facility to people who are having any credit history. It is the best way to know the range of your score along with getting insights to improve it. If you know your credit score before applying for a credit is a must to avoid any rejection at the time of filing a credit application. www.indialends.com

5. Financial How do a credit report and a credit score check matters at that time of any credit approval? • Approval of Credit – Banks and NBFCs approve credits based on your credit score and credit report. If you are having a good score with a good report then it will increase your chances of getting approvals easily. • Rate of Interest Offered – The rate of interest offered by the bank is lower for those having a high CIBIL score. • Types of Credits – People having a higher credit score get a wide range of credit card offers from various companies that are not offered to people having lower credit scores. • Reduces the chances to miss any error on your credit report One should always check the data for errors and any signs of fraud or identity theft on the credit report to stay financially strong. As the creditors view individuals with a higher credit score as a better financial risk and thus will offer a lower rate to borrow money. The Reserve Bank of India (RBI) has made it mandatory for all credit information agencies in the country to give a free credit report, on request, once a year to individuals whose credit history is available. Check your Credit Score & Report in just 1 minute - https://indialends.com/credit-application www.indialends.com

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