A neat credit history makes it easier to borrow money at reasonable rates, says Anagh Pal
Your credit score is one of the most important indicators of your financial health. It is important as it provides credit information to a lender. A good credit score improves your creditworthiness and increases your chances of getting a loan at reasonable rates. It also provides you protection against identity theft. It has now become easier to check your credit score at credit bureaus and fintech portals.
The Big Four
There are four credit bureaus in India—TransUnion CIBIL, Experian India, Equifax India and CRIF Highmark. Under Reserve Bank of India guidelines, credit bureaus follow the same 300-900 range for calculating credit scores. The credit report provides detailed information on the consumer’s credit history. “Since they are calculated differently based on proprietary algorithms, the score for the same person from different bureaus could be different,” says Parijat Garg, vice president, CRIF Highmark. Under central bank norms, one can obtain credit report and credit score from credit bureau websites for free once a year. Fee will be charged for subsequent reports.
For the consumer, it is important to get both report and score from each bureau. “You may find your bank/lender using credit bureau B, whereas, you had checked your credit score from credit bureau A. Whenever you get your bank to clear off an old due or correct some information, it is important to ensure that it reflects at all credit bureaus,” says Garg.
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