CRedit SCORE CHECK
Credit Score Check:
A Credit Score is a three-digit number indicative of your credit behaviour. Consider it marks given to you by financial institutions for your financial behaviour. A high score means you have good money-management skills and that you repay your debts on time. Likewise, a low score raises questions about your financial credibility.
Importance of CIBIL Credit Report:
All banks and financial institutions check credit reports of the loan or credit card applicants before approving their credit applications. The credit report and credit score of an individual indicate his/her financial stability, which helps the lenders to analyse whether that individual will be able to repay the loan amount on time or not. Credit reports are generated by the credit bureaus on the basis of credit information that is collected from member banks and credit institutions at regular intervals.
CIBIL is one of the oldest and major credit bureaus in India that generates a credit report along with a credit score that defines credit-worthiness of an individual. If you have been paying credit bills and loan amount on time, then you will have a high credit score. High credit score means that there are more chances to get a loan at a considerate interest rate. If you have a low credit score of say below 650, then there are high chances that your loan application will get rejected by the lenders. For any individual, it is recommended that they check their CIBIL score in every 6 months so that they can maintain or improve it, in case the score is low.
Credit Report includes the following key information:
- Date of birth
- Permanent Account Number(PAN)
- Aadhar Card
- Additional Identity Information such as the serial number of Driving License, Voter’s ID card, etc.
- Current and previous residential addresses
- Current and previous employers with their address
Income tax information availed through previous IT filings
- Dates on which your credit report was pulled by lenders to determine loan/credit card eligibility
- Information related to overdraft facilities available with your banking accounts, etc.
REQUIREMENTS FOR THE CREDIT SCORE CHECK:- (All copies of documents should be self attested by the customer)
- Identity proof(any 1)
- Address proof
- Electricity bill
- Income proof