Your credit score is an important aspect of your financial life. The credit score ranges between 300-900. Any score which is 750, or above is considered a good credit score. The factors that decide your credit score are credit inquiries, credit usage, length of credit history, and any new credit.
How important is it to know your credit score before applying for any credit? You cannot maintain your financial life without knowing your credit score. It is a must to check your credit score regularly for faster financial progress. The reason is that credit score is kept on changing, sometimes it goes up, and sometimes it goes down. If you know your score in advance, it will help you in getting quick loan approval and pre-approved credit card offers at the best interest rate. You need to understand if your score is below 750, there are chances higher of loan rejections. Keep in mind that checking your credit score isn't the same as checking your credit report. It consists of a detailed history of your financial life, including any accounts you have, how often you've paid them on time, any delinquencies, bankruptcy reports, flags and messages, write-offs, and inquiries. The report also includes the dates of any changes to your credit history. You can use this history to account for and report any discrepancies. Eligibility criteria to know my credit score
Credit Information Bureau Limited is a credit bureau that is responsible for maintaining and calculating your credit score. CIBIL is one oldest credit bureaus, there are mainly three bureaus where you can check your credit score, Experian, CRIF High Mark, and Equifax. Each credit bureau is making you know your credit score independently based on your credit information offered by banks and NBFCs regularly. Each credit bureau has its model for calculating your credit score; hence, your score from each bureau is likely to vary. Once in 12 months, you can download your credit report for free with these bureaus. At IndiaLends, you can check credit score for free, with monthly updates. We have a partnership with Experian, that enables you to check, track and build your credit score– At absolutely zero cost. Please note that checking your credit score does not have any impact on your score. So, know my credit score are only few clicks away.
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