Approaching a bank or Non-Banking Financial Company (NBFC) or an online lender for a loan or a credit card is quite a common scenario nowadays. As unexpected expenses can knock on the door at any moment. Whenever you apply for any form of credit be it a business loan, education loan, wedding loan, or a home loan, or a credit card, a lender always pulls a credit score or report. It is a 3 digit number ranging from 300-900. Any score which is 750, or above is considered a good credit score to get a loan or credit card at the best interest rate. This is the reason that the awareness of the concept of ‘credit score’ is on the rise in recent times. What is a Credit Score? A credit score is a statistical number that evaluates consumer creditworthiness based on credit history. Before approving any form of credit, the lender requests the credit bureau to provide a credit report of the applicant. The credit bureaus have all the information on you based on your credit history and provide background about a potential borrower to the lender (Bank or NBFC). So, a high credit score indicates that you have managed your credit better and this increases the chance of your loan or credit card being approved and getting better offers in the future. Not only lenders, but even borrowers can also check FREE Credit scores online at the lender’s platform. Almost all of the lenders nowadays are offering online credit score check facilities. Where does one check their credit score online for FREE? Credit Bureaus: According to the Reserve Bank of India, each of the credit bureaus is entitled to give a FREE Credit report annually. You can check it online at their official website or by mailing them. Third-Party Financial Portals: Third-party financial sites like IndiaLends also offer a credit score for free round the year. You can check it anytime from anywhere and it’s completely free. Checking your credit score does not hurt it, and you can check it any number of times. Banks: These days along with NBFCs even banks are also offering a FREE Credit Score check facility. Some lenders charge a fee while some provide it for free. Credit Score check requirements
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