Here's How You Can Get Your Credit Report for Free!

Mar 02, 2024 / Reading Time: Approx. 6 mins

Listen to Here's How You Can Get Your Credit Report for Free!

00:00 00:00

Here's How You Can Get Your Credit Report for Free!

If you've ever applied for a loan or credit card, you likely understand the process where banks or non-banking financial institutions require various documents and evaluate your eligibility to determine your creditworthiness. An essential factor in this assessment is your credit score, which lenders examine closely.

To start, it's important to distinguish between your credit reports and your credit scores. Your credit report provides a summary of your credit activity and current financial standing, including details like your history of loan repayments and the status of your credit accounts. On the other hand, your credit scores are derived from the information mentioned within your credit report.

Your credit score, along with the details in your credit report, plays a crucial role in deciding your eligibility for various financial products such as home loans, credit cards, personal loans, and others, as well as the interest rate you will be charged.

A credit score, a numerical value ranging from 300 to 900, reflects an individual's creditworthiness, essentially indicating their capacity to repay a loan. Among the various factors that lenders assess when considering a loan application, the credit score holds paramount importance as it offers insight into the borrower's repayment track record.

We are on WhatsApp! Join our exclusive WhatsApp channel.

A higher credit score signifies a lower likelihood of defaulting on a loan, making the applicant more appealing to banks and non-banking financial companies (NBFCs) for loan approval. Conversely, a lower credit score suggests a less disciplined credit history, reducing the prospects of getting a loan.

Therefore, it's advisable to monitor your credit score regularly, ideally once or twice a year, and take appropriate measures to improve it. Since the credit score significantly influences the approval of loan or credit card applications, improving it can increase your chances of securing credit.

Refer to the Credit Score Indicator below to understand the different credit score ranges:

 

In India, there are four credit bureaus responsible for computing credit scores:

TransUnion CIBIL

Equifax

Experian

CRIF High Mark

These bureaus play a vital role in evaluating the creditworthiness of individuals or businesses through the collection and analysis of their credit information and repayment records. Among them, the CIBIL score from TransUnion Credit Information Bureau (India) Limited (CIBIL) is highly preferred by banks and NBFCs throughout the nation.

[Also Read: No Credit History? Here's How You Can Build a Credit History and Credit Score]

As per the directive from the RBI, every credit bureau is required to provide your credit report and score once annually, free of charge. You can access it either online through their official website or by requesting it via mail.

In addition to credit bureaus, third-party financial platforms and banks also offer credit scores. Third-party financial websites offer complimentary credit scores year-round, allowing users to check them anytime, anywhere, completely free of charge.

Checking your credit score through these platforms doesn't impact it, and there are no limitations on the number of times you can check your credit score.

Moreover, certain banks now provide credit scores as well. While some lenders may levy a fee for this service, others offer it at no cost.

How to Get Your Credit Report for Free?

Follow these steps to get a free credit report from a credit bureau:

1. Choose a Credit Bureau: Decide which credit bureau you want to get your credit report from. You can choose from any of these credit bureaus - TransUnion CIBIL, Equifax, Experian, and CRIF High Mark.

Example: Suppose you choose TransUnion CIBIL.

2. Visit the Official Website: Go to the official website of the chosen credit bureau.

Example: Visit the TransUnion CIBIL website: https://www.cibil.com

3. Navigate to the Credit Report Section: Look for the section on the website that provides access to credit reports.

 

4. Provide Personal Information: Enter your personal details as required, which typically include:

Name: Provide your full legal name as it appears on official documents such as PAN card, AADHAR card, Passport, etc.

Date of Birth: Input your date of birth accurately, matching the information on your PAN card and other official records.

PAN (Permanent Account Number): This is crucial for fetching your credit score. Enter your PAN number accurately.

Mobile Number: Provide your mobile number for verification purposes. An OTP (One-Time Password) will be sent to this number for verification.

Employment Details: Some platforms may require information about your employment status, including your employer, monthly salary, and type of employment.

Pin code: Enter the pin code of your permanent residence.

 

5. Read & Accept the Terms: Read the terms and accept them by clicking on "Accept and Continue".

6. Verification: Complete any additional verification steps required, such as confirming your identity via OTP sent to your mobile number.

7. Access Your Credit Report: Once the verification process is complete, you should be able to access your credit report and credit score.

8. Paid Services: If you frequently need to check your credit report, you can opt for the paid subscriptions by creating an account with a login ID and password. However, if you need it only one time or once a year, you do not need to register and subscribe for the paid services.

Remember, checking your credit score for free is quite easy, but you'll need to provide accurate information to fetch your score successfully. Double-check the details you enter to ensure accuracy and avoid any discrepancies in your credit report.

[Also Read: Credit Score 101: Building a Solid Foundation for Financial Wellness]

Follow these steps to get a free credit report from Google Pay:

Google Pay has emerged as a leading online platform offering a wide array of services, including facilitating payments, conducting money transfers, online shopping, and mobile recharges. Through its recent partnership with TransUnion CIBIL, the prominent online payments platform now introduces a new feature enabling users to conveniently access their CIBIL score for free directly within the Google Pay app.

This integration not only provides users with their CIBIL score but also offers actionable insights to enhance their credit score. By leveraging Google Pay's CIBIL score tracking feature, users can make informed financial decisions and work towards improving their credit health. To access this feature:

1. Open the Google Pay app on your device.

2. Go to "Manage your money".

3. Select "Check your CIBIL score for free".

4. Follow the instructions on the screen.

5. If you're a first-time user, enter your full name, phone number, email ID (optional), and PAN.

6. Once these steps are completed, your credit report will be generated.

7. You can now view your CIBIL score and receive recommendations for improving it.

Why Do Credit Scores Differ Among Credit Bureaus?

If you've obtained your credit score from multiple bureaus, you've likely noticed discrepancies in your scores. This occurs because:

  • Each bureau uses its own methodology for calculating credit scores, resulting in variations between them.

  • Your lender may not have reported your recent data to a certain credit bureau or may not be reporting to that bureau at all. Consequently, if you check your score with that bureau, it might appear lower.

  • Despite score discrepancies, lenders are aware of the diverse parameters utilised by different bureaus and give equal consideration to these scores.

Does Checking Your Credit Score Frequently Negatively Impact It?

You can review your credit score as many times as you wish, and rest assured it won't be affected in any manner. Checking your credit score independently is known as a soft inquiry, and it does not influence your credit score whatsoever.

However, when a lender assesses your credit score during a loan or credit application, a hard inquiry is done, which may have a slight impact. Applying for a loan with several lenders simultaneously results in multiple hard inquiries, which can potentially lower your credit score.

To conclude:

As you can see, getting your credit score and report is quite an easy process.

Your credit score holds significant importance in the loan approval process. It determines your creditworthiness in the eyes of the bank, influencing the interest rate they may offer on your loan application.

To avoid any unpleasant surprises regarding your credit score from the bank, it's advisable to regularly monitor it and uphold a strong credit profile.

We are on Telegram! Join thousands of like-minded investors and our editors right now.


KETKI JADHAV is a Content Writer at PersonalFN since August 2021. She is an MBA (Finance) and has over seven years of experience in Retail Banking. Ketki specialises in covering articles around banking, insurance, personal finance, and mutual funds and has been doing it for over three years now.


Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.
This article is for information purposes only and is not meant to influence your investment decisions. It should not be treated as a mutual fund recommendation or advice to make an investment decision in the above-mentioned schemes.

PersonalFN' requests your view! Post a comment on "Here's How You Can Get Your Credit Report for Free!". Click here!




Most Related Articles

S&P Global Ratings Applauds RBI's Regulatory Initiatives The recent actions undertaken by the RBI are aimed at restraining excessive lending practices, fostering a culture of compliance, and protecting customers.

Mar 30, 2024

Will Paytm Stop Working After Feb 29? Here’s Answers to All Your Questions Explore the potential impact of regulatory changes on Paytm Payments Bank post-Feb 29 and find answers to all your questions in one place.

Feb 03, 2024

Can You Trust a Bank as Your Investment Advisor? Know Here It is noteworthy that banks may steer customers towards life insurance or other third-party products, particularly when lucrative commissions are involved.

Jan 25, 2024

Does a Name Change Affect Your CIBIL Score? Your name serves as a key factor for lenders to retrieve credit scores and reports during the processing of a loan application.

Jan 03, 2024

UPI Changes in 2024 You Must Be Aware of As we step into 2024, significant changes are set to reshape the landscape of Unified Payments Interface (UPI) transactions.

Jan 01, 2024

Most Popular

Manufacturing Mutual Funds Shine. Are they Worthy of Your Investment Portfolio?Currently contributing around 17% to the GDP, the manufacturing sector is expected to grow to 21% in the next 6-7 years.

May 06, 2024

6 Equity Mutual Funds to Benefit from India’s Defence SectorThe potential to benefit by sensibly taking exposure to defence sector stocks is huge!

Apr 17, 2024

Top 5 Mutual Funds with High Exposure to EV RevolutionThis article will evaluate the top mutual funds to invest in 2024 that have a high allocation to EV stocks.

Feb 06, 2024

Top 5 Mutual Funds That Are Betting on the Manufacturing BoomThis article will evaluate the top mutual funds to invest in 2023 that have a high allocation to Manufacturing stocks.

Sep 01, 2023

HDFC Mutual Fund launches HDFC Manufacturing FundHDFC Mutual Fund launches HDFC Manufacturing Fund

May 08, 2024