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Free Credit Report

Credit Report Check

Last Updated 30th Oct 2020

A Credit Report is a summary of all the credit activities undertaken by you till date. From your first credit availed to your last payment of credit dues, it includes all the information. Banks and NBFCs use the Credit Report to assess the credit behaviour and credit-worthiness of credit applicants.

  • Free Credit Report check online at MyLoanCare
  • Get monthly update on your Credit Report
  • Know your eligibility for getting loan when required
  • Get best loan offers based on your score
  • Know the opportunities to save interest on your existing loans
Credit Score Range

What is a Credit Report?

A Credit Report is like a report card on how you manage your credit based on various factors. It is a statement that has information on how your record has been in paying credit card dues, how much debt you have availed, timely payment of EMIs and what is the length of your credit history.

Credit bureaus or consumer reporting agencies collect and store information about your credit which is submitted to them by credit card companies, lenders, banks, NBFCs or other financial institutions.This information helps your lender to decide on granting you a loan and also, on the rate of interest they should charge from you

Your Credit Report is divided mainly into three sections :

  • Personal information: Your name, address, employers.
  • Accounts: Payment history, current outstanding and repayment track record of credit cards, mortgage loans and all other credit accounts.
  • Enquiries: Companies that have accessed your Credit Report

How to check Credit Report online?

Online technology has made the entire process of checking your Credit Report easier and less time-consuming. Fintech lenders like MyLoanCare help you download your FREE Credit Report in just a few clicks. Here are the steps to check your Credit Report at MyLoanCare :

Step 1 : Click on ‘Free credit score’.

Step 2 : Enter your personal and employment details along with your PAN Card number.

Step 3 : You will receive an OTP on your registered mobile number.

Step 4 : Enter OTP and you will get your FREE Credit Report.

Step 5 : You will be directed to My Account Section where you can view the following:

  • Credit score
  • Detailed Credit Report with complete information on your past loans and cards
  • Credit analysis from MyLoanCare.in
  • Loan offers based on your profile and credit history

Benefits to check Credit Report online

We have enlisted a few benefits of checking your Credit Report :

  • Know your credit standing : With the advent of fintech companies like MyLoanCare.in, you can easily get a free Credit Report check whenever you want.. Whether it’s good or bad, it’s better to do a free Credit Report check and know where you stand in terms of your credit track record as seen by banks. If your score is low, you can take steps to improve it. On the other hand, if your credit score is good, you can focus on maintaining it and getting a good loan bargain, when required.
  • Make sure your Credit Report is accurate : Checking your credit score can help you check if information reported in your Credit Report is accurate. In case there is any error, get in touch with the credit bureaus, lender bank or credit card company to get it rectified immediately.
  • Keep the hard enquiries at bay : Every time you apply for credit, the lender sends a request to the credit bureau to check your score. This is termed as ‘hard enquiry’. Frequent hard inquiries gives an impression that you are credit hungry and have been struggling to get the loan you require. On the other hand, when you check your score for your own understanding, it is just considered as a ‘soft inquiry’ and has no impact on your credit score.
  • Get better interest rates : Banks offer better interest rates to loan borrowers with a good credit score of 750 and above. Knowing your score before applying for credit gives you the ability to negotiate for better interest rates with your lender.
  • Avail pre-approved offers : Fintech companies not only allow free Credit Report checks but also have pre-approved offers for various loans for different ranges of credit scores because of their tie-ups with various lenders. You can also compare the offers available from different banks and pick the best one.

How to read a Credit Report?

Your Credit Report contains your credit score and active credit account information. Here is how should you read your Credit Report :

  • Credit Score : You can check your score and the factors that affect your score. Credit score determines your eligibility to get a loan and ranges from 300-900.
  • Report Summary : In report summary, you can check the number of credit accounts, current balance amount and credit enquiry summary.
  • Credit Account Information Summary : In this section, you can check the summary of all your credit accounts found in the credit bureau database such as number of loan accounts outstanding amount, nature of loan and date of opening.
  • Credit Account Information Details : In this section, you can read the detailed information of your active loan or credit card accounts provided by your partner banks or financial institutions. The detailed information will contain personal details, account details, payment history. You can check if there are any delayed, missed or overdue payments reported in your payment history. In case of any incorrect information, get in touch with your bank as this information can hamper your credit score.
  • Credit Enquiries : In credit enquiries, you can check the name of credit institutions that have processed a loan or credit application for you. Each credit enquiry harms your credit score. High number of credit enquiries and rejections in a short period of time are considered as high risk for the lender.
  • Non Credit Enquiries : You can check the authentication requests and request for your Experian credit score & Credit Report by you in non-credit enquiries section.

Reasons why Credit Score Go Down

These are some of the reasons why your credit score may go down:

  • Payment behaviour determines the score. If you fail to make the credit card payment on time, your credit score may drop. Avoid late payment of credit card dues to keep your score from falling.
  • If you or the credit card issuer closes the credit card, it can result in the drop-down of your credit score.
  • Your credit score is affected negatively if the limits of credit cards are lowered.
  • The inaccurate information in your Credit Report can also be the reason your credit score may fall.

How to improve credit score?

If you have a low or poor credit score, you can follow the below given tips to improve it :

  • Get your Credit Reports corrected : If you believe that your credit score is low due to a wrong reporting by your bank or the credit bureau, get it corrected by contacting them. Keep a tab on your credit score at regular intervals to ensure that the corrections are getting reflected in your report. Inaccuracies may be due to wrongly reported payment conditions, misstated personal information etc.
  • Make payments on time : Paying your dues on time is an important part of your credit score. A late payment will lower your credit score and can adversely impact it for several years.
  • Keep your balances low : It’s advisable to use a credit card only for emergency expenses and pay off the balance as soon as possible. In addition, keep your debt below 35% of the total available credit balance. If your debt surpasses this limit, it reflects negatively on your Credit Report.
  • Get the right mix of credit accounts : You must have the right mix of credit accounts. If you have only one type of credit account, your score may be lower. For example : Secured loans like home loans or car loans improve credit score as they build long-term appreciating assets, while having a higher proportion of unsecured loans such as personal loans, credit card debt, etc. can have a negative impact on your credit score.
  • Avoid applying for new credit too often : Applying for a new credit account frequently can have a negative impact on your credit score. This includes applying for loans, credit cards and other forms of credit. When lenders see numerous applications within a short period, they consider you credit-hungry and your application might get rejected.

FAQs

How do I get a free Credit Report?

Click on ‘Free Credit Report’ and enter a few basic details such as name, address and PAN card number, and you will get your Credit Report in just a few seconds.

How do I obtain my credit score for free?

You can obtain a credit score for free by visiting the website of leading fintech lenders such as MyLoanCare. You just need to enter some basic personal and employment details to get your free credit score.

How can I quickly raise my credit score?

You can raise your credit score by paying your credit card bills and EMIs on time. You should keep your credit card utilization below 35% of the total available credit card balance. Plus, you should not apply for a new loan or credit card frequently.

What is a bad credit score?

A bad credit score is usually the result of not paying your dues on time or not paying it at all. An individual with a credit score between 300 and 599 has a significantly damaged credit history. Borrowers with credit scores that fall in this range have very little chance of getting new credit.

Is 700 a good credit score?

A credit score of 700 and above is considered ideal to get the loan. You may get the loan easily and at better interest rates.

How can I check my credit score without hurting it?

When you pull your Credit Report without applying for a loan at the bank, it is just considered as a ‘soft enquiry’, and has no impact on your credit score.

Why did my credit score drop?

There are many reasons that can drop your credit score :

  • You have missed EMIs or made late payments
  • Your credit utilisation is too high
  • You have closed an old credit account
  • Applied for a new loan or credit card with multiple lenders
  • Error in your Credit Report

Your credit score may have dropped due to these reasons. So, identify the reasons why your credit score are lower and correct it.

What is an excellent credit score?

A credit score above 800 is considered to be an excellent score.

What is a hard credit check?

When a bank or NBFC checks your credit score in response to your loan or credit card application for assessing your creditworthiness, that is called a hard credit check.

Can I credit check myself?

Yes, you can check your credit yourself on any platform which provides a free Credit Report check facility or on the website of any credit bureau.

Which credit score is the most accurate?

Each credit bureau has its own formula for calculating the credit score. Thus, it can’t be said that any credit bureau is more accurate than others. Although, you will get different scores from different bureaus, a difference of 50-60 points between scores from two agencies is considered common by banks and NBFCs.

How do I get a free copy of my Credit Report?

If you check your Credit Report through MyLoanCare, then you will get the option to download your detailed report. If you have previously checked the report through MyLoanCare, then you will get the option to download your free Credit Report after you log in to your MyLoanCare account.

What is the credit score required for a credit card?

A credit score of 700 or above is considered suitable for getting the application for a credit card approved.

Why should I check my Credit Report regularly?

The inaccurate information on your Credit Report may result in a poor credit score. Thus, you should check your Credit Report regularly.


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More