A credit score is something which was not so famous in traditional days, but now it’s become so popular. Many people are getting to know about the importance of credit score. All these because of the easy availability of credit card and loans by the different lender in the market.
If you’re looking for getting a loan or you may come into the situation to look out for a loan. Knowing about credit score is very important before taking a loan. A credit score is the main factor which comes into action when you opt for a loan. A credit score is your complete financial history, which is maintained by the financial institutions such as CIBIL.
Because of its consideration by financial institutions, credit score becomes the burning topic in hangouts among friends and even people are eager to know more about credit report so that they can better manage their creditworthiness.
Here are some of the points which you must consider for checking your credit report:
- Read the complete report thoroughly understands every financial term clearly. If you’re not aware of some financial terms take the assistance of a financial adviser.
- Look out for the negative points in your report such as number of closed accounts, how many negative accounts, how many credit cards you use, how many loans you paid late, how many times you paid the penalty, etc.
- After collecting this information, check out for the things that are mentioned in the report match the same in reality and find out the error.
- If not, check report the same to the financial institutions (CIBIL, Equifax, Experian, Highmark). And correct the same in the report.
- This may take 1 Month after you informed and for this, you need to submit all the documents as proof otherwise it will not be considered.
- Also check for the complete details of your accounts like the name of thecandidate, account number, surname, address, PAN number, etc. Sometimes duplication of account may also happen.
- Financial institutions are not responsible for this, the candidate needs to take the responsibility and check for it. Before applying for the loan.
If you’re not clear with the credit report. Please contact our financial adviser, we are always ready to help you outat email@example.com.
Credit report you can check from any financial institutions like CIBIL, it will charge you in between 400-500 Rs. It’s recommended to check your credit report on a quarterly basis. For many loan applicants, the cancel of loan application happens only because of the bad credit score. Also, if you have more loan application cancellation it will also get a negative impact on your credit report. So before applying for a loan once you can check the credit report. It will be very helpful to you to work on your negative points and become eligible for the loan, which you are applying for the amount.
You can improve your credit report by just paying your taken loans and credit amounts on time and keeping an eye on your credit report at least quarterly in a year.