Tuesday, September 27, 2016

Do You Want Instant Credit Score For Free?

Posted by Sharath Chandra
Before moving into the main topic first of all we should know the importance of the Credit Score and how it will impact our financial status. Lets go into the details. 

What is Credit Score? 

Credit Score is nothing but the financial status of you - in fact based on this score your loan approvals will be finalized. The more good score the more chances of you getting the loans specially Housing Loans. Before approaching any bank for Home loans - check your financial credibility first. 

What is the best Credit Score? 

It depends on the different vendors of Credit Report Information Bureaus. It might vary from CIBIL to EQUIFAX or may be other. In CIBIL it is capped at 750 on scale of 300-900 and in Equifax it is capped at 690. 

What is difference between CIBIL and Equifax?

         If you go with CIBIL Score - Scale would be like 300-900 Points and 79% of the loans will be approved if you have more than 750 score - and in order to get your score you should logon to their website and provide PAN and a few other (3-5) questions and pay 500INR (1report - there is also option of having multiple reports at discounted price!) and you will get your report instantly (or you may wait for 24hrs). 

If you go with Equifax score they capped at 690 and if you approach the below process without paying anything you can get a score and if you want more details you have to pay 200/- (Here also they have discounted offers for half yearly / yearly subscriptions) 


How can I get my Credit Score for Free? 

If you login to the CreditMantri they are offering this Credit Score for free and only you can view overview of your score. For detailed document you have to pay 199/- it is called CHR (Credit Health Report). 

Please note that this is just for awareness purpose only. Even if you check this free overview of your Credit Score - it might be vary in CIBIL Score (since they have huge network to gather all your credit history even your mobile postpaid bills/address changes/ bank account nill balance etc). And even the bank people would like to prefer more than one report - so you might choose your wish to pay and get your report. 

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