Free Credit Score and Report from CIBIL, Experian, Equifax, and High Mark

It is often said that cash is king but credit is power. Credit gives you the power to leverage a three digit number worked out by various credit rating agencies to buy stuff with your credit card, get a loan for that car or other goodies you fancy, or even an apartment for that matter. In a very real sense credit makes the world go round for everyone in an increasingly credit driven world. It is therefore vitally important to have that magic three figure number called the credit score on your side and working for you to fully realize the potential of your purchasing power.

What is Credit Score?

The credit score could be thought of as a summary of your credit history that factors in information about your credit payment history across various loans, institutions, credit card payments as reported by financial institutions over a period of time.

Features:

  1. When you avail a loan from a bank or any finance company, institution etc., the information is shared with a credit bureau including details of your debt management.
  2. The credit bureau thus collects and keeps track of all loans, credit cards and their respective repayment history along with other personal identification.
  3. The credit bureau works out a credit score on the basis of the details of how well you have serviced the credit, loans etc.
  4. There are number of credit information companies that have developed their own methods of determining credit scores, but typically it is a three-digit number ranging from 300 to 900, with 900 being the best score.

What is the Credit Report?

A credit report provides a comprehensive summary of your important personal and financial details in the following format

  1. Credit score: The thee digit number determined by the credit rating agency.
  2. Personal information: Name, DOB, Gender and KYC.
  3. Contact information: Telephone number(s), address.
  4. Employment information: Monthly or annual income details reported by banks, etc.
  5. Account information: Details of credit facilities, Types and number of accounts, current balance. It also includes details of your payments for the past 3 years.
  6. Enquiry information: This is the number of times your credit report has been accessed by banks/financial institutions for reference towards extending a loan.

The RBI allows you to get a free credit report from each credit bureau, in a year, i.e., you can get four different free reports from four different bureaus in a year.

Your credit scores and credit report help lenders decide whether you should be extended credit and at what rate of interest.

So how do you get your free credit score and reports?

All you need to do to get your free credit report which also includes your credit score is to visit the sites of the respective agencies, enter your personal details like your name, address, phone number, PAN number etc., in the respective fields.

Let us look at the comparison done of the four credit information companies in India – CIBIL, Experian, Equifax and High Mark:

Parameter

CIBIL

Experian

Equifax

High Mark

Established

2000

2006, licensed in 2010

Licensed in 2010

Licensed in 2010

Cost of Report

Credit report cost Rs 550 + score

Credit report cost Rs 399 + score

Credit report cost Rs 400 (minus GST) + score

Credit report cost Rs 399 (including GST) + score

System of scoring

300 – lowest score

900 – highest score

700 – ideal score

300/330 – lowest score

830/900 – highest score

700 – ideal score

300 – lowest score

900 – highest score

700 – ideal score

300 – lowest score

900 – highest score

700 – ideal score

Time taken to generate the credit report

Immediately after payment

Immediately after payment

Immediately after payment

Immediately after payment

Services

CIR, Market Insights, CIBIL Transunion score, Portfolio Reviews, Fraud Prevention, Portfolio Management, Customs solutions and many more

Customer targeting and engagement, Experian Credit Information, customer acquisition, money recovery and collection, data and analysis etc.

Equifax alerts, portfolio review, Equifax risk score, credit and fraud risk, industry diagnostics and much more.

CRIF High Mark Credit, predictive analysis, microfinance credit report, anti-fraud services, collections, loan origination, deduplication, external data connector etc.

For disputes

Login to myCibil portal and fill the dispute resolution form and file an online com[plaint.

Fill the online Form or call at 022-6641 9000

Dispute Resolution form needs to be filled which is available at their website and post the necessary documents asked for.

You can email them/write to them or call 020-67057878.

We will study each of the above parameters in detail:

CIBIL:

CIBIL or rather more accurately Transunion CIBIL is part of the American multinational group Transunion. With over 5,000 members, including banks, financial companies, institutions, etc., CIBIL maintains credit records of over 1000 million individuals and businesses globally.

Read More – CIBIL Free Credit Score

Purpose and Benefits of CIBIL:

  1. CIBIL aims to create information solutions to power business growth and offer speedy and reliable information services to meet the requirements of an increasingly dynamic financial eco-system.
  2. The company strives to help businesses and individuals leverage economic opportunity though its information solutions.
  3. The company’s solutions help individual borrowers and businesses, make informed credit decisions to better manage risk and cut costs by deploying appropriate strategies to boost portfolio profitability.
  4. With the credit histories of millions of borrowers, the company helps its members to better tailor their strategies to deliver all round growth.
  5. The information it collects helps the company gain valuable insights into the financial requirements of business and individuals that help it create its own opportunities for reinvestment and growth.
  6. Over the years, beyond credit information reporting CBIL, has emerged as a leading global risk information provider for the greater common good through its numerous CSR and related initiatives.
  7. Individual consumers of CIBIL’s services benefit through the use of tools and information that allow them to gain a comprehensive understanding of their credit history and financial reputation.
  8. At the same time, they are able to secure their guarding their personal information against identity theft and fraud.
  9. CIBIL’s information solutions based on comprehensive, current data help businesses make informed decisions to deliver growth and profits.

To access your report:

Visit – https://www.cibil.com/freecibilscore

Steps to view your report:

Step 1: You will need to first create your account with CIBIL

To create your account you will need to furnish your email address, your Identity proof (one from – PAN Number, Passport Number, Voter ID Number), DOB, Pin Code, Mobile Number etc.

Step 2: Click the Accept and Continue button.

Step 3: Verify Identity, and on completion of the process you will be taken to your account dashboard page which will show your CIBIL score.

Step 4: The dashboard page has a Credit Report button which you can click to view your credit report.

Read More – CIBIL Score for Business Loan

Experian

Experian, a global leader in the field of information services, provides data and analytical tools to clients around the world. Experian has built a solid reputation in the field, with over 125 years’ experience of collecting, analyzing and processing and deploying data to help individuals take financial control and access financial services. Simultaneously, its services help businesses make smarter decisions to drive growth and help lenders lend more responsibly. Its solutions also help businesses prevent identity fraud and crime.

Features and Benefits of Experian:

  1. To deliver the best information services, Experian has put in place, processes that analyze and interpret the collected data in unique ways to unlock meaningful insights.
  2. The sheer amount of data and information available today does not pose any problems for Experian processes thanks to the talent and innovative spirit of its people, who are committed to help customers maximize every opportunity for growth.
  3. The importance of maintaining a healthy credit score can never be overestimated in view of the punishing financial costs of a low credit score.
  4. It has been estimated that this can amount to as much as over $250000 in interest and fees over a lifetime. At Experian, therefore, the accent is on helping boost client financial literacy to enable them take control of their credit profiles and understand and manage their finances.
  5. The savings from a healthy credit score can go a long way in helping clients set up their business, purchase their dream home or pay for life-saving surgery.
  6. Experian’s social innovation and employee volunteering programmes serve to educate people on financial prudence and recovering from debt distress.

Experian offers an easy way to help clients check their credit score following the steps below:

Step 1: Visit – https://www.experian.com/consumer-products/free-credit-report.html

Step 2: Click on the Free Credit Report button where you will be taken to the User Login.

Step 3: Enter the details required after which you will receive an OTP on your mobile.

Step 4: Enter the OTP in the Enter OTP field and the system will display your Credit Score and Credit Report.

Equifax

Equifax or rather Equifax Credit Information Services Private Limited (ECIS), is a Mumbai- Mumbai-headquartered joint venture between Equifax Inc of US and seven leading financial institutions in India. It is a credit information company and is one of the credit bureaus in the country.  It offers credit information services along with other credit-related services.

Features and Benefits of Equifax:

  1. Equifax collects and maintains extensive records of information pertaining to credit of individuals and businesses and all loans and credit card transactions which help the credit bureau enable lenders make informed decisions to evaluate loan proposals of individuals and business entities in India.
  2. As a global data, analytics, and technology company, Equifax strives to drive growth and progress through knowledge drawing on its data assets, technology and analytics capabilities. The capabilities give the company unique insights to offer solutions that open up pathways to development.
  3. Equifax sees itself playing a larger role as an advocate of consumer rights and interests, financial literacy leader, and champion of economic advancement.
  4. The company seeks to establish relationships that serve to build economically strong communities.
  5. It promotes financial independence for individuals through enhanced access to capital for small businesses.
  6. Equifax also provides young adults with financial education tools to impart financial literacy and help them better manage their personal finances.
  7. The tools and data that Equifax has developed over the last decade help businesses deliver the best solutions for their customers.
  8. Equifax is also empowering consumers by providing tools and inputs like financial literacy to help them make better financial decisions.

One such input is the access it offers consumers to their free credit report.

Follow the steps below to access your free credit report:

Step 1: You will need to download the Credit Request form from the link at the bottom of the page: https://www.equifax.com/personal/credit-report-services/free-credit-reports/

Step 2: You will need to send a self-attested copy of Identity Proof and Address Proof along with the Credit Request form

Step 3: The filled-up Request Form along with the Identity and Address Proof should be sent by Courier/Regular Post/Speed Post/email to Equifax.

  1. For email requests send the scanned documents to ecissupport@equifax.com
  2. You can also send through regular mail, send to the following address:

Customer Service Team:

Equifax Credit Information Services Ltd.

931, 3rd Floor, Building 9

Solitaire Corporate Park

Andheri Ghatkopar Link Road

Opposite Mirador Hotel

Andheri East. Mumbai – 400 093

High Mark

CRIF High Mark Credit Information Services is a Mumbai based credit bureau that caters to all borrower segments. The company pioneered building of the country’s first and world’s largest Micro-Finance Bureau Database. In addition to its credit score offerings, CRIF High Mark has developed solutions in analytics, data management and related software. The company seeks to foster a mature credit culture in the Indian economic system, to service the financial needs of consumers and businesses.

Features and Benefits of High Mark:

  1. As an independent entity, it operates under license of the Reserve Bank of India and is registered under the Credit Information Companies Act, 2005, providing credit information products and related services its members.
  2. Its members include banks, NBFCs and other financial institutions that provide data pertaining to all credit-related activity of customers. The data is collated and presented to individuals and businesses in a highly readable format.
  3. On the basis of the presented information businesses can take decisions regarding lending and makes for more transparent and efficient manner of functioning to cut costs.
  4. Member institutions generate data related to the credit transactions of individuals, on a monthly basis, which is then presented to be bureau.
  5. The credit bureau processes this information and provides credit information reports and also credit scores and other services along with related products.
  6. Thanks to the extensive data maintained by the credit bureau lenders can make informed decisions while evaluating loan applications submitted by individuals and businesses.

CRIF High Mark provides a convenient tool to access your credit score on its web site. Follow the steps below to access your credit score and report.

Step 1. Visit https://cir.crifhighmark.com/Inquiry/B2C/B2CFFCRPortal.action

Step 2. Click on the Get Your Score Now button on the page

Step 3. You will need to provide your email address

Step 4. Fill in your email address and click on the button below the field

On the page that will open you will need to provide the following information

1. Full Name

2. Date of Birth

3. Mobile Number

4. Gender

5. Father’s or Spouse Name

Step 5. Click on the button below

Step 6. You will be required to furnish identity proof

Step 7. Click on the button below the fields for Identity Proof

Step 8. You will next be required to enter your address and solve the captcha

Step 9. Once you have filled in all details required you will be Select your Order

Step 10. In the next step you will be required to Authenticate Your Order

Step 11. After you submit the required information you can download your report which will give your score.

Conclusion

Your credit score is your passport to easy loans and credit facilities to fund an ever increasing number of gadgets, vehicles, and other high value goods and a lot else that money can buy. You need to do all you can to keep your credit score healthy and your credit report blemish free. It is a good idea to keep track of all your bills and make timely payments of credit card and other dues that pull down your credit score to get the best deals and offers.

Free Credit Score and Report - CIBIL, Experian, Equifax, and High Mark FAQs:

1. If my Credit Score is on the lower side, does it disqualify me from getting a loan?

No, you can avail a loan even if you have a credit score on the lower side. However, you will probably not be able to avail the amount as a person with a high credit score can. Also the terms will be tighter like a higher interest rate etc.

2. Which loan is the best one to go for with a higher Credit Score?

You will be able to get the best deal on a home loan with your Credit Score. Home loans are the cheapest of all loans in terms of the rate of interest at which they are offered. If you go for a longer tenure it will further sweeten the deal.

3. Is a Credit Information Company different from a credit bureau? If so how?

A credit bureau is not different from a Credit Information Company. The terms are used interchangeably and refer to an organization that works in association with banks, NBFCs and financial institutions. It aggregates relevant data pertaining credit of individual consumers and businesses from its members.

4. Does a credit bureau advise lenders to lend or not?

No, a credit bureau only prepares credit reports, lending decisions are taken only by the lending institutions as per their own policies and practices.

5. How does one maintain a good credit history?

You can take some simple steps to ensure that you never miss a payment Direct debit instructions will ensure that you do not miss the date for payment Keep the lender informed about any change in your address or contact information

6. Why is credit score important for a loan to get sanctioned?

Credit score is the first thing that a lender checks when you submit your loan application. A good credit score will work as an assurance to the lender that you will pay back the loan on time. On the other hand, a low credit score will put a bad impression on the lender and he may not consider your application. A credit score works as a first impression for the lender, hence the better the score, the more are your chances to get a good amount of loan sanctioned.

7. How frequently should credit score be checked?

A credit score should on an average be check once a year. If you think you might want to check it frequently due to your history, you can do so.

8. What are the various credit score ranges?

Credit score range from 300 up to 850, where the range from 300 to 640 is considered to be poor. Credit score of 640 to 680 is fair and score between 680 to 720 is considered good. The credit score ranging from 720up to 850 is considered to be excellent and is most preferred among lenders.

9. How to improve credit score?

You can take some simple steps to ensure that you never miss a payment Direct debit instructions will ensure that you do not miss the date for payment Keep the lender informed about any change in your address or contact information

10. What factors are important in maintaining a good credit score?

A few factors that are essential if you want to maintain a good credit score are loan repayment history and present outstanding balance on credit cards and loans.

11. Will late payments affect credit score?

Yes, late payments for loans and bills will affect your credit score and can lead to a bad impression on the lenders.

12. Can the information on credit report be deleted?

No, unless an information on credit report is incorrect, nothing can be deleted from the credit report.