Free Credit Score for all! Here’s how to check online, download CIBIL, other credit reports
Every individual who has a credit history is entitled to get a free credit report from any one or more of the credit bureaus in the country. The four Credit Information Companies (CIC) are – Equifax, Experian, CRIF High Mark, and CIBIL TransUnion. As per the Reserve Bank of India (RBI) rules, all Credit Information Companies (CICs) are mandated to issue one free full credit report (FFCR) including credit score to anyone who asks for such a report. The report is to be made available at zero cost to the individual once in a period from January to December.
To check the free credit score and to download the report, one can directly visit the website of the credit bureaus. After accessing the website, you may be asked to register. You will need to provide the date of birth, address, PAN or Aadhaar number, identity proof etc. Some credit bureau may send you the report in 24 hours while others may allow you to down instantaneously.
Getting a loan from a bank or financial institutions is becoming easier and simpler. Be it a home loan, car loan or a personal loan, applying for a loan online is fast catching up among the borrowers. However, the rate of interest on the loan or actual disbursement of the loan may get impacted because of the borrower’s credit profile. The lenders including banks provide loans based on the credit report and credit score of the borrower, which they source from the Credit Information Company (CIC). At times, there could be an error in the credit report thus impacting the borrower.
The free credit report needs to carry all the details and cannot be a summarised version of the full report. According to RBI, “The contents of the FFCR shall be the same as appearing in the most detailed version of the reports on the individual provided to credit institutions, including the credit score.” If the individual as a borrower has availed credit from different institutions and banks, the report should show the latest and updated position of the amount of loan standing in the name of the borrower.
Getting a detailed report at no cost is a right of every individual whose credit history is available with the CIC. Further, such a free report can be accessed from each and every CIC once during the calendar year.
By downloading the credit report and knowing the credit score, one gets an opportunity to better the score if required. If there is a need to consolidate the debt, the individual gets a chance to do so. Some banks such as Bank of Baroda offer loans at a lower interest rate to those who have a high credit score. If you are looking to take a loan in the near future, knowing the credit profile helps, to get a better service from the lending institutions.