India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India. These rating agencies regularly collect information from creditors, lenders, utilities and other debt collectors to process the data into a readable and usable form and provide credit information reports on individual consumers for lenders. These credit reports plays a critical role in the loan application process. Therefore it's important to know and monitor your credit score on a regular basis to check for any inaccuracies. Credit reports contain information like name, age, address, list of credit facilities, repayment track record and a credit score. This information helps lenders assess credit worthiness of their borrowers and their ability to pay back a loan if granted. If the credit score is low, the lender may not even consider the application further. If the credit score is high, the lender will consider other details to determine if the applicant is credit-worthy. LegalBazzar can help you obtain your credit information report from all three credit rating agencies in India and provide advisory services for improving your credit score.
A credit report is a report prepared by a Credit Rating Agency, which contains information relating to the credit worthiness and repayment track record of an individual.
Credit Rating Agencies are companies that that provide information about an individual's creditworthiness. India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India.
Credit Report's contain information like name of the individual, age, addresses, list of credit facilities availed, repayment record and credit score.
Credit Rating Agencies uses a number of factors to arrive at the Credit Score which represents the individuals' credit worthiness. Higher credit score implies better credit worthiness.
LegalBazzar will first help obtain your Credit Report from all three rating agencies in India. Based a review of those reports, our Financial Professionals will provide you with advice and steps to improve your credit score.
Credit Score changes over time based on the behavior of the individual. So, in case you are planning to request for a major loan like a home loan or auto loan, it is always good to know your CIBIL score before-hand. Otherwise, its good to keep track of your credit score once a year..