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A credit score is a 3-digit number (between 300 to 900) calculated by the credit bureau using the credit history of the individual.

Banks and NBFCs (Non-Banking Financial Companies) have to share the credit history of their customers with all four credit Bureaus.

The credit history of an individual consists of credit amounts, lender names, loan and credit card limits, loan EMI and credit card bill payment records, any default on a credit card account, personal details, etc.

This may happen due to the following reasons:

  • Credit score from two Credit Bureaus would be different. There are four RBI authorised Credit Information Companies (CIC) in India : CRIF High-mark, Experian, Equifax and Transunion (CIBIL). Each Bureau has its own proprietary mechanism to calculate your Credit Score
  • Credit scores fetched from the same bureau but on different dates can also differ.

You can build your credit score in 4 steps:

  • Use only 50% of your credit card limit a month.
  • Pay all your loan-related dues on time.
  • Use credit cards regularly based on your requirements.
  • Make timely payments of your credit card bills or EMIs.

A credit report is a statement of all the loans and credit card history of an individual reported to a credit agency by lenders – Banks & NBFCs. Credit card history is data that has all the information about the current credit status such as credit card payments, loans, etc.

Having a good credit history gives you the benefit of creditworthiness with helps you to avail loans seamlessly.

Following are the prominent factors you must consider to manage a good credit score:

  • Repayments of credit card bills and loan EMIs on time.
  • Utilization of credit card limits.
  • Duration of credit cards and loan amounts.
  • Total number of credit cards and loan amounts.
  • Balance between secured and unsecured loans.
  • Settlement status of credit cards or loan amounts.

A credit score is a three-digit number, which represents your entire credit history of all kinds of loans and credit cards.

A credit information report (CIR) consists of all your loan and credit cards related information.

Below are the common factors that can affect your credit score:

  • Payment history speaks a lot about how you've maintained your repayments. Delayed, late, or incomplete payments over your credit card and loan can affect your credit score negatively.
  • Credit utilization ratio is a ratio of credit that is being used. More than 40% credit use indicates increasing payback stress, which can negatively affect your score.
  • Lenders consider having a variety of loans. Maintaining a balance between loans and unsecured loans can have a positive impact on your credit score and vice-versa.
  • Through the length of your credit history, the age of your credit is calculated. Having a long experience in managing credits represents a better score.
  • Too many inquiries or credit accounts that you've created can indicate risk and can hurt your credit score. Such situations are also called hard inquiries that allow lenders to access your credit reports.

Your credit score and credit report are updated regularly, typically whenever new information is reported to the credit bureaus by your creditors. This can vary depending on the creditor, but it's common for them to report to the credit bureaus every month.

In general, your credit report will be updated as soon as new information is reported to the credit bureaus, which could be as frequently as daily or weekly.

However, it's important to keep in mind that not all creditors report to all three major credit bureaus (CRIF-Highmark, Equifax, Experian, and TransUnion-CIBIL), so your credit report may not be identical across all three bureaus.

Your credit score, on the other hand, is calculated using the information in your credit report at a specific point in time. So while your credit report may be updated frequently, your credit score will generally only change when a new credit report is pulled and your credit score is recalculated. This could happen, for example, when you apply for a new loan or credit card.

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