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What is Credit Score?

A three digit numerical expression from 300 to 900 representing the measure of creditworthiness of an individual may be defined as a Credit Score. This three-digit numeric summarises a consumer's credit history and credit behaviour based on, total debts, repayments of debts, number of open accounts, etc., recorded in a Credit Report typically sourced from a Credit Bureau.

Lenders such as banks, NBFCs, and credit card companies use this score to evaluate the potential risk of lending money to an individual with the aim to minimize and diminish losses due to bad debts. With the use of this score, lenders determine who qualifies for a loan, at what rates, and the loan value. A credit score also helps lenders determine profitability, and who or which customer will most likely bring in more revenues. In short, this scoring system determines the lender's decision to offer you credit.

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What is the process?

Steps To Get Your Free Credit Score

1

Enter your Personal Details

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2

OTP verification

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3

View Credit Score

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4

Download FREE Credit Report

What Are The Requirements To Check Your Credit Score?

PAN Number

You need to just enter your Permanent Account Number.

Personal Details

Your personal details as recorded in your PAN, Voter ID, Passport, Birth Certificate, etc.

Employment Details

Information such as your employer, monthly salary, and type of employment may be required.

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Calculations

What Affects Your Credit Score

A credit bureau calculates your Credit Score based on a number of factors.
Get your free Credit Score by sorting out your Credit Report issues based on the following criteria.

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  • Payment History: 35%

    Defaulted or late payment of EMIs or Equated Monthly Instalment damages your Credit Score. Such late or defaulted payment reflects in your Credit Report and have negative impacts on your Credit Score.

  • Credit Utilization: 30%

    Higher Credit Utilization lowers your Credit Score. When you use credit regularly near to excess, your dependency on too much credit comes to light, and puts off a lender since the risk of default in repayment increases. This becomes cause for a low credit score.

  • Length of Credit History: 15%

    Longer the History Better the Score. The number of loans availed, and the number of failed applications impact your score depending on your rejections, and approvals.

  • Credit Mix: 10%

    Balanced Unsecured and Secured Debts make for a Better Score. An ideal mix of secured and unsecured credits build a strong history of credit.

  • New Credit: 10%

    Higher Number of Credit Accounts and hard Inquires Impacts your Credit Score. Ensure to focuse on soft inquiries and limit the number of accounts you use.