On 1st September 2016, the Reserve Bank of India (RBI) has issued a notification directing all Credit Info Companies to provide one Free Full Credit Report (FFCR) to individuals whose credit history is available with them.
So, if you have been repaying your home loan or have a Credit card, you can get One Free Full Credit Report (FFCR) per calendar year from Credit Info Companies like CIBIL, Equifax or Experian w.e.f. 1st Jan, 2017. (CIBIL : Credit Information Bureau (India) Limited)
Let’s first understand, what is a Credit Score / Credit report?
The moment you avail of any credit (loan) from a Bank or a lending institution, you activate your credit history. What this means is you start leaving footprints of your credit handling behaviour and each of these footprints is a data point that feeds into the final number that is your credit score. Credit Score is calculated based on your Credit report/data.
Weightage is given to different aspects of your financial behaviour. The score is generally calculated based on the following factors;
- Repayment History
- Type of loan or Credit mix
- Credit Exposure
- Length of Credit history
- Recent credit paying behavior etc.,
(RBI’s notification on one Annual Free Credit Report)
So, how to get your free Credit Report? Below is the detailed explanation on this;
How to check CIBIL’s Free Credit Score / Free Credit Report online?
- Kindly visit free CIBIL Score page.
- On this page you find ‘click here to try your Free Annual CIBIL Score & Report‘ link, click on that.
- Select the option, ‘I want my Free CIBIL Score & Report’. You have to provide your email address, Date of Birth, Gender, PAN details & Captcha code and then click on ‘Submit’ button.
- In the next page, you have to provide your communication address, mobile number etc and click on submit button.
- You will get a pop-up window comparing fee based CIBIL report Vs free CIBIL report. You can click on ‘no thanks‘ option to continue with your application for free credit score / report.
- In the next page, you are asked to provide an alternate email-id or the email-id which is linked to your home loan or credit card (your email ID, where you receive your loan statements or credit card statements).
- Instantly you will get an SMS to your mobile, with details about your Credit Score. Also, you will receive an email with login credentials to access your Free Credit Report @ myCIBIL.
- You have to now visit myCIBIL page and login with the credentials provided in the email.
- After your successful login, you can find your Credit score being displayed prominently in the welcome page. My credit score is 851 / 900 as shown in the below image 🙂
- Here, you can view your detailed Credit report, raise a dispute (if you do not agree with any data that is given in the report), track dispute resolution status etc.,
- Under ‘View Report’ option, you can find your personal information, contact information, employment information, Account information (credit card account, loan account, overdraft account etc.,) and Enquiry information (if you have contacted any banker or lender for loan.)
- You may download this PDF document on ‘Understanding your CIBIL Credit Information Report‘.
How to get Free Credit Score & Credit report of Experian?
If you would like to get Experian free credit score, kindly click here..
Click on the below image to download FAQs on Free credit report & score.
How to get Equifax free Credit Score & free credit report?
To get Equifax free full credit report, you have to download and install Equifax App on your mobile. Click here to know the process of getting free Equifax credit report.
Importance of Credit Score :
It goes without saying that a loan for a low Credit score is difficult, if not impossible. Top public and private sector banks would find it difficult to justify lending money to a person with a lower score, because it reflects badly on the person’s ability to clear debts.
However, it is important to remember that your score today will not be the same tomorrow. It is dynamic and responds to corrective measures that you take to improve your credit score.
If you have never gone through your credit report or do not know your credit score, suggest you to kindly get your free credit report online TODAY! You can keep a reminder to check your free credit report every year, do remember that you can now get one free credit report per every calendar year 🙂
Continue reading below related articles;
- A negative Credit Score can hurt your Job search!
- Maintaining a good Credit Score can save money!
- How your Credit Score works?
(Post published on : 03-February-2017)