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)
i always wanted to check my CIBIL score, but thought I will have to pay for it. I followed your advise today and was happy to see a 750-plus score for myself. All thanks to you!
Good wishes and regards,
You are welcome dear AJ.
Happy Ganesh Chathurthi!
Keep visiting ReLakhs!
I know one of my friend who has too many credit cards with high credit limits. I suggested this reading to him.
I have checked all three reports. But all three are given different scores.
CIBIL : 773
Equifax : 627
Experian : 823
How it is possible and is there any issue if scores are different.
Very good question dear Suresh..
Each Credit info company can have their parameters to arrive at Credit Score. So, they may vary.
You need to look for the range.
For example: CIBIL’s range is 300 to 900, and anything above 750 is generally considered as a decent Credit Score.
Very informative article. Thanks a lot. I checked my CIBIL report. I have got score of 300. i dont understand why it is low. So far whatever loans i took from bank i have repaid them even well before tenure including personal, car and bike loans. My credit card payments are also fully update. I tried VIEW REPORT in cibil. its not displaying anything and the site is getting hanged badly. Kindly let me know what to do?
300 is a bad Score.
Suggest you to kindly get the Full Credit report (physical document) and go through it in detail.
May be, you may find some discrepancies in the report..
Thanks a lot for your reply. I rechecked it. I am getting a score of 753. But i found lot of discrepancies in the report. They have taken my very old loans and have reported NOT CLOSED. As of now i have NO loans and NO CREDIT CARD dues outstanding. My all loans were paid well in advance before the tenure. No default till date. But the lending banks have NOT UPDATED THE DATA TO CIBIL. Then how to clear these old history in CIBIL? If everything is rectified my score will go high, i feel. Kindly suggest any way for this?
kind request to let me know, how to get the physical document of this CIBIL score so that i can go to bank and ask them why they are NOT DOING their duty of uploading the loan closure details?
Kindly contact your Banker/Lender immediately and report the discrepancies. You may also reach out your Lender(s) through myCIBIL fee based subscription option. You can pay the fee for online subscription and can avail this facility.
Thank you so much for your kind reply and timely Help. Will surely do that.
thanks a lot again and regards
I believe that only one Free credit report can be availed per year on one platform..were you able to check two times on same platform (CIBIL)??
YES, i logged twice from mycibil. first time i felt score was 300 because, the site was slow and hanged. Once i retried after some hours, it showed my score as 753. it showed account information also.
cant resist .. Got a score of 869/900
Wow! Nice 🙂
What would be a decent credit score for an individual ?
Dear Yuvaraj..Anything above 750 is generally considered as good score by the bankers / lending institutions.
Is there any way to download the entire report in pdf format, etc.?
Dear Vishal..For that, I think one can get the report as a document via Email from Equifax.
CIBIL : I don’t think there is an option to download the PDF doc (free version).
Very nice article & very useful information. I have credit score of 809. Is it good? How can i improve the score?
I have a housing loan & EMI is going everymonth from last two years?
I have a credit card & paying bills without any delays.
It is a decent score!
Just keep paying the EMIs / credit card dues on time and also try not to use full available credit limit.
Thanks Sir !!!
Just a query …. I am hardly 15-20% of credit limit but always interested in increasing the limit of credit card as its fruitful in case of emergency …. Whether increasing limit (not utilizing though) will effect the score?
I believe that even requesting to increase your credit limit may also affect your credit score, so suggest you to create an Emergency fund through your own savings than to depend on CCard limit.
It is advisable to avoid opting for a high limit on your credit card, unless you really need it.