Free Credit Score & Report in India – Equifax, Experian & TransUnion CIBIL

Overview

It has been quite a time since the three major Credit bureaus Experian, TransUnion and Equifax had begun a standard practice of providing Free Credit Report to all individuals once every year in the United States. In India, it was first proposed by Aditya Puri Committee. This committee was established by RBI in order to suggest best practices in the credit information reporting standards.

During a seminar in July 2016, RBI Governor Shri Raghuram Rajan declared that Experian, CIBIL will provide a free credit report and credit score once every year beginning from 2017.  According to a survey that was conducted recently, it has been discovered that not more than 15% Indians know about credit score.

It is for sure that this free credit score implementation will motivate the borrowers to keep a check on their credit score and improve it so that it is helpful if they are planning to take up new loans in future.

It has become mandatory that every Credit Information Company(CIC) in India should provide with one free credit report every year. This report is going to be in a digital format and absolutely free. To obtain their free credit report, individuals should log in to the website of any of the credit bureaus in India, and request for the credit report that also includes the credit score.

Before understanding the process of availing free credit score and report, let us first understand the concepts credit score and credit report concisely.

How Creditseva Helps You

Creditseva is one such firm that is geared up to the requirements of the credit bureaus and has the necessary technology infrastructure to deliver free online credit reports to individuals. Using the credit advisory tools of Creditseva, you can get free assistance to rectify errors and close old loans. With Creditseva, you can not only receive instant analysis and feasible solutions but also get expert advice to improve and maintain your credit score.

Credit Score

A credit score is a three-digit number that explains the creditworthiness of an individual. It usually ranges from 300-900. 300 is the least credit score of an individual and 900 is the highest credit score of an individual. The higher the score, the higher is the creditworthiness of an individual. The credit report of an individual helps in determining whether the loan application will be approved or rejected and also decides the loan’s price. In simple terms, credit score is actually a quantitative representation of the credit history mentioned in the credit report. In technical terms credit score is the probability of default.

Credit Report

A credit report is the summary of the credit history of an individual. It simply includes the detailed records of your bill payments. Credit bureaus collect an individual’s credit information and prepare credit reports depending on the obtained information.

Credit History

A credit history is the record of the ability of a borrower to repay the debts. It includes the time period for which an account has been open for, the amount of credit that is available and used, and also whether the borrower is paying the bills on time.

Why are Credit Reports Important?

Credit reports play an important role in helping an individual analyse the details of their credit related information. Some pointers that aid in understanding the importance of credit reports are as follows

  • Credit Reports are crucial for granting of loans to borrowers
  • Credit Reports provide assistance in maintaining good credit history
  • Credit Reports are useful in improving credit score which in turn helps in negotiation of interest rates for loans

Where Can You Get Your Free Credit Report In India?

Creditseva is a credit advisory firm that initiated giving an instant free credit report with the score from Experian from April 2016 along with a complete real time process and also provided free online analytical tools to analyze and improve individual credit score. Creditseva’s analytical tools will not only ease the understanding of the complexities in your credit report but also help you in analyzing how different financial moves will have the impact on their credit report. By using the credit advisory services of Creditseva, individuals can analyze their credit score, close their bad loans, rectify errors in their credit report and also get eligible for new loans.

Procedure To Avail Your Free Credit Report From Different Bureaus

Your credit report will be in electronic format and it will be provided to you have requested it after completion of the authentication process.  Following are the steps to be followed in the process of getting the free credit report.

Transunion CIBIL

  • You can avail your free credit report by clicking on the link provided on the website’s homepage. https://www.cibil.com/sites/default/files/pdf/free-consumer-request-form.pdf . Firstly you will be directed to a request form.
  • In order to get your free report, it is required to fill up the form from this link. The details to be filled up in this form are Your Name, email id, address and other basic details.
  • You also need to enclose the documents that have been asked by CIBIL and then finally sign at the bottom right side corner of the form.
  • You have some FAQs mentioned in the PDF. These will be helpful in providing answers to the questions that might be raised in your mind during or after requesting the credit report.
  • The next step is to send this form and your KYC documents to CIBIL through an email.
  • After completing all the above formalities, you will receive your credit report within a span of 30 days.

Experian

  • Visit the website http://www.experian.in/consumer/experian-free-credit-report.html and click on ‘Get Your Free Credit Report’.
  • You need to fill in the details and click on the submit option.
  • Within 48 hours, you will get a voucher code on your email id within 48 hours. There are certain instructions mentioned in the mail.
  • To redeem the voucher and get the free credit report, you need to follow these instructions.
  • Subsequent to entering the voucher code, you need to answer some questions regarding your credit history.
  • After the completion of the above step, you will be sent your credit report in a PDF format to your email address.

Equifax

  • The first step is to download an app on your smartphone. It is compulsory to share your Aadhaar Number along with your basic KYC details.
  • You need to provide your email address so that you receive a login PIN that will allow you to login temporarily.
  • You will have to make use of this pin to access to your account.
  • After logging into your account, you need to fill in the KYC details.
  • It is important to be ready with your Aadhaar Card Number as it is very crucial in verifying the details provided by you.
  • After completion of filling the details in KYC, you need to request for the free report.
  • It is also required to fill in your some extra details about your personal information.
  • The next step is to logout and checks your credit report status. You will have to fill in some more details that you have been asked.
  • After the completion of the authentication process, you will get your report within 2 days.

CRIF High Mark

  • You will find a link to get the free credit report on their homepage. Clicking on this link will ask you to provide your KYC details (Know Your Customer- It includes specifics like your name, your address, email id, mobile number and Pan Details)
  • You need to login, you will then see a form appearing on the screen. Fill up this form and click on the Submit Option. You will be sent an email with the details of the steps to be followed.
  • Your details will be verified by CRIF High Mark. In case you receive a message that your details could not be verified, you need to refill the form with the correct details and submit the form again.
  • After the proper verification of the details mentioned by you, you will be sent your Credit Report ID and you will be asked to answer some questions related to the credit report.
  • You will have to answer these questions correctly. After answering these questions correctly, you will receive your free credit report on your email id.
  • On successfully answering your Credit Report Related Questions, your FREE Credit Information Report will be delivered to your registered email id.
  • The details provided by you will be verified within a couple of days and then you need to authenticate your credit history after providing answers to some questions.
  • After the completion of this step, you will be asked to register on the website so that your account gets activated. Lastly, after the authentication has been completed, you will receive your report in one day through an email.

Major Benefits of This Implementation

  • It has been observed that there are around 500 million users of credit bureaus, so this implementation is surely going to enhance the credit literacy of individuals.
  • With this implementation, individuals can now check their credit reports from various bureaus and get to know the inaccuracies.
  • When individuals will come to know that a default will reduce their credit score and negatively impact their credit profile, they will make their payments on time without delaying them

Updated: May 11, 2017 — 4:01 pm

2 Comments

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  1. good article…thanks for the info

  2. Very useful article and this really helps to check the credit score from all credit bureaus annually with no charges.

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