- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
It has usually happened that individuals get confused about the terms credit score and credit report. Many of them feel that these two terms can be used interchangeably. But it is very important to know that these two terms are completely different from each other. It is very crucial to understand the differences between these two terms.
A credit report consists of the entire information about the credit history of an individual. A credit report includes the credit card payments details about all the loans that belong to an individual. A credit report displays all the inquiries that have been made for new credit. This report maintains a basically, the record of how well a person has made the repayments.
A credit score is a 3-digit number that describes the creditworthiness of an individual. The higher the credit score, the lower is the default risk. 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.
|Key Differences||Credit Report||Credit Score|
|Definition||A Credit Report while show how well an individual repays each of the debt obligations.
|A Credit Score will estimate the creditworthiness of an individual with a numerical value
|Who Creates It||Credit Bureaus like TransUnion, Experian and Equifax create it||Sometimes bank create their scores. Credit Scores are normally availed|
|Purpose|| It is used by financial institutions so that they can measure the credit worthiness of an individual who applies for a loan.
| It is used to understand the financial behaviour of an individual and understand the frequency of their loan repayments.
|Independent Existence||Yes, it can exist independently||It cannot exist independently. This score is obtained from the credit report|
|Why To Check It||You should check it on an yearly basis so that it is made sure that the credit information is correct||You should check it to so that you can understand the type of financing your lender can provide you with|
|Meaning in Simple Terms||It shows credit history||It is a number that depicts the credit risk|
How Creditseva Can Help You
Creditseva has all the information one needs to be known about Credit Score and Credit Report. By taking the help of Creditseva’s credit advisory services, one can clearly understand what credit score is, what is meant by a credit report, what its contents are and how much credit score should be maintained for a good credit profile.
How Can the Credit Report and Credit Score Be Accessed?
An individual can access their credit report and credit score by requesting any of the three credit bureaus in India. There is a request that is made by clicking onto the website of any of the credit bureaus and filling up an online request form by following the instructions that have been mentioned. Later on, you need to send it through a cheque or DD so that the processing fee is covered.
It is recommended that an individual checks the credit report at least once in a year. By doing this the individual can understand what is right and wrong in the credit report as well as know the exact credit score.
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