Credit Report

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Credit Report
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What is a Credit Report?

• A credit score is a measure of an applicant's
  ability to pay back the borrowed amount. It is
  the numerical representation of their
  creditworthiness.  
• A credit score is a 3-digit number that ranges
  between 300 900 300 known to be lowest and 900
  known to be highest.
• Typically, a Credit Score are calculated by
  credit bureaus in the country after taking into
  consideration various factors like the length of
  your credit history, repayment history and loan
  inquiries.
• When you apply for any loan or credit card
  through bank or NBFCs, having a higher credit
  score may help applicant from benefiting higher
  loan amount, lower interest rate and flexibility
  on repayment option.

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How are Credit Reports used?

• A Credit Report aids lenders to decide whether
  the applicant has sufficient creditworthiness.
  The report also helps in determining at what
  interest rate a loan will be offered to them.
• Why should you check your Credit report?
• Check your credit report regularly to make sure
  that your financial information is up to date and
  accurate. It also aids you to check whether  
• Anybody's fraudulent accounts in your name or any
  other wrong entry took place. If you find any
  errors on your credit report, take steps to have
  them corrected.
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How do you check your Credit report?

• Check your credit report on a quarterly or yearly
  basis with any credit reporting agencies.  
• Some of the most popular agencies include
  Equifax, Experian and Transunion.