From CIBIL to banks, different ways to access your credit report

Individuals can access their credit reports through a number of means, primarily through credit bureaus authorised by the Reserve Bank of India (RBI) and regulated by the Credit Information Companies Regulation Act (CICRA). 

Ajay Mishra wants to raise ₹10 lakh personal loan and before he negotiates with the bank for favourable terms, he wanted to explore different options to access his credit report. 

Different ways Ajay Mishra can explore to access his credit report:

Credit Bureaus

1. TransUnion CIBIL: This is one of the leading credit bureaus and one can access one's credit report from their portal by registering and following the necessary authentication process.

2. Experian: This provides online access to credit reports through its website. Users need to register and verify their identity to obtain their reports.

ALSO READ: How do savings and investments impact your CIBIL score?

3. Equifax: This is another authorised credit bureau which allows individuals to access their credit reports online after registration and verification.

Through Banks or Financial Institutions:

One can also get credit report through banks or financial institutions. Several banks and financial institutions also give access to credit reports as part of their services. You can inquire with your bank if they offer this facility.

Some banks also integrate credit report access into their internet banking platforms or mobile banking apps.

Third-Party Platforms: Some financial technology (fintech) companies and websites offer credit report services in collaboration with credit bureaus. Users can access their credit reports by providing necessary details and undergoing verification processes.

Credit Monitoring Services: A few credit monitoring services also provide regular updates on credit reports and scores along with additional features such as identity theft protection. These services often require subscription fees.

It's important to review your credit report regularly to check for inaccuracies, monitor your credit health, and look for any potential fraudulent activities.

Frequently Asked Questions: 

How does closing old credit accounts impact your credit score?

Closing old credit accounts impacts your credit score based on an array of factors such as credit utilisation ratio, length of credit history, payment history and credit mix.

What is credit utilisation ratio?

It is the amount of credit you're using compared to the total credit available to you. 

How do student loans help establish credit history?

Student loans can help you establish a credit history if they are your first credit accounts. Your payment history, including student loan payments, is one of the most critical factors in determining your credit score. 

Do student loans add to the credit mix as well?

Yes, they certainly do. They add diversity to your credit mix especially if they are your only instalment loans.

Do student loans affect your creditworthiness?

If you have other debts such as credit card balances, student loan payments could affect overall debt-to-income ratio, which lenders consider when assessing your creditworthiness.