What is sflndcorp on credit report?

Your Experian Credit Information Report (‘Experian CIR’) contains detailed information of your credit/loan history, including identity information, credit accounts, loans, credit cards, payments, and recent enquiries.

Experian CIR lists all the information held about an individual by us as provided by our members. It contains the consumer’s name, address and other individual identifying information, such as date of birth, PAN card number etc. It lists all recorded credit information for that consumer (type of borrowing, date of loan, current balance, payment history, any recorded defaults etc.) Finally it lists when lenders have made enquiries about the consumer – this confirms previous details of credit applications with the associated details of the type of facility requested, amount etc.

Your Experian Credit Information Report (‘Experian CIR’) contains detailed information of your credit/loan history, including your identity information, credit accounts, loans, payments, recent enquiries and credit score.

Experian Credit Score is a numeric summary derived from your repayment history of previous or existing loans and credit cards and from the enquiries performed by banks & financial institutions based on your loan application. Your Credit Score is based on the information in your credit information report. Higher the score, the more favorably it is viewed by banks and financial institutions.

An Experian CIR is a compilation of your credit history. The data contained in the Experian CIR is based on the information provided to us by all the member banks, financial institutions and other credit grantors registered with us. You can view your own credit information report, as it helps you to guard against fraud and identity theft. You can also point out any discrepancies in your credit information report to your respective lender and have this amended if the lender is agreement.

In general, members such as banks, financial organizations are scheduled to provide consumer credit information to Experian on a monthly basis. The day of the month that each organization sends updates varies. In other words, Experian might receive an update from member A on the first of every month and from member B on the 11th of every month, etc. Ideally, the Experian CIR will be updated as soon as data is loaded in the database.

Checking your Credit Report regularly shall help you to make big purchase decisions, such as a new car or a home and can be used for many other reasons. A good credit score may lead to you being offered better rates on common products such as credit cards, car insurance premiums and mobile phone contracts. Additionally, if any errors or if there is any information on the Credit Report that needs to be updated, you can identify it in advance and rectify the same with the help of the Credit Information Company and the respective lender.

Some key principles to follow to make your Experian CIR and Credit Score work to your advantage:

I. Review your credit report on a regular basis

Review your credit report regularly to make sure it’s up to date and accurately reflects your circumstances as mistakes can hurt your credit score. In particular, check those credit accounts where you have stood as a guarantor or you are a joint account holder to ensure repayment is as agreed with the lender.

In case of a settlement, it is important for you to know how the loan has been treated. Ask the lender whether it would be considered a waiver since a settlement is considered more negative than a loan repaid in full, but more positive than a default. It is important for you to follow up with the lender and ensure closure of old dues, if any.

Checking your own Experian Credit Report and Experian Credit Score does not impact your credit score.

II. Pay On Time

All repayments – and missed ones – are recorded on your credit report. Pay your EMIs on time and as agreed. Stay within the agreed credit limits and make necessary credit card monthly repayments in full and on time. If lenders see a patchy credit history that shows missed repayments, it suggests that you struggle to manage credit effectively and negatively impact your credit score.

III. Space out credit applications

A lender will likely check and leave a credit application search on your credit report each time you apply for new loan or credit card. Inquiries made by lenders because of an application you made for credit or loan can affect your score. Space out your credit applications and limit making several applications close together. Too many inquiries might mean that you’re taking on too much loan or that you’re in some kind of financial trouble and are looking for credit to help you out.

Shopping around for the best deal in terms of best interest rate for home loan or a new auto loan shouldn’t cause a problem but always make sure that the lender knows you are asking only for a quote and not making an application for loan or credit.

As part of the global Experian organisation, Experian has more than 30 years’ experience of managing bureau data, adding intelligence to that data and delivering scoring solutions. The Experian score is developed with the information received from the bureau members such as banks, financial organizations. This data universe may or may not be the same to the data available to other credit bureaus/credit information companies. In addition, each credit bureau/credit information company may use different data samples and techniques to derive their bureau credit score. Therefore, bureau credit score provided by each of the credit bureau / credit information company have unique meaning.

Credit Score changes over time, as your circumstances change. For example, paying off a loan could result in a higher credit score, while missing several repayments could reduce it. Every Credit Information Company has a separate range for credit score. There is no standard cut-off for a good score for a loan application.

Lenders set different thresholds for accepting a credit / loan application. These thresholds can also vary according to the type of credit you want, so you could be accepted for a home loan application but your application for a personal loan may be rejected. Lenders may grant someone credit for a credit score of “X” when another bank / lender refuses.

The Experian CIR is a representation of the latest information about you as provided by our member banks, financial institutions and other credit grantors. Only data provided by our members will show on your credit information report, but if both Lender X and Lender Y were members of our Credit information Company then this information would normally be shown to the inquiring lender. The name of the lender who supplied the information is not shown to our members, but is shown to you on your Credit Information Report.

On successful completion of online authentication, you shall get your Experian Credit Information Report and Experian Credit Score online in real-time, and a copy of the same will be emailed to your verified email address.

Download Application Form Get your credit report and score

You can access the Experian Credit Information Report and Experian Credit Score online through the web browsers: Chrome, Internet Explorer 10 (or above), and Mozilla Firefox.

If you have successfully completed the online form but have not received the verification email to proceed further, it is possible that you may have provided a different or an incorrect email address, or that the verification email link could have landed in the spam/junk folder of your mailbox. It is suggested that you provide an email address that you access regularly.

Please check the internet connectivity to your computer. If internet connectivity is available and still the screen hangs, please reach out to the Experian Consumer Support team and provide them with the Unique Transaction ID to investigate further.

If you get the message “Unable to Authenticate”, it means that we may have been able to successfully generate your Experian Credit Information Report and Experian Credit Score, however your online authentication could not be done.

In order to authenticate you, and to confirm your identity and address, please send password-protected email with scanned copies of your KYC document for identity proof (PAN card/Aadhaar card/ Passport/ Voter ID) and address proof (Aadhaar card/ Phone bill/ Electricity bill/ Bank statement/ Passport), along with the Unique Transaction ID to “consumer.support@in.experian.com”.

Upon successful verification of your documents, we will email your Experian Credit Information Report and Experian Credit Score within 2 business days from the receipt of your documents to your verified email address.

If you get the message “Authentication Unsuccessful”, it means that we have been unable to authenticate you online since the answers provided by you are not corresponding with the your credit information available with us.

In order to authenticate you, and to confirm your identity and address, please send password-protected email with scanned copies of your KYC document for identity proof (PAN card/ Aadhaar card/ Passport/ Voter ID) and address proof (Aadhaar card/ Phone bill/ Electricity bill/ Bank statement/ Passport), along with the Unique Transaction ID to “consumer.support@in.experian.com”. After successful verification of your documents, we will email your Experian Credit Information Report and Experian Credit Score within 2 business days from the receipt of your documents to your verified email address.

To apply for your Experian Credit Information Report,

1) Download Experian Credit Information Report “Application Form”

2) Complete the required details on the application form (don’t forget to sign it!)

3) Provide self-attested photocopies of Identity and Address proof (a signed and dated photocopyis required)

4) Make payment of ₹138 (via DDor NEFT)

5) Send us the completed and signed application form along with your identity proof and address proof, and either the demand draft or receipt of the NEFT payment

Send the above either via:

a) Regular post at:

Experian Credit Information Company of India Pvt. Ltd.,

Consumer and Customer Support Team,

Equinox Business Park, Tower 3, 5th Floor, East Wing,

LBS Marg, Kurla (West), Mumbai, 400070.

Or

b) via courier / speed post / registered post at:

Experian Credit Information Company of India Pvt Ltd

Consumer Support Department,

5th Floor,

East Wing, Tower 3,

Equinox Business Park, LBS Marg,

Kurla (West), Mumbai -400070.

To ascertain your identity and ensure that only you have access to your Experian Credit Information Report, we require you to send us self-attested photocopies (a signed and dated photocopy) of the following documents:

(a) Identity Proof (any one of the following documents)

(i) PAN card (recommended)

(ii) Passport

(iii) Voters ID

(b) Address Proof (any one of the following documents and the address proof should display your name)

(i) Electricity bill (no more than 3 months old and for your current address)

(ii) Telephone bill (no more than 3 months old and for your current address)

(iii) Latest bank statement (no more than 3 months old and for your current address)

(iv) Passport

(v) Lease / license deed

(vi) Sale / purchase deed

You can obtain your Experian Credit Information Report for a fee of ₹138 (₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes).

It is now easy to pay for your Experian Credit Information Report. You can pay by either demand draft or using your Net banking facility or just by going to a bank near you and pay by cash.

Along with the completed and signed application form and the required documents, please send us either

a) Demand draft for ₹138/- payable to “ECICI Private Ltd” in Mumbai and valid for a period of 3 months or

b) Please send the receipt for the NEFT payment using your net banking facility or

c) The receipt for your payment at a bank branch.

Please click on the “Payment Options” link to the right to know more about the various payment options available.

To use this mode of payment you will need access to net banking. You will also have to enable third party money transfer facility for your account. Having done this please follow the steps given below to pay using NEFT:

Step 1: Please login to your net banking account and click on Third Party Money Transfer or NEFT payments as the case may be.

Step 2: Please add the beneficiary account for Experian Credit Information Company of India Private Limited using the details provided in the next step

Step 3: Fill in the following details for Beneficiary account:

Bank Name: Hongkong Shanghai Banking Corp Ltd,

Address: 52/60, M.G. Road, Mumbai 400 001

Account Name: Experian Credit Information Company of India Pvt. Ltd.

Account Number: 006075113001

IFSC Code: HSBC0400002

Swift Code: HSBCINBB

Beneficiary account name: Experian Credit Information Company of India Private Limited or ECICI Pvt Ltd

Account No: EXPN + (The number of the Identity proof you will submit along with your application which is either your PAN number or your Passport number or your Voter ID number. It is preferable to use the Pan Card number.) e.g. EXPNABC123456PN

Account Type: Current

Amount: ₹138/- (One hundred and thirty eight rupees)

Step 4: Follow the steps as per your net banking facility for completing NEFT

Step 5: After NEFT is successfully completed, a Transaction ID will be generated. Please take a print out of this receipt or a snapshot of the screen and send the same to us with the Experian Credit Information Report application form, address proof and identity proof documents.

Your Experian Credit Information Report will be dispatched to you within 20 business days from the date of receipt of your complete set of documents with the demand draft of ₹138/-(₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes).

At Experian we have a rigorous process, which enables us to despatch your Experian Credit Information Report within 20 working days of receiving your completed and signed application form along with the required documents and a payment of ₹138/- (₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes). However, if you have not received your Experian Credit Information Report after 20 days, please call us at 022 6641 9000 or send us an email to consumer.support@in.experian.com or write to us at Experian Credit Information Company of India Pvt. Ltd., Consumer and Customer Support Team, Equinox Business Park, Tower 3, 5th Floor, East Wing, LBS Marg, Kurla (West), Mumbai, 400070 and we will do our best to find out what the problem is with your application

We charge a nominal fee of ₹ 138/- (₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes) per report. You’ll be charged the same amount every time you request for your Experian Credit Information Report.

As often as you wish, we apply no restrictions to this.

Unfortunately, since we have already processed your request for a copy of your Experian Credit Information Report, we are unable to refund the money or return your demand draft. Any documents provided by you will be securely stored by us; we do not return documents, which is why we only request photocopies. You will receive your Experian Credit Information Report shortly.

No, only members of the Credit Information Company, Specified Users as defined by the Credit information Companies (Regulation) Act, 2005 and to whom you have given consent while applying for a loan or a credit card and you yourself.

Knowledge is power when it comes to getting the credit/loan you want. Following are some of the common misconceptions regarding credit information company (‘CIC’) and credit history.

Myth 1: CIC decides who gets credit

Fact: CICs do not make judgments about the information in credit information report (‘CIR’). CICs simply collate and compile information that is provided directly by member credit institutions. The CIR is comprised of data derived from credit cards, home loans, auto loans, or such other monthly credit payments. Lenders use that the credit information to help them assess the risk of lending to any individual.

Myth 2: CIC denied you credit

Fact: CICs collate and compile your credit report. CICs do not make decisions; they only provide credit information to lenders/ credit institutions. The lenders/ credit institutions check the information in your CIR along with other information such as items from your loan application.

Myth 3: CIC holds a credit blacklist

Fact: CICs do not hold any credit blacklist. CICs only provide credit information to lenders/ credit institutions. Some factors that lenders do consider include your repayment history and how much you already owe.

Myth 4: Once a credit score is bad, it can never be rebuilt.

Fact: Credit Information Report contains detailed information of your credit history, including your identity information, credit accounts, loans, payments and recent enquiries. Your CIR indicates which credit accounts are closed or inactive, but the history remains nonetheless. Late or missed payments stay on your CIR as payment history. However, credit can be rebuilt over time. Rebuilding credit means paying on time, and the longer a credit history is without negative information (such as late payments) the better. The older the negative information is, the less significant it becomes.

Myth 5: Checking your own individual CIR affects your rating.

Fact: If you access your own Credit Information Report it does not have any effect on your credit score since it is a non-credit enquiry. Your review of your own CIR will be viewed as a personal CIR enquiry.

When you apply for credit/loan you provide consent to the lender/ credit institution to review your credit information. When a lender/ credit institution views your credit information, an enquiry is added to your CIR. Such credit enquiries are shown to other lenders/ credit institutions because they may represent new credit that may not yet show on a CIR as a loan/ credit account. Credit enquiries may affect credit scores.

It is good credit management practice to check your CIR at least annually.

Not necessarily. Different organisations take different things into account when deciding whether to provide credit. If a lender turns down your application, get a copy of your Experian Credit Information Report before you make further applications. If you make several applications over a short period of time, lenders may think you are trying to get too much credit, or even that a fraudster is using your details. So find out why you have been refused before applying to another lender.

A good Experian Credit Information Report is always helpful if you are looking for further credit. However, the Experian Credit Information Report is just one of the factors used by the banks, financial institutions and credit grantors to decide whether or not to grant credit to you. The loan approval also depends on many other factors and is based on the discretion of the credit grantor.

Making several applications for credit over a short period of time can influence a lender’s decision. If you are shopping around for the best deal, you should ask for a quotation, rather than making a formal credit application. Asking for a quotation should not affect your chances of getting credit in the future but remember this is not an agreement to offer you credit. If you need to know whether you will get the credit (for example, a loan), you will need to apply for it. The lender should tell you if they are going to search your credit information report and what sort of search they will make. If one lender turns down your application, it is best to find out why you have been turned down before you contact other lenders.

There are a number of things that you can do to improve your credit profile and thereby your chances of getting credit

• Always make your payments on time. If you cannot do this, contact the lender as soon as possible to discuss what options are available to you, it is always better to speak to your lender immediately if you are experiencing any difficulties in maintaining your payments

• If you have paid off a debt but your report doesn’t show this, contact the organisation concerned and ask them to make the necessary changes or contact us and we will contact the relevant organisation for you

• Close any accounts you no longer use

• Check your credit information report regularly. It always makes sense to get a copy of your credit information report before you apply for credit or if you are refused credit as a result of information held by a credit information company

Download Application Form   Download Query Application Form

When you apply for credit, for example a credit card or a loan, you will probably give the lender permission to do a check with Experian or another credit information company. This check helps the lender know that you can afford to repay the money you want to borrow. Experian does not decide who should get credit, but the information we provide may help the lender to decide.

Our 'Credit Crossroads' guides help you look after your credit history at particular times in your life. You can download electronic copies of the guides here. We hope these guides will help you cope with credit during important life events.

Things to do when your loan or credit card application is rejected

Loans and credit cards enable us to access financing to fulfil our wishes and those of our near and dear ones. They also help us tide over difficult times. However, the rejection of a loan or a credit card application leaves us disappointed and confused on the path forward. Here is how you can handle a situation of a credit application rejection.

Click here to know more

Lessons for students on credit management

Students access credit for various reasons including financing college education and meeting other personal expenses. Credit can lighten the financial load on parents by spreading the cost burden over a longer period. Regular repayment of loans will help you to establish a good credit profile, however irregular repayments may make it difficult for you to access credit in the future.

Click here to know more

Managing credit as you get married

It is wedding season and many couples will be looking forward to a fulfilling life of togetherness. Shopping, wedding planning, invitations, decorating homes or in some cases moving to new homes in anticipation of the big day will be on in full swing. Through all this, it is also important to discuss and plan finances. Here are a few words of financial wisdom for couples to avoid stress later.

Click here to know more

Managing Credit and Credit History while Moving Homes

Buying a home is a dream come true for many of us which is accompanied by the operational detail of ensuring updating our records with our lenders and often with expenses associated with furnishing etc. to convert the house into a home. This latter may involve accessing credit. Here is a note we hope will help you better manage your credit commitments and the operational tasks to keep in mind while you enjoy moving into your new home.

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Managing credit in the event of job loss or reduction in income

In the current volatile global economic environment job losses or business eventualities may force a situation of reduced income. Managing existing credit commitments in the context of these situations of reduced income poses a financial challenge and presents another likely credit crossroad that we may need to understand how to handle. Let us see how Jayant our imaginary friend managed his credit history when faced with such a job loss situation.

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Managing credit in the event of separation or divorce

Separation and divorce are those difficult times when you have to take a break from a not so happy relationship or in some cases even end it. It is important that you sort out your finances include any joint loans or credit cards to avoid further agony in the future. Here is what you can do to prevent yourself from getting into uncomfortable financial situations.

Click here to know more

Managing Credit in the event of serious illness or bereavement

A credit score is a measure of one’s creditworthiness. A higher credit score indicates a better ability to repay a loan. Additionally, it can get faster loan approvals, cheaper interest rates and better bargaining power. Whereas, a lower score will reduce the probability to get credit cards and loans. Needless to say how important it is to keep up your credit score. In this article, we have covered all about credit score in detail.

A credit score is a measure of an individual’s creditworthiness. In other words, it means an individual’s ability to repay the borrowed amount. It is a three-digit number ranging from 300 to 900, with, 900 being the highest and 300 being the lowest.

Having a high credit score can help individuals get loans and credit cards faster. Additionally, it can help one get loans at a cheaper interest rate, or higher loan amount, or they get to choose the tenure to repay the loan.

Credit score calculation of an individual is done after taking into account several factors. Some of them being, credit balance, new credits, tenure, credit mix, credit utilisation, repayment history and credit enquiries. Major Credit Information Companies like CIBIL TransUnion, Experian, Equifax and High Mark compute credit score in India. Reserve Bank of India has mandated all banks to pass on any transaction related to calculating credit score to these four companies. The companies calculate the score based on the data provided and make detailed credit reports. Thereport is like a financial report card, and it contains the credit score of an individual.

You must always check it from time to time. This will ensure one knows their chances of getting a loan. Additionally, individuals can keep track of their score and report any mistake in the calculation (if any) to the Credit Information Companies.

The credit score of a person depends on various factors. Primarily it reflects an individual’s credit behaviour. This includes credit repayment history, frequency of loan application or credit card application, a mix of secured and unsecured credit, etc. Following are some of the major factors that have an impact on a person’s credit score:

It means credit repayment history. In other words, timely repayments of bills, EMIs, etc. have an impact on the credit score. Missing any payments will harm the score and also on the ability to secure a new credit in the future.

The credit utilisation ratio is the total amount of credit taken by the available credit limit. A high ratio indicates high repayment burden, and this harms the credit score. On the other hand, a low credit utilisation ratio (30% or less) implies high creditworthiness for a lender. Also, one can avail additional credit with ease.

Usually, new loan or credit card applications trigger enquiries from the lenders. Also, these enquiries by the lenders show in the credit report, which in turn has an impact on the credit score. Therefore, multiple hard enquiries hurt the credit report.

Having the right mix of secured and unsecured loans is a good practice. For example, having too much of unsecured debt such as credit card bills or outstanding personal loans will have an impact on the score. Having a high unsecured debt reflects on the credit behaviour of mismanagement of personal finance. Hence, it’s good to have a mix of secured loans (home loan, gold loan, loan against property, mortgage loans, car loan, business loan) along with some unsecured loans (student loans, credit card debt). This helps in maintaining a good credit score and also increases the chances of getting new credit.

Frequently requesting for an increase in the credit card limit will result in too many hard enquiries. The more number of hard enquiries will adversely impact the credit report and the score. Also, the potential lender may perceive this as high chances of credit default in the future.

Incorrect information in the credit report will hurt the credit score. For example, incorrect default payment information, loans or credit cards assigned, mistakes or errors in personal information, etc. Moreover, delayed or inaccurate reporting by banks can also hurt the score.

Credit history is determined on the basis of credit behaviour, credit utilisation limit, repayment history, etc. Having no credit history will have a negative impact as the lender doesn’t have any proof to determine and estimate the risk of non-repayment.

As a loan guarantor if an individual is unable to fulfil the liability of someone else’s loan default. This will harm the loan guarantor’s score. In other words, the primary borrower fails to fulfil the loan obligation and then the loan guarantor also fails to repay. The credit score of the loan guarantor will have a negative impact.

The credit score ranges between 300-900, and one must ensure their score is closer to 900. This will ensure they will get good deals on their loans and credit cards. Understanding credit score and interpreting it will help in obtaining loans quickly. Following are the ranges and their meaning:

For the Credit Information Companies to calculate a credit score, they would need information. If a person has no credit history, then the score will be NH/NA.

A credit score in the range of 300-549 will indicate that the individual has defaulted payments in the past and has unpaid dues. It also indicates that the individual is not a responsible borrower.

A score in the range of 550-649 is considered as average, and one has to take measures for building it. It is difficult to get credit cards and loans with this credit score.

A score in the range of 650-749 is considered a fair credit score. One can get loans and credit cards but will not be in a position to negotiate a fair deal.

A score in the range of 750-900 is considered excellent. One can easily get loans and credit cards. Additionally, they will be in a position to negotiate the interest rate, payment terms, tenure and get credit cards with better rewards and benefits.

The two major credit score companies in India are CIBIL and Experian.

The CIBIL score is a three-digit number ranging between 300-900. It gives a summary of credit history. A higher CIBIL score will help individuals get loans faster and at cheaper rates. A CIBIL score of 750 and above is considered ideal, and one can get loans quickly.

The Experian score is a three-digit score ranging between 300-850. A score of 800 and above is an excellent score. Any score above 700 is good. One can get loans easily with this score. The credit score ranges slightly vary for Experian. A score of 300-579 is a low score. A score of 580 to 669 is a fair credit score. And a score of 670 to 739, 740 to 799, and 800 to 850 are considered to be good, very good, and excellent respectively.

A credit score is a numeric value that reflects an individual’s creditworthiness. The score is determined upon considering various factors with respect to the repayment of debt and credit profile. Moreover, a credit score is only a part of the credit report. A credit report covers an individual’s entire credit history, pertaining to loans and credit cards.

Lenders often check an individual’s credit score and history before granting the credit. They mostly refer to the credit reports generated by the credit information companies. However, in an instance where there is no established credit history of an individual, one can always get someone to authorise or co-sign the loan. For example, if there isn’t anyone to co-sign or authorise the credit, one can always get a secured credit card. A secured credit card requires one to put cash as collateral. Using a credit card will help in establishing a credit history.

Most people misinterpret that credit score is the sole factor to determine an individual’s ability to secure debt.  Hence understanding credit score becomes important. Credit report and credit score are often the first things that a lender considers before approving the credit. However, several other factors have an impact on lending decisions—for example, the lender’s internal criteria such as debt to income ratio, employment, etc. Thus, a sound or high score doesn’t necessarily guarantee loan approval. Similarly, a low score doesn’t always guarantee denial of new applications of loans.

Checking the credit report often will not impact the credit score. Reviewing a credit report will be recorded under the soft enquiry section. The soft enquiries have no impact on the score. The credit scoring models do not factor in for soft enquires. Therefore, it is good to check the credit report at least once a year.

It a popular misconception that using a credit card will negatively impact the score. However, it is only true when an individual misses or defaults the payments. In such scenarios, the score will have a great impact. Furthermore, using credit cards wisely will help in creating a good credit history. Which will ultimately lead to having a good score.

Closing a credit card account will not help in improving the credit score. It brings down the credit limit and in turn pushing the credit utilisation ratio. A high utilization ratio will lead to a lower score. However, it is good to use the credit cards wisely to maintain the credit utilisation ratio at 30% or lower.

In India, it is not a common practice for an employer to check the employee’s score. However, the employer can check it only upon seeking the employee’s approval. Such enquiries are also known as soft enquiries.

Qualification, job profile and income levels do not have an impact on the score. The credit report does not capture such information. A credit report has information about the debt. Also, the credit report will not have information about the certificate of deposits, savings accounts, etc.

A credit score is just a credit history, and hence credit can be rebuilt over time. A credit score doesn’t just show the current way of things. It keeps a record of an individual’s credit from the time it has been opened. Late payments can stay on an individual’s credit report for up to seven years. Hence, building a credit score means making timely payments. Moreover, the longer the credit history has no negative information, the better. However, the older (negative) information will become less significant over time.

Negative information like later payments, bankruptcies, or collection accounts remains in a person’s credit report for at least seven years. Also, certain bankruptcies stay for ten years. Therefore, paying off debt doesn’t mean that it is clear from the report. The credit report will update the debt status as paid.

There are multiple credit scoring models available in the market. Most lenders use generic scores to determine general credit risk. However, certain lending institutions and businesses need custom credit information. A custom credit score predicts risk for a specific type of lending—for example, retail debt, auto loans, etc. Therefore, custom scores are unique and are specific to that time of lending or business.

Every credit bureau has its model to generate a credit report. Each of them have their own way to determine the score. Hence, the scores are rarely the same.

There is no such thing as a credit score for couples. Therefore, a couple where one spouse has a good score doesn’t guarantee credit to the other or jointly. There might be an instance of credit issuance with high-interest rates, fees, etc. However, there is no guarantee that couples can get joint credit because one of their scores is good.

Each Credit Information Company has its algorithm to calculate the credit score of an individual. However, all four agencies consider the following common factors to calculate it:

An individual’s loan repayment history affects their credit score the most. A credit bureau (credit information company) keeps a month on month record of all payments towards bills and loan EMI. A single non-payment or late payment of a bill can pull down the score by 100 plus points.

Credit Utilisation Ratio (CUR) is a measure of usage of available credit in a credit card. The more the CUR, the higher will be the impact on the credit score. A high CUR will reduce an individual’s score. Ideally, one should keep their CUR below 30% to maintain a good score. Additionally, for the used credit, one has to ensure timely payment of credit card dues.

The type of credit also impacts the credit score. A balanced credit mix will boost a person’s credit score. A balanced credit mix will have an adequate mix of secured (home loan, gold loan, loan against property, mortgage loans, car loan, business loan) and unsecured loans (education loan, credit card debt). Having more unsecured loans will drag the score down.

The duration of a particular credit line is important while calculating a credit score. The older the loan or credit card is, the better will be the score. This will show that the individual is responsible towards the lenders and is making timely payments.

The number of credit enquiries will also impact the credit score. The more the number of credit enquiries on a person, the lower will the credit score. This is because, every time an individual wants to take a loan or refinance an old loan, the new lender will check their score. To check the score, the agency must make a legally permitted enquiry. Hence more the number of enquiries, shows the person is credit hungry and might reduce their credit score.

Maintaining a good credit score can get a person more than just faster loan approvals. Below are the benefits of maintaining a good score.

Having a good credit score will help an individual get the best bank credit cards with more rewards and benefits. Also, it helps them get a higher credit limit. This is because the banks will have confidence in the borrower’s creditworthiness and their ability to repay.

Having a good score will help individuals get loans quicker. Their approval times will be lower for any loan, be it a car loan, personal loan etc. Additionally, they will have access to pre-approved loans. Also, having a good score is one of the main factors for loan eligibility.

Having a good score will give the power to the borrower to bargain for a cheaper loan interest rate. They can get loans at a much cheaper rate than the market rate.

Loans will have processing fees and other charges. Sometimes these tend to be on the higher side. Having a good score will help an individual to negotiate their way out of some of these expenses or get a discount on them.

Having a good score can lower the down payment requirement for any loan. Additionally, they can get the loan with lower interest.

In India, there are primarily four credit reporting agencies that compute the credit information.

Formerly known as Credit Information Bureau (India) Limited, is India’s first Credit Information Company (CIC). The company collects and maintains records of individuals’ repayment habits with respect to loans and credit cards. The financial institutions and member banks send the reports to TransUnion CIBIL Limited every month. Information gathered from these institutions is used to generate the Credit Information Report (CIR) and credit scores. Furthermore, these reports and scores are then given to the lending financial institutions (like banks) to help them make lending decisions.

Experian Credit Information Company is a Dublin based company that creates credit reports. Experian’s credit report has information about an individual’s loan and credit history. Banks and other lending institutions purchase these reports. Similar to TransUnion CIBIL, Experian also collects data from its member banks and other institutions in India to generate credit reports.

Equifax is one of the oldest and largest credit reporting agencies in the USA with headquarters in Atlanta. It provides credit reports to both individuals and businesses. The company partnered with many institutions and banks in India to help create credit reports and for assessing credit scores.

CRIF high mark is among the few credit reporting agencies that specialises in scoring, analytics, and credit management solutions. It creates credit reports on the bases of the information that it collects from the Income Tax Department, banks and other banking and non-banking institutions. The CRIF High Mark credit reports are available against a fee. Many Indian banks have tied up with CRIF High Mark to generate credit reports and assess the borrower’s financial credibility.

A credit report is a record of an individual’s history of managing and repaying debt. It is more like a report card that the lenders refer to before issuing credit to anyone. The credit report has a note of how and when the bill payments were made. It also shows how much debt a person has and since how long have they been managing credit accounts.

Lenders use a credit report to learn about an individual’s previous borrowing experience. These reports help the lenders make decisions with respect to granting credit. Credit reports also help in determining the credit score. Additionally, they help in verifying an individual’s identity and for other purposes in the limits prescribed under the law.

All credit information companies create credit reports. The information in a credit report is more or less the same. However, the way the credit bureaus represent the data differs.

This section has personal information about the individual.

The accounts section lists all the currently active or open credit accounts, closed accounts and turned over to collection accounts.

Enquiries are the requests from companies or lenders for an individual’s credit report. The list enquires stay up to two years in a credit report. Usually, there are two types of enquiries:

Public records, for example, include the details of bankruptcy, if any. The details such as bankruptcy filing and status, whether open or closed. Furthermore, these details stay in the credit report for a period of seven to ten years. The duration depends on the type of bankruptcy. Also, if there isn’t any relevant information, the section may not appear in the credit report.

Credit rating is associated with a company or business. In other words, it determines the creditworthiness of a business or company. Hence, it does not apply to individuals. The ratings help to interpret the company’s ability to repay its debts. The credit ratings are denoted in symbols like AAA, AA, A, B, etc.

Furthermore, credit ratings are on the basis of corporate financial instruments. Hence, higher ratings imply a lower probability of default. AAA rating is considered to be a good rating. On the other hand, ratings below BB are considered as a bad credit rating.

Credit bureau calculates a number known as a credit score for an individual. A credit score is calculated for an individual based on their credit information report. To calculate the score, the bureau evaluates repayment behaviour and credit history of the individual. The score value ranges between 300 and 900. Also, the score is essential while applying for a loan. Lenders evaluate the individual’s credit score before approving credit to them.

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Your credit report is held by three main Credit Reference Agencies in the UK. These are:

All financial institutions have an agreement whereby they feed information back to these three Credit Reference Agencies about your history of applying for credit, and paying for credit. From this information other lenders can decide what level of risk you present when you apply for credit with them.

Your credit report contains a number of items, the main ones being:

Lenders often use credit scoring to decide whether to consider you for credit. It is important to note that lender’s credit score is not the same as the credit score that you may see on your credit report. Each lender has their own way of scoring an applicant. To help your case, ensure your credit report is clean, accurate, and presented in the best way possible.

There is no such thing as a credit blacklist. All Credit Reference Agencies do is hold information about individuals taken from public records, lenders, or the individual themselves. If you are declined for  credit by a financial institution that is a matter for them only and does not mean you are on a ‘blacklist’.

Making several applications for credit over a short period of time may have an adverse effect on the response you get from lenders as these build up and shown on your credit report. When looking at alternate offerings you should ask for quotations rather than making applications. An application or assessment for credit will be entered on your credit file and this is known as a ‘footprint’. Some lenders offer credit scoring with what is known as a ‘soft footprint’. A soft footprint is visible only to the lender that places it on your credit file. It is important to remember that your credit report can only be searched with your permission. You provide this permission when you apply for credit. Credit Reference Agencies are regulated under the OFT Consumer Credit Act 1974 and 2006. They have a legal right to hold information about you. If you have a complaint about any Credit Reference Agency look on their website for information on their complaint handling procedures.

Being on the electoral roll enables you to be registered to vote in elections. This is the easiest way for a lender to check your address history and confirm your name and address. Therefore being on the electoral roll assists your credit rating. In order to register on the electoral roll you need to be a British, Commonwealth, or European Citizen over 18. The Electoral Roll is updated by your local authority every autumn although you can contact them at any time and ask for your record to be added or updated.

Credit Reference Agencies keep details of any aliases under which they have record of any credit given to you, or applied for by you.

An association is a link you have with someone of a financial nature. Associations are not registered between business partners but are concerned with joint accounts and joint applications. If you are no longer linked to an associate you may contact the Credit Reference Agencies and have your credit report updated.

If you have a court judgment on your credit record, it indicates you have been taken to court as you have not made payment on money that you owe. Credit Reference Agencies obtain information on all people that have been taken to court for debt. If you believe a judgement has been wrongly recorded on your credit record you need to contact the court. Your credit record will show the case number of the relevant case. If you pay any court judgement you can obtain a letter of satisfaction to prove it has been paid. A court judgement will remain on your credit record for six years even if you have paid it.

Bankruptcy information (known as Sequestrations in Scotland) is provided by the Insolvency Service to Credit Reference Agencies. At the end of your Bankruptcy order, or when you are discharged, Credit Reference Agencies are notified. If this does not happen you can obtain a copy of your discharge order from the Official Receiver and provide it to the reference agency. A Bankruptcy appears on your credit record for six years unless it is cancelled or annulled. If you are the subject of a Bankruptcy Restriction Order, your Bankruptcy can stay on your file throughout that restriction order.

If you are the subject of a formal voluntary arrangement from the court to pay off your debts, this information will be notified to the Credit Reference Agencies who will keep it on your credit record for up to six years.

Details of any property you have owned that has been reposessed. In Scotland the equivalent system of Trust Deeds are logged in the same way.

All Lenders in the UK share information via Credit Reference Agencies. Your credit record shows details of every credit account you hold or have held in the past six years with information as to how much is outstanding, what the payment rate is set at, and your history of payments.

Your Credit Reference Agency will typically use a status code to indicate what has happened with each account. If, for example, you have a credit card, your credit file will show payments over the last 36 months with a focus on the past 12 months payments. Payments monthly will be shown with a status code which shows if the payment has been made on time. A status code of ‘0’ under each month shows all payments have been made on time.

A status code of ‘1’ shows that a payment was one month late. If payment is not made the following month the status code is shown as 2. Late payment status codes run up to 6 when they then revert to status 8.

Status 8 on an account shows it to be in default. A default means you did not keep to your credit agreement and you have not responded to requests to bring your account up to date. A status 8 against one of your accounts on your credit report will make it difficult for you to arrange a mortgage with mainstream lenders.

Status ‘D’ indicates that an account is dormant and nothing is owed.

Status U means the lender cannot provide information on the account as it is newly set up or subject to dispute.

Status ‘?’ means the lender cannot provide information at this time.

A default will stay on your credit report for six years after it has been registered. We often have clients who believe that paying off a defaulted account removes the default from the report. This is not the case and those with a default on their credit report need to make their mortgage broker aware of this at outset when applying for a mortgage as it will cause problems.

You may see a variety of notes added to your account. Here are some of the common ones and what they mean.

We often find clients concerned that their credit file has been damaged by them sharing an address with someone who has a poor credit record. This should not be the situation unless there is a case of mistaken identity. Another person is listed as a financial associate only if you have applied for credit together. A financial associate is typically a former partner or spouse.

One of the most common problems we see if where a relationship has broken down and one partner leaves credit in the hands of another partner to be repaid but this has not happened. Where a credit agreement has your name on it, any failure to pay will reflect on your credit file regardless of any private agreement you may have with the other party.

A linked address is an address on which you have had a financial connection in the past, perhaps using it to apply for credit. When you apply for a mortgage, a lender may query a linked address if it comes up on a credit report.

GAIN information is held on customers with debts who have moved home without providing a new address. For this reason any GAIN information on a credit report is of concern to a potential lender.

CIFAS is the UK’s fraud prevention service, CIFAS was set up to prevent people having their names, addresses, or other details used by criminals to obtains goods, services, credit, or insurance. If there is a CIFAS note on your report this does not mean you are being accused of anything but it is a matter of concern for a lender as there may have been suspicious activity on your record.

A notice of correction is a note of up to 200 words on your credit file to clarify information. Credit reference agencies will only add notices of correction on your credit file if you can evidence there is good reason to do so.

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A credit score predicts the likelihood of an individual to pay back their loan within the stipulated time frame. It is calculated using scoring model that employs a mathematical formula that uses information listed under an individual’s credit report.

Credit bureaus are responsible for calculating credit scores, and they do so by taking into account your credit inquiries, records of repayment, and credit history. Credit scores come in handy at the time of applying for a loan or a credit card. Should you avail either of these products from a non-banking finance company, a higher credit score may provide you with additional perks. These include a lower interest rate, a greater amount that’s been loaned, and a repayment tenure that suits you best.

In India, credit scores range between 300 and 900. As a general rule of thumb, you should aim to acquire a credit score of 900 if not close to it. This is because a high credit score optimises your chances of getting a viable deal on credit cards as well as personal loans.

Credit Information Bureau (India) Limited (or CIBIL) scores provide an overview of a person’s credit history based on different details. These include ‘account history’, ‘public records’, ‘credit summary’ and ‘credit enquiries’ that are found in their credit report. A higher CIBIL score have an easier time procuring a loan and/ or credit card. In the event that credit card or loan payments are made later than the outlined date, CIBIL scores can decline.

Here is a breakdown of the CIBIL credit score range.

NA/ NH – These stand for f “not applicable” and “no history”, respectively. An individual is most likely to get this if they haven’t previously used a credit card or taken out a loan owing to which they don’t have a credit history.

350-549 – A CIBIL credit score within this range isn’t viewed in a good light and is considered to be bad. It is indicative of your having paid your credit card or EMI bills later than the stipulated date. This rating makes it harder to procure a loan or a credit card as you will be at high risk of becoming a defaulter.

550-659 – This CIBIL credit score is considered fair. It indicates having struggled to pay your dues in time. With this score, you are likely to be able to avail of a loan, but the interest rates charged could be higher than if your credit score was superior.

650-749 – This CIBIL credit score is good, and it indicates that you are following good credit behaviour. Your effort is likely to be appreciated and may increase your score some more. Lenders will take into account any credit applications you make and will offer you a loan. However, the interest rate applicable to these loans may be at the lender’s discretion and not the borrowers.

750-900 – This is a perfect CIBIL score. It is indicative of regular credit payments along with an impressive payment history. Should you have this score, you will be offered loans as well as credit cards by banks as they will view you as the least likely to default on a loan.

CIBIL takes into account the following factors when computing credit scores:

Each time you make transactions that are relevant to your credit score determination, your bank will send details relating to the same to the four credit bureaus operating in the country. This is a mandatory requirement that’s been stipulated by the Reserve Bank of India. It is the norm for banks to keep credit information companies informed about your spending habits.

In case a bank then needs to check your credit score online, they can reach out to any one of the four bureaus. Each of these bureaus maintains the same credit score for each individual, so it doesn’t matter what bureau a bank selects.

Once this information has been received by a bank, credit bureaus will collect more information relating to your financial habit from different financial institutions and banks. This information will then be formulated by credit bureaus to create a credit report.

It is good to keep tabs on your credit score and your credit card score range as it can help you determine what your chances of getting a line of credit is. It is also important to be aware of this score to know if it declines or if an error has been made at the time of its calculation. This can help you make the necessary amendments with time.

The kind of enquiry made about a credit score can impact it. Credit score enquiries take on the following forms.

These inquiries are made by financial institutions who check your credit scores to determine how to proceed with your credit application. Each time you apply for a credit card or loan, the lending institution will check your score, which in turn can cause it to dip by a few points.

Should you, as an individual, make an inquiry, it is classified as a soft inquiry. This does not impact your credit score.

Credit scores are adversely affected by the following factors that can cause them to dip:

In conclusion, a credit score plays a crucial role in accessing financial opportunities and obtaining favorable loan terms. Maintaining a high credit score is essential for securing loans and credit cards with lower interest rates and higher limits. Understanding credit score ranges, such as CIBIL scores, helps interpret creditworthiness. Factors like late payments, bankruptcy, closing accounts, excessive credit applications, and neglecting credit report errors can adversely affect credit scores. Regular monitoring and responsible credit behavior are key to maintaining a healthy credit profile.

The Credit Analyser on Fi is a great way to not only view your credit score, but also get insights about the factors that influence your credit score. This will help you tweak your financial actions accordingly so that you can subsequently increase your credit score.

You can make a soft inquiry with your bank, which won’t impact your credit score. On the other hand, you can make a hard inquiry wherein a financial institution checks your credit score. This may negatively impact your credit score by a few points. You can also check your credit score on Fi without impacting your score.

A credit score ranging between 650-749 is good, while a credit score ranging between 750 and 900 is excellent. The latter entitles you to loans as well as credit cards from banks that will view you as the least likely to default on a loan.

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... we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Although the average student will not repay their loans until six to 12 months after graduation, education debt appears on a credit report shortly