How can I check my credit history?

To check your credit history, you should obtain a copy of your Credit Report. For this, you need apply to one of the three rating agencies in India - CIBIL™, Equifax, Experian and CRIF High Mark. Your Credit Report contains details of all your loan-related transactions with the formal banking system. It has records of every loan/credit account you have and has detailed information regarding your entire payment history. Your credit score is calculated on the basis of your financial track record as noted in your Credit Report.

What is the process to check credit history?

You can get a good idea of your credit history by reviewing your Credit Report. These are the following steps you need to undertake to get a copy of your Report:

1.Get on to the Credit bureaus website and apply online for a copy of your Credit Report.

2.Furnish the required documentation– one ID proof and one address proof.
3.Scan and upload these documents.
4.Make the payment online.
5.Receive your Credit Report by email within a day, if the documentation is verified and payment received.

Alternatively, if you do not have the time to undertake the above, CreditMantri can get you a free credit report and provide you with a free credit health check. This service will help you learn what is contained in your report and let you know what your areas of your credit strength and weakness are.

What is the process to check credit history?

Once you receive your report, you will know what your credit score is. This will give you a good idea if you are eligible for loans or not.
A credit score below 750 means that you do not have a strong credit history and will find it difficult to get approved for loans. You will need to improve your score in case you intend to approach the financial system for credit in the future.
If your score is above 750, then you are well-placed to be approved for loans and will receive better terms when your application is being processed. It is crucial to make sure that your credit score is above 750 before you apply for a loan or you run the risk of having your loan rejected and your score dropping further.
You also need to check credit history to ensure that there is no wrong information listed on your credit report. Sometimes, due to administrative errors or even fraud, some credit details can be wrongly entered. It is useful to go through your history in detail contained in your report to make sure that you rectify any errors immediately.

CreditMantri can help you understand your credit situation and guide you on how to reach the optimum score to ensure loan approval.