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How to Monitor Your Credit Score
Your credit score is aggregated from the data provided in the credit report. It is the outcome of your credit behaviour. The lenders periodically pass on your credit information to the credit bureaus. As human work is involved while reporting the credit data, the chances are high for errors to occur. When there is an error, it can even be related to any one of the criteria that affect your credit score. As the credit score is the metric for evaluating your creditworthiness, it is important to keep a check on it. A small drop can cost you lakhs of rupees in terms of increase in the interest rate on big-ticket loans. This reason is more than enough why one must regularly monitor the credit score.
Additional Reading: Why is my credit score different across credit bureaus?
Keeping Tabs on Your Credit Score
With the technological advancements, monitoring your credit score is easy and can be done at a free of cost. Following are some of the ways using which you can monitor your credit score.
Get your credit report: As per RBI’s instruction each credit bureau should give base level credit information report to their customers once in a year at a free of cost. Reviewing your credit report will help you understand your credit activities and payment records. You can verify them and raise a dispute with the lender if there is any error on it. By doing this, you can keep an eye on your credit score.
Financial statements: If you are a credit card holder, you will be receiving a monthly statement which contains your spending list. Keep a regular check on the statement so that it will help you maintain a low credit utilisation ratio on your card. This in turn protects your credit score from dropping.
Similarly, get your bank statements and verify if your loan repayments are done on-time. If there is any mismatch in terms payment, you can raise it with the lender at the earliest.
Free Alerts: There are so many third party financial services companies who provide free credit score and credit analysis. You can register for such services and get notified if there are any changes made in your credit report. This can give you instant updates on your credit score. Moreover, you can also login and check the status of your credit score anytime.
Credit Monitoring Service by CreditMantri
CreditMantri, one of the pioneering Fintechs in credit improvement services, provides free credit health analysis for a wide range of customers. Based on the credit profile of the customer, the experts suggest ways to improve credit score and recommends suitable credit products. You can also get monthly and quarterly updates on the credit score and account level credit analysis. This could make your credit score monitoring simpler as you get notified instantly.
If the customer has a low credit score, pragmatic solutions are suggested to improve the creditworthiness. Resolving the past outstanding dues are easier with the approaches suggested by the team of experts.
Additional Reading: Ways to stay on top of your Credit Health
End Note
You credit score is the indicator of your financial health. It is as important as you maintain your physical health. As a reward, a good credit score guarantees a wealth of credit offers at terms favourable to you.