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Note: Checking your free CRIF Credit Score does not affect your Credit Score

Credit score is the most frequently used term in the financial industry. Maintaining a high Credit score helps to get quick loan approval. Because a high score, typically over 700, represents that you are financially stable, have a regular source of income, and have a history of on-time repayments. All these factors play an important role in the decisioning of your loan application with Fullerton India.

What is Credit Score?

Credit Score is a number representing the creditworthiness of an individual. This is one of the most basic parameters used by financial institutions including Fullerton India to evaluate the creditworthiness of a loan applicant.

Credit score is generated by credit bureaus, who are authorized by the RBI (Reserve Bank of India) as official credit rating agencies. TransUnion CIBIL Limited (previously known as - Credit Information Bureau India Limited), is one such trusted and leading credit agency in India. They are known for estimating accurate scores and help the financial institutions to process loan applications made by individuals as well as businesses.

CIBIL score or credit score as it is generically known, is one of the important factors that we look into when prospective borrowers apply for loans. Good credit score represents the economic stability of an individual which in turn makes financial transactions easier.

However, at times, it may not be very easy to understand how to read and interpret your credit report properly. There is a vast difference between a CIBIL report and score. A credit report is the detailed document of your credit history consisting of credit card transactions, the total number of loans, employment details, contact information, etc. On the other hand, the credit score is a three-digit number representing the summary of the credit report.

Credit reports are generated by organizations called credit bureaus. Lending institutions provide them with the data of borrowers based on PAN card numbers, which are then used by these organisations to generate credit scores and reports for each individual / entity.

Credit Bureaus in India

There are 4 credit bureaus in India – TransUnion CIBIL, Equifax, Experian and CRIF Highmark. 

  • CRIF High Mark - CRIF High Mark is a full service credit information bureau that has a strong presence across MSME, commercial, retail as well as microfinance segments including agri and rural. It was founded in 2007 and has since then become one of the largest credit bureau database in India. CRIF credit score ranges between 300 to 900.
  • CIBIL (TransUnion Credit Information Bureau (India) Ltd.) - TransUnion CIBIL is one of the first credit information companies in India and is one of the four bureaus to provide detailed credit report for individuals as well as businesses. The credit score or CIBIL score as it popularly known, helps individuals assess their credit score for applying for loans or credit cards and helps companies identify any potential risks of an applicant. The CIBIL score ranges between 300 and 900.
  • Experian - Experian is a multinational credit reporting company that launched operations in India in 2010. Like most other bureaus, Experian also caters to individual consumers as well as businesses. The credit score for Experian ranges between 300 and 850.
  • Equifax - Equifax India is a credit information company in India and is a joint venture between Equifax Inc. USA and seven leading financial institutions in India. It provides credit related services to lenders, consumers and businesses.

How to Check your Credit Score online for free?

At Fullerton India, we have put together tools to ensure that a free credit score check becomes very simple for you by simply sharing few personal and financial details.

Here is the step by step guide to perform the credit score check on Fullerton India.

  • Click on the “Get Started” button below
  • Your name, contact details, PAN card number, etc. needs to be filled to proceed to the next step.
  • Fill out the details requested and then click on ”Get My Free Credit Score”
  • In the next step, a series of questions will be asked regarding credit cards, loans and other factors which are mandatory to calculate the score.
  • The final credit score can be viewed in your account at the end of the submission.
 
Step 1.
Enter your Personal Details

Enter details that matches with your bank account for accurate processing.

 
Step 2.
Verify your Details

Confirm OTP sent on your mobile number / email Id.

 
Step 3.
View your Credit Report

Download your detailed Credit report & view customized offers just for you!

Check your Credit Score for Free

DOWNLOAD DETAILED CREDIT REPORT   |   NO IMPACT ON CREDIT SCORE

What are the requirements to check Your Credit Score?

Anyone with a minimum of 6 months of credit information is eligible to check credit score for free. At Fullerton India, we provide this service free of cost for all online visitors* on our website. You can now easily check your score using the tool above, which will help you assess your loan eligibility.

 

PAN Number

 

Employment details

 

Personal Details

 

Apply for a loan or credit card

Credit Score Ranges

Most credit rating agencies have credit score range between 300 - 900. For example, CRIF as well as CIBIL following this range. 300 is the lowest and 900 is considered as the highest CIBIL Score.

Excellent

This helps to get the best possible offers on loans with lower interest rates.

Very Good

This is the ideal score.

Good

This can be improved quickly.

Fair

This is not a good score and should be improved.

Doubtful

This is not a good score and should be improved.

Bad

This is not a good score and should be improved.

cibil-range

How is Credit Score Calculated?

Credit Score is calculated based on various factors such as your credit history, any past rejection of loan applications, credit utilization and more. The Credit score of an individual takes into account many factors, including the overall history of repaying debts, loan applications and credit card usage. There are a total of 200+ variables having different values which can be used as inputs. These inputs are entered into an algorithm which is designed specifically for credit score estimation.

Some of the main factors affecting the credit score are;

  • History of Bill Payments in the past 6 months
  • Active loans and the total amount of loan balance
  • Type of loans such as collateral-free loans or secured loans like home loan
  • Delayed or missed monthly installments
  • Multiple loan applications, inquiries and rejections
  • Utilization of credit card

How to maintain a good CIBIL score or a Credit Score?

A good CIBIL score or a credit score helps you to get a loan easily at the best interest rates. For example, at Fullerton India, we offer competitive personal loan interest ratesto applicants whose CIBIL score is more than 750.

On-time payments always help you to maintain a good CIBIL/credit score. Schedule your monthly bills on time or set up auto payments. Delayed or missed payments are not good as it does get reflected in your credit bureau report and affects the score. Similarly, applicants who have been prudent in using various lines of credit such as credit cards or personal loans will also find that their credit score is well above the acceptable range. Conversely, applicants with multiple ongoing loans will have a lower CIBIL or credit score.

How to improve your Credit Score?

If you don’t have a good CIBIL score or a credit score, there’s no need to worry. It can always be improved over a period of time by following a few simple tips. Being punctual and honest in every financial transaction is the ultimate key to score a higher number.

  • Keep an eye on your credit score - Regular monitoring of credit score helps you get a clear picture of where you exactly stand and how much improvement is required.
  • Analyse the credit bureau report - Your credit report consists of a detailed analysis of your whole credit history. This helps you to know the errors which need to be corrected to achieve a higher score. It takes time to affect the score but credit score can be improved by regularly working on the errors.
  • Keep your loan applications/rejections to a minimum - Applying for too many loans and getting rejected decreases your credit score. Before going for any loan application make sure that you have checked the eligibility criteria.
  • Credit Card Usage Limit - Make sure your credit card utilization is within the limit.

FAQs

How can I check my CIBIL score on Fullerton India?

To know your CIBIL score, you can use the free tool provided here.

How to Check CIBIL Score by PAN Card?

Enter your PAN card details when asked in the form. Since PAN cards are associated with financial history it helps to get an accurate CIBIL score.

What CIBIL score is best?

Anything above 700-850 is considered as the best CIBIL score.

What is the difference between CIBIL score and credit score?

In India, credit scores can be obtained by four many credit agencies. Among these, CIBIL is one of the prominent agencies to provide credit scores which is popularly known as CIBIL score.

Knowledge Centre

Here are some articles which could help you understand us and our products better.


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