How Can Customers Check their Credit History?

Your credit scores play a pivotal role in your financial life. It is important to keep a tab on your credit history to know your financial standing and how you can further improve the same. With the advent of Fintech companies these days, it's easier to check your credit score and download report online. Hence, you can check your credit history by procuring your credit report online. What you need to do is request a free copy of your report from any of the three major credit bureaus in India- Equifax, Experian or CIBIL. Among them, CIBIL is generally the most sought-after bureau because it is the oldest credit information bureau in India that provides free credit score and report online to the customers. The credit report provided by them will have a summary of the individual's loan-related transactions and every credit card account that they have had or currently have. In other words, it is a summary of the individual’s financial history. Based on the information provided in the credit report, the individual’s credit score is calculated. The other factors based on which your score is calculated are payment history, credit utilisation ratio, credit history length, credit mix and new credit.

The Process to Check Your Credit History-

Customers can easily check their credit history by downloading their free credit report from any of the major credit bureaus or by visiting any Fintech Company. The process to check your credit history is mentioned here-

  • Firstly, applicants will have to visit CIBIL’s official website and request their credit report.
  • After that, they would need to submit some required documents such as- proof of identity and proof of address.
  • Proof of identity can be any one of the following-
    • PAN card
    • Passport
    • Aadhaar card
  • Proof of address can be any one of the following-
    • Passport
    • Utility Bills
    • Aadhaar card
  • Now you need to scan the documents and upload them (the ones which you have submitted) and pay the required fee online.
  • After that, the customers will receive their credit report by email, after your document has been verified and the payment has been received.

After receiving your credit report, you will be able to check your credit score and know your financial well-being. The score mentioned in your report will give you a fair idea regarding your eligibility for the credit products. If you have a higher credit rating i.e. above 750, the chances of your loan approval become high. You will also be eligible for getting a preferential rate of interest along with other perks from your lender. If your score is low, then you need to understand the reason behind that and work towards improving it at the earliest. The only disadvantage you have with a low score is that the chances of your loan approval will become less, and you will not be eligible for getting good offers from the lenders. Even if you get the loan, you will be charged a very high rate of interest.

So, reviewing your credit history is an important step before you apply for any loan or credit card. Checking it regularly will make sure that there is no error or discrepancy in your credit report or score which may hamper your eligibility towards credit products.