Steps to check your credit reports

What is a Credit Report?

A credit report is a summary of your financial records, submitted by the banks and the NBFCs to the credit bureau. The purpose of a credit report is to provide the lenders with ample details to make an informed credit decision. A healthy credit report is more likely to increase the chances of your loan and credit card approval. Therefore, it is recommended to check your report periodically and know where you stand.

Steps to check your credit report at IndiaLends-

You can easily check and download your credit report for free in just a few clicks. The whole process is easy and less time-consuming. To check your free credit report at IndiaLends, you need to follow these steps.

Click on ‘Free Credit Score’

Enter your personal and employment details along with your PAN Card number

You will receive an OTP on your registered mobile number

Enter OTP and view your credit score instantly

To get a detailed credit report, you need to download IndiaLends app.

Benefits of checking credit report-

Listed below are some of the benefits that you will get on checking your credit report-

1. Know about your credit standing:

   Lenders and creditors submit your loans and credit card details to the credit bureaus based on which your credit scores are calculated. Regularly reviewing your credit report will help you to know your current credit score and take corrective steps to improve it if required. This will ensure that your loan or credit card application does not get rejected because of a poor credit score.

2. Help you to know whether the information in your credit report is accurate:

   Checking your credit report can help you know if the information reported in your credit report is accurate or not. In case, you find any error; raise a dispute and get it rectified.

3. Helps in detecting identity theft:

   If you come across someone else’s account information, you might be a victim of fraud which can result in a drop in your credit score. Checking your credit report consistently will help you detect such identity theft easily.

What can I do if I find an error in my credit report?

If you have spotted an error in your credit report, you should take immediate steps to get the errors rectified. As any sort of inaccuracy or error will lead to lower credit scores which will impact your ability to open a new credit account or get a loan in the future. To get the errors rectified, you need to contact your credit bureau and tell them about the mistakes that you have identified in your credit report. It will take 30-45 days to update the information in your credit report.

Does my credit score get impacted if I check it?

When you check your own credit score, it is considered as "soft inquiry" and it does not leave any negative impact on it. However, your credit score is dropped by a few points when there is a hard inquiry. A “hard inquiry” is made when a financial institution checks your credit score to decide your eligibility towards credit application. Every time the lender checks your credit score, it gets dipped by a few points.

Bottom Line

With the advent of online Fintech platforms, checking your credit report and score is not a challenging task now. You can easily check it online and know how well you're doing with building credit and can correct any errors quickly on your report or score that concerns you.