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Credit Score for Free

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What is Credit Score?

A credit score is a three-digit number between 300 and 900, which shows the creditworthiness of an individual. The credit bureaus give it on the basis of multiple parameters, such as credit history, loan repayment history, credit utilisation, and duration of credit history.

It helps potential lenders gauge your financial credibility and plays an important role in deciding whether to extend credit.

If you have a higher credit score, your credit risk is low, and you may likely receive a loan at better terms. Generally, if you have a credit score above 750, it is considered the best credit score. But if you have a poor credit score, lenders may deny you a loan or credit card. Even if they agree to lend to you, it will be at higher rates.

It is important to regularly check your credit score and have a good credit history to avail favourable interest rates in the future.

Check and Get Insights from Your Credit Report

How to Check your Credit Score?

  • 1

    Enter your details like Name & Mobile number

  • 2

    Enter Email ID & verify it with OTP (check your email id)

  • 3

    Verify your mobile number with OTP (check you phone message)

  • 4

    Get a detailed credit report for FREE

How is the Credit Score Calculated?

Credit Information Companies or Credit Bureaus collect and maintain monthly reports from banks and financial institutions detailing individuals' loans and credit card payment history. Based on the credit information report, the Credit Information Companies generate Credit Score for every borrower, which is then used by lenders to extend credit facilities to a borrower.

Different credit information bureaus use different ways of calculating your Credit Score. Following are some general factors employed by credit bureaus for Credit Score calculation:

Loan Payment History:

Your credit repayment history shows whether you repay your loans or your EMIs in time. Loan repayment history is given around 35% weight in calculating your Credit Score. Timely repayment could boost your score and help you get quick credit in future. However, delayed repayments or defaults can damage your Credit Score. A missed EMI can reduce your Credit Score by around 60-70 points.

Credit Utilization Rate:

Your credit utilization rate shows how much you owe divided by your credit limit. For instance, if you have a total credit limit of Rs 100,000 on your credit card, but you have consumed Rs 50,000 credit, your credit utilization ratio is 50%. This factor gets a weight of around 30% in Credit Score calculation. Maxing out your credit limit frequently indicates credit hungriness, which can harm your Credit Score. Small balances and timely repayments, on the other hand, would enhance your score.

Length of Credit History:

The length of your credit history makes up 15% of your Credit Score. If you have a long history of making responsible, on-time payments, you will have a good Credit Score.

Credit/ Product Mix:

The variety of credit in your history, such as personal loans, auto loans, and home loans, provided you made timely repayments, can boost your Credit Score. This factor makes up 10% of your Credit Score. However, if you have taken too many unsecured loans, it could go against you in Credit Score calculation as it exhibits credit-hungry behaviour.

New Credit:

Recent credit activity isn't a major determinant in your Credit Score, but it may indirectly affect your score. Applying can lead to a hard inquiry - a record that someone reviewed your credit to make a lending decision. Hard inquiries can lower your Credit Score, as they could increase your risk as a borrower in the eyes of lenders.

However, credit scoring models of credit bureaus are also built to recognise that consumers shopping for a loan aren't necessarily extra risky. After all, you might apply for preapproval for eight auto loans to find your best rate.

Other factors, such as lack of credit history and inability to fulfill your role as a loan guarantor, may also impact your Credit Score. There could be several other factors depending on the borrower's behaviour. These factors make up to 10% of your Credit Score.

Credit Score Range: What it Means?

Your Credit Score is calculated in the range of 300 and 900. The higher your Credit Score, the more likely lenders will approve you for new credit. Usually, a Credit Score of 750 and above is considered an excellent score and is preferred by lenders for any loan or credit card. There's more than one credit scoring model available and more than one range of scores. However, most credit score ranges are similar to the following:

Credit Score Range Chart

Credit ScoreBorrower QualityMeaning
851 - 900ExcellentIt is the highest credit rating given by Experian, which indicates that the borrower has never defaulted on any payment. You will be considered a very low-risk borrower and may receive the best loan offer.
751 - 850GoodIf you have a credit score above 750, lenders consider it favourable. It indicates that you have a strong credit record with timely payments and a low risk of default.
Generally, 80% of potential borrowers get the loan if they have a credit score above 750.
651 - 750AverageIt indicates a balanced credit history the borrower, which means the borrower has a decent credit history with fair credit management.
You may not qualify for a favourable interest rate, but you may receive credit from the lender at a higher interest rate.
501 - 650PoorLenders consider this score unfavourable as it indicates a high-risk level, as the borrower may have defaulted on some payments or has had high credit utilisation.
With this score range, you may avail of credit products such as loans or credit cards, but you may be offered higher interest rates.
300 - 500Very PoorThis rating suggests that the borrower has a bad credit history, such as missed or late payments, high credit utilisation, loan defaults, etc. You will be considered a borrower with very high risk and may face difficulty in availing credit.
You are advised to improve your credit score if you are in this range.

What is a Good Credit Score?

A Credit Score above 750 is considered excellent for obtaining credit easily. Nearly 80% of new loans are granted to individuals having a Credit Score of 750 and above. The higher your Credit Score, the higher the chances of your loan application getting approved.

Importance of Maintaining a Good Credit Score

There are many benefits of a good Credit Score. When you pay your bills and EMIs on time, it leaves a trail of good credit behavior, which is rewarded by banks and financial institutions in several ways.

  • A high credit score improves your eligibility for credit.
  • It helps you get pre-approved loans or quick loan approvals, lower interest rates on your loan and attractive offers and rewards on credit cards.
  • Not only attractive benefits, but a good score also makes you eligible for a higher credit limit as well.

Generally, a credit score between 750 to 900 is considered as best credit score range.

Factors that Hurt your Credit Score

There are multiple factors that can hurt your Credit Score. Major ones are listed below:

  • Delay in loan or EMI payments.
  • Maxing out on your credit card limits or having a high credit utilisation ratio
  • Applying for multiple credit cards or loans simultaneously
  • Closing old credit cards reduces your credit history, which is unfavourable for your score.
  • Requesting to close a credit card that has an outstanding balance
  • Settling the loan or credit card account instead of paying it in full and closing the account

How to Improve your Credit Score if it is Low?

Keeping a check on your credit behaviour can increase your Credit Score again. Here's how to improve your Credit Score:

  • Check rect credit report

    Check recent credit report

    Obtaining and reading your latest credit report can help you understand where you went wrong. Accordingly, you may take remedial actions to rectify your mistakes.

  • Make time payments

    Make timely payments

    You must practice paying your full dues in time to get a better Credit Score. It is a good idea to set payment reminders or automate your debt repayments at the beginning of the month to avoid any late payments.

  • Credit Mix

    Credit mix

    If you have availed a variety of loans, making timely repayments can hype your Credit Score as it gives lenders the confidence that you can handle different kinds of credit.

  • Don't max out your credit limit

    Don't max out your credit limit

    You should avoid utilising the complete credit limit available on your credit cards to maintain a good Credit Score.

  • Avoid multiple credits

    Avoid multiple credits

    Applying for multiple loans and credit, like credit cards, personal loans etc., simultaneously or in a short duration is injurious to your Credit Score. The lenders might perceive you as credit hungry. Avoid these mistakes to improve your Credit Score.

How to Read a Credit Report?

The credit report is just like your academic report card, and it is an essential financial document. A credit report shows your creditworthiness and rating on various financial parameters such as credit utilization, repayment history, credit mix, etc. It provides you with vital information about your financial health and payment habits, and most importantly, it gives you a credit score and credit report.

To read your Experian credit report, you must be aware of the sections into which the report is divided:

  • Credit Score

    The first section shows your Credit Score, which reflects your credit health or creditworthiness.

  • Personal Information

    This section contains information such as your name, date of birth, gender, Permanent Account Number (PAN) etc., as reported by the banks.

  • Employment Information

    It shows your income details as reported by the banks at the time of loan application.

  • Contact Details

    This section gives your address, mobile number, landline number, and email ids as reported by different banks and financial institutions.

  • Enquiry Information

    This section provides details of the credit enquiries you have made, the name of the prospective lenders, the date or enquiry, enquiry purpose and loan amount. If you have made too many loan enquiries in a short period of time, lenders will stay cautious while viewing your loan enquiry.

  • Account Information

    This section details your credit details, such as the name of the lenders, type of loan (car loan, home loan, credit card, personal loan etc.), loan amount, date of availing credit, last payment made, outstanding payment, and month-on-month record (for three years) of your payments. Any defaults or late or missed payments are also recorded under this section.

Who Computes Credit Score in India?

In India, credit scores are computed by credit information companies, also known as credit bureaus. There are four major credit information companies in India that are authorized by the Reserve Bank of India (RBI) to provide credit scores to individuals -

  • TransUnion CIBIL (Credit Information Bureau India Limited).
  • Equifax Credit Information Services Private Limited.
  • Experian Credit Information Company of India Private Limited.
  • CRIF High Mark Credit Information Services Private Limited

You can check your credit score online through any of these credit score agencies. Your credit score from each credit bureau may differ as they calculate your credit score independently based on your credit information provided by banks and financial institutions regularly.

CIBIL logo Experian logo
CRIF logo Equifax

Frequently Asked Questions

Why should you consider checking your Credit Score with ET Money?

You can check your free credit score online through ET Money. It offers you a seamless, easy process to get your free credit score.

Also, you get your free Experian credit report by entering your name and mobile number. With ET Money, you can effortlessly monitor your credit health, identify areas for improvement, and embark on a journey towards greater financial success.

Is checking credit score online on ET Money safe?

Yes, it can be safe to check your credit score online on the ET Money app or website. However, ET Money is reputable, secure, and uses encryption to protect your sensitive information.

Can multiple Credit Score inquiries affect my Credit Score?

When a borrower makes an enquiry for a loan, lenders ask for the credit score of that person from credit bureaus. Too many enquiries may deplete your Credit Score. Lenders may also become cautious considering your multiple enquiries in a short span of time, which shows a behavior of seeking excessive credit. The enquiries made are captured for a period of 7 years.

However, when you pull out your Credit Score without applying for a loan, it may not affect your score.

How does my credit score affect EMI calculation?

Understanding the impact of your credit score on loans EMI and financing is essential. While it influences the interest rate and EMI amount, the EMI calculation considers factors like interest rate, tenure and loan amount. A good credit score often means lower interest rates and more favorable EMIs, reflecting creditworthiness and better loan offers. Conversely, a poor credit score may lead to higher interest rates and larger EMIs due to perceived credit risk. With the help of an EMI calculator, estimate your EMI accurately. Maintaining a healthy credit score is vital for accessing better EMI options while seeking loans or credit.

Do we need a PAN Card and Phone Number to check your credit score?

You need a valid pan card number and phone number to check your free credit score. Your mobile number and PAN are linked with your financial accounts, which helps credit bureaus to compile your data easily.

What is the difference between a CIBIL score and a credit score?

The difference between a credit report and a credit score is that, credit report is a three-digit credit rating of an individual's credit history, given by agencies such as Transunion CIBIL, CRIF, Equifax, Experian, etc., showing your creditworthiness. However, CIBIL is a three-digit credit rating, specifically given by Transunion CIBIL. Thus, a CIBIL score is just a type of a credit score.

Will the Credit Score be affected for owning multiple credit cards?

Your Credit Score will not be impacted for owning multiple credit cards. In fact, it can help you increase your Credit Score if you handle your credit cards well and make timely payments. However, if you are unable to make repayments and you often max out on your credit limit, it can deteriorate your score.

Will my credit score be affected if I inquire about it?

No, checking your credit score does not impact your credit score, as it is considered a 'soft inquiry'. It gets only affected when you apply for credit and undergo a 'hard inquiry'. Regularly monitoring your credit score is a good habit, and there are no negative consequences to it.

What is the purpose of a Credit Report?

Credit reports are used by potential lenders when you apply for credit. They use it to assess your creditworthiness, and based on information in the credit report, they may decide whether to extend credit or not, and at what terms.

If you have a low credit score, what steps should you take?

If your credit score is low, there are several steps you can take to improve it over time. Here are some steps that you can follow:

  • Make timely payments for your loans and credit cards
  • Don't max out your credit limit
  • Do not apply for multiple loans at credit card at the same time
  • Monitor your credit score
What are the key terms found in credit reports?

The important terms used in credit reports include Personal Information, Credit Score, Account Summary, Account Information, and Enquiries Information.

Why is Credit Score important?

Your credit score is important since it measures your creditworthiness and influences your ability to obtain credit, such as loans or credit cards. A good credit score makes it easy to avail credit from lenders at a favourable rate.

What causes changes in credit scores?

Repayment history, credit utilisation, length of credit history, credit mix, and new credit inquiries all influence your credit scores. Making on-time payments and keeping credit utilisation low can increase your credit score, whereas late payments, high debt consumption, and new credit applications can lower it.

Why do lenders check the Credit Score?

Lenders look at your Credit Score to assess your credit health and determine if you are worthy to avail credit from them. They want to know how risky it will be to lend to you. Accordingly, they decide whether they want to lend you and at what interest rates.

Higher your Credit Score, higher will be your chances to get quick credit and at cheaper rates.

Why does Credit Score fluctuate?

Your Credit Score reflects your credit worthiness which may change over time on the basis of your credit behaviour and new information supplied by the lenders to the credit bureaus. Accordingly, your Credit Score gets updated every month.


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