Generally, a credit report is a statement that mentions your credit activity and current credit situation, showing your loan paying history and the positions of your credit account. A credit report helps you determine your creditworthiness in front of your lender. To get a quick instant loan, you must have a good credit presence in front of your lender. A good credit report is essential as this will affect your overall credit score.
Hence this article will discuss steps to check free credit scores and the details required to get your credit report.
How does a credit score work?
A credit score is a three-digit numerical indication of a person’s financial health that is calculated using their credit history. The credit score vary from 300 to 900, depending on the individual’s credit history. The closer your credit score is to 900, the more likely you are to get approved for a loan or credit card. In other words, if you have a credit score of 750 or higher, you’ll have a better chance of getting a credit card or a loan.
When it comes to establishing the interest rate for loan applicants, many lenders use risk-based pricing. Borrowers who have a credit score of 750 or above pay a lower interest rate than those who have a lower credit score. As a result, individuals should strive to consistently raise/improve their scores, and those who do so should be rewarded.
A credit score is based on the individual’s credit, and those with high scores should take steps to maintain them.
When should you check your credit score?
Many people feel that checking your CIBIL score several times has a detrimental influence. The fact is that anyone may check their credit score whenever they want and as many times as they want. So, why is this belief still prevalent? Because most individuals conflate checking their CIBIL score with performing a serious credit investigation.
A CIBIL score check is a soft inquiry that may be conducted and with no constraints. Multiple hard queries in a short time, such as applying for loans or credit cards, might damage your CIBIL score. What is the explanation behind this? Multiple credit inquiries create the appearance to credit agencies that you’re having trouble managing your credit and are anxious for more credit to bail you out. This reduces your risk.
Details required to get your credit report
| Personal Details |
| ● Your name – You can also include your nickname and names which have any relation with your credit report. |
| ● Address – Current address and former address |
| ● DOB |
| ● Provide mobile and phone numbers |
| Credit account details |
| ● Provide the details of current and historical credit accounts . |
| ● The Credit limit or amount. |
| ● Account balance. |
| ● Account payment history . |
| ● The name of the creditor. |
| ● The date the account was opened and closed |
Steps to check Free Credit Report
Before checking your free credit report, you should compare and analyze all available bureaus. You can also check your credit report using a buddy loan, which will provide you with a detailed analysis of your credit report.
To analyze your Free Credit Report, you have to log in to Buddy Score by following the steps shown below –
Step 1 – To “Check free credit report, “you must log in to the website providing these details.
-First Name.
-Last Name.
– Email address.
-Your mobile number.
-Date of birth.
-Gender.
-Pan card details.
-Current Street Address.
-City.
– State.
-Zipcode.
Step 2 -. Once you have provided the details mentioned above, you will receive an OTP on the number. Continue the process by entering the OTP.
Step 3. Now Your Free credit report should appear on your screen with each detail of the payment history of your credit accounts.
Endnote
When you are provided with free resources to check your credit report, paying for checking can’t be a good decision. Hence, the above methods should make it quick for you to get your Free credit report.