A credit report is known for capturing the financial information based on which lender determine your creditworthiness. Your credit report consists of current balances, credit accounts, payment history, current balances, and any wrong or derogatory items you may have. If you check the Credit report frequently, you will get a summary of your account details, total debt, and personal information.
The information available in the credit report keeps on changing; it is being frequently updated, added, or deleted. Usually, the negative items in the report reflect in a month or maybe more. The credit score is the main factor that every lender check in your credit report. Any score above 700 is considered as the best CIBIL score.
Know here in details what factors help in getting the best CIBIL score in your report
Personal identifying information: Under this column, it reflects the full name along with the variations such as an address, PAN number, and its variations, and employment information.
Accounts: It consists of information regarding the revolving credit, or any kind of installment loans including contact information, account status, loan amount, recent payments, account status, and individual or joint responsibility.
Payment information: It includes payment information on all account’s month-wise.
Public records: Including bankruptcies, tax liens, and civil judgments
Debts: It includes your loan information such as mortgages, credit cards, and auto loans
Hard inquiries: Every time you apply for credit, a “hard inquiry” is conducted on your Credit Report
Negative information: Including late payments, collections, settled accounts, repossession or voluntary surrender, charge offs, and other derogatory items
As per the Fair Credit Reporting Act, you are entitled to check free credit report annually from all three credit reporting agencies once every 12 months. Credit monitoring can help you detect any kind of identity fraud sooner and can also help in preventing surprises at the time of filing any credit application.
Online there are other platforms (NBFCs and FinTech’s) apart from annual credit.com are available where you can get the check free credit report or score. Apart from that you also get notified when new inquiries, new accounts, public records, fraud alerts, and personal information updates are detected on your report.
The more you are aware of the credit history making a big financial decision, like buying a house or a car, the more prepared you will be to take on the financial obligations. To get the best credit report, keep an eye on credit score always.