4 Proven Hacks to Build a Great Credit Score

Building a good credit score is very similar to building a good reputation; both require an immense amount of work and patience. Loans are a crucial part of the modern man’s life and building a rock-solid credit history is of paramount importance for getting a big loan approved. If you are successful in maintaining a high credit score your quality of life will take a 180-degree turn as you will be able to buy all the luxuries in the world for yourself and your family.

But the sad part of the story is that your scores can drop real quick for the smallest of the reasons. It can be disheartening to know that you have a low score when you open your credit report. But hey, do not be discouraged, you can still work things out! Wondering how? Look no further, we have compiled a list of 4 things you can do to build a great credit score.

Repay Your Card Dues and EMIs in Time:

Yes, however stereotypical this suggestion sounds it is actually true. Every credit risk analytics expert swears by this strategy. A consistent regular repayment on your card dues and EMIs will definitely help you with a good credit score. If you become delinquent and default on your loans, your credit score will be negatively impacted because the lender will report that you are not in compliance with the terms of your loans. Even if you missed a payment, do not sulk in worry. Get up and bring your loan to regularity now.

Utilize Your Card With Caution Don’t Use The Card To Its Full Capacity:

Having a credit card is not your ticket to go overboard on shopping! Things can take a detour and you may soon find yourself in a pool of debt. Using the card to its full capacity is never the right thing to do. Try spending only up to 40% of your credit limit to keep the balance low it will help you repay the full amount on the due date and also keep your credit score in low.

Limit Your Credit Card Applications OR Loan:

Too many credit inquiries on your profile by banks ‘whether they be for a credit card or a loan’ also can also bring down your score, so make sure you’re only applying for credit only when it really is necessary. Select a credit card and a bank after doing research rather than blindly applying for credit with many banks.

Checking Your Credit Score Regularly:

Don’t lose the good credit score you’ve worked for! Now’s definitely a good time to ask yourself if you’re being proactive about protecting your financial health. Management guru Peter Drucker said that you can’t manage what you can’t measure. To manage over your credit and your financial life, you must measure your creditworthiness through the credit score regularly. Tracking your credit score every quarter helps you stay on top of your own credit report and thus, maintain a good credit score.

So there you have it, all you need to do is blend these simple steps together and make a great recipe for a good credit score! If you still feel uncertain about how to build and maintain your credit score, you can read our BLOG or feel free to get in touch with us!

 

4 Ways Credit Score Can Impact Your Financial Life

Credit Bureaus such as CRIF are dedicated organizations set up to assess the risk of a loan being given to an individual or a business by banks and financial institutions. Various factors like paying your EMI’s and card dues on time, how long you have had and used credit, number of credit inquiries you have made in a particular amount of time etc. are considered to determine a person’s credit score.

Having a good score with credit bureaus is one of the most prominent characteristics of a responsible person. A good credit history indicates that a person is in control of his/her finances and has made past payments on time without any negative remark. Generally, the higher the number, the more trustworthy you appear to lenders. The lower your score, the more difficulty you will face. We take you through the potential effects a credit score can have on your financial life:

1. Incurring Lower Interest Rates on Loans
If you are in the good books of credit bureaus, then you’re most likely to incur lower interest rates on loans while, on the other hand, you might not get a loan at all if you have a poor credit score. For a score with a range between 300-900, a credit score of 700 or above is generally considered good. People who keep paying timely installments on their loans and credit card dues get extensions on limits subsequently when their credit limit gets stretched. A good credit gives you the negotiating power when applying for a loan in terms of interest rate and loan amount.

2. Get Home Loans Processed Swiftly
Owning a home sweet home is the dream of every individual. If you are looking to buy your dream apartment, there are two things you consider: a pretty home and a not-so-pretty home loan. However, what matters the most in swift approval of your home loan is your credit score. Home loan limits are dependent on income but a poor credit history might cancel out / nullify your chances of getting one irrespective of how much you are currently earning. On the other hand, with a good credit score, the chances of loan approval are higher. This is because the lenders consider you as trustworthy. Read our blog 4 things to consider Before You Apply for a Home Loan to land into your dream apartment.

3. Employment Prospects
The penetration of credit score has gone beyond as an integral part of the loan approval process for banks. It is increasingly being used as the selection criteria before scheduling interviews. Employers in banking and financial services (BFSI) are checking credit scores of candidates as a part of their employee verification process before hiring them. So if you are searching out for a job, then not only preparing for the job interview but checking your credit score and improving it also becomes indispensable. A lower score can thrash your desires of a dream job.

4. Others
Globally a credit score is also used by the insurance firms to set the premium charges on their policies. Even telecom companies use it to set the security deposit that they require before giving a connection or decide the credit limit. this is beginning to happen in India as well, as insurance and telecom companies have begun using credit scores. We are already seeing early use of Credit Scores to establish credibility of the groom in case of arranged marriages and of the tenant in case of rentals.

Hence a bad credit score affects many more aspects of your life than what you must have imagined. Any bad credit decisions will keep you on the back foot. It may not put an end to your financial journey, but it definitely slows it down. Though there are lenders who might be willing to offer loans even with a low credit score the rate of interest tends to be significantly higher in such cases. Hence it is prudent to maintain a good credit history. Like an annual health check-up do a regular credit score check too, to take charge of your financial life. You can get your credit scores in a few simple steps by visiting https://cir.crifhighmark.com

 

How I Raised My Credit Score By 250 Points

I had already unfolded the climax in my previous blog, on how I was being denied higher education due to my own credit mistakes. This blog is essentially the return of the hero who fights with bad credit and lives happily after with a great credit score.

850. That was the number printed on my latest CRIF Credit Report. Read ahead to know – How I Raised My Credit Score By 250 Points.

Credit Score = Trust?

One of the premises of a civilization or society is its need for safety. It is because of this need for safety from the wild did the early human start forming communities. Humanity has evolved and advanced a lot from them, but the basic need for safety is perennial. It is very important to have those few trustable companions or entities who make us feel safe.

Since the age of the Kings and the Landlords, the practice of lending also pivoted around the similar element of trust. Lending has transformed from being a local, personal referral based activity now into a very large industry backed by digital systems and a sense of trust emanating from the use of data sciences. The industry allows instant lending and peers to digital peer-to-peer lending on basis of data-backed trust that the person taking the credit will pay back after the pre-defined time. This data-backed trust comes from the “credit scores” provided by the Credit Bureaus by understanding behavioral patterns from the millions of records of individuals such as you and me.

I realized that I had to improve my credit score from 500 so that a bank can begin trusting upon me to repay its money. In my quest to improve, I began analyzing my credit report against the five major factors that form the basis for a credit score. And voila, I had devised a clear plan of action to seize control of my credit situation-

  • Payment History : my credit report clearly reflected my negligence around making payments towards my credit card dues. I would generally pay up money only after many follow-ups from the credit card companies, perhaps this was one of the most important factors barring me to pursue my dreams. I immediately cleared pending dues on all of my credit cards and vowed to now pay full dues at least 3 days prior to the due date.
  • Age of Credit : I had 4 credit cards. Since now I have to pay on all cards in time, I decided to close 3 of these cards. I decided to maintain the oldest credit card I had, as the higher age of credit means a better credit score.
  • Credit Utilization : The average spend on each of these 4 cards was nearly 80% of the assigned credit limit. This meant that the credit utilization ratio was 80%, which ideally should be 30-40%. The credit card I chose to retain was linked to my salary account. My banker helped me get the credit limit of this card increased. This enabled me to enjoy higher credit just with one card, but have a low utilization. I crossed my heart to not use above 25% of the allowed credit limit at any point.
  • Type of Credit : I pledged to explore a car loan (secured loan) and diversify from just having credit cards (unsecured loans). And the next year when I had a slightly better credit score, I took two additional loans, one for buying a car and the other for buying a laptop and paid them off in the same year. This allowed me to add different types of credit as well as provide better evidence of my credit behavior.
  • Number of Credit Inquiries : This did not seem to be a problem for me, however, I have since then avoided unnecessarily applying for credit cards or loans.

12 months of discipline had helped me improve my score from mid 500s to 670, it helped me get a car loan — but it wasn’t enough to help me fulfill my dream. After another six months of care, my credit score was above 750 and I was packing my bags to leave for an MBA. All I needed was a basic understanding of credit score and discipline to follow my plan. Last month I repaid my education loan but still continue to follow the rules I set for myself 5 years ago. As you read my story, let me tell my credit score as of today stands above 850.

Today, in parts of the world, your credit score can stand in your way of getting accepted as a tenant, employee or even spouse. Hence it is becoming paramount to manage your credit score to maintain your credibility not just for getting loans but for fulfilling your dreams.Don’t let your ignorance hamper your dreams.

Get Educated and Educate Others. Journey to happy credit starts here CRIFHIGHMARK CREDIT REPORT

About the Author: Subhankar Mishra works as Service Delivery Manager at CRIF High Mark, India’s largest Credit Bureau database.

How Often Should I Check My Credit Score? – What’s The Myth? What’s The Truth?

Credit Score is one of the most important factors of your financial credibility and often people are confused about various things related to it. ‘How to check score?’ ‘When to Check Score?’ ‘How many times should you check it in a year?’ are some of the most commonly asked questions. It is important to know your answers, know the truths and myths behind them.

Firstly, answering the most frequently asked question, ‘How often should I check my credit score?’ The answer is you can check it however often you wish to. It is a common myth that checking your own credit score frequently has a negative impact on your score. There is some negative impact on your credit score if you apply for new loan or card very often or with many banks at the same time, as the banks would make as many ‘credit inquiries’ with the credit bureau. With high number or frequent ‘credit inquiries’, the credit bureau believes that you are desperate to get a fresh loan, therefore, considers that behavior negative.

Having said this, it is not necessary to check your credit score all the time or every day. Let’s guide you through the ‘how’ and ‘when’ to help you determine the right time to check your credit score.

Who Should Check Credit Score?

A credit report is generated only when you own a credit card or have a loan taken in your name. Credit scores are calculated from the credit report. Therefore, whoever meets the above criteria is likely to have a credit score. All such people should certainly and regularly check their credit report and credit score.

What If You Never Had a Credit Card or Loan Before? When you have not borrowed in the past or have never had a Credit Card or a loan, there will be no updates about you with the credit bureau, who mark such cases as NH or ‘No History’. Due to a lack of details, the credit bureau will be unable to comment on your payment behavior. In such cases, we advise to start building your credit score and checking it once a year. For more details , you could visit our blog What do banks see when they look at your credit report?

When Should You Check Your Credit Score?

When to check credit score completely depends on your comfort level and your credit activity. Checking your credit score once every quarter is perfect but people often check it twice a year or even monthly at times. The credit score should be checked and the credit report reviewed at least once in a year that’s a minimum!

It is important to remember that checking your credit score on your own does not impact the credit score at all, even if done very often. In fact, keeping a track of your credit score frequently makes sure that you are aware of your creditworthiness, you are taking informed decisions about your credit, and you have a clear picture about when and how to maintain your credit score. A quick reminder, avoid focusing too much on the day-to-day changes and try to identify the overall trend in your credit score. Below are some reasons why you might want to check your credit score or credit report:

1. Before applying for a new credit card or loan such as housing loan, auto loan to avoid any surprises
2. While building or improving your credit history to keep a track of your credit scores.
3. After settling off or closing a loan to know if the updates were made

When Not to Check Credit Score?

There is no such time when to avoid the credit score. The importance of credit score has been talked about in every other financial article. It has to be a part of your yearly routine at least to stay updated and informed.

Even when you have good credit score, it is important to keep an eye on any drops in score or inaccurate information on your credit report and to ensure that it is maintained above acceptable thresholds. If it is on the lower end, make sure you change your habits and take conscious steps to bring it up. Also, minor changes on your credit report or credit score should not be a cause of concern as these are expected to happen. So checking credit score daily can be avoided.

How to Check Your Credit Score?

There are various online websites which give you credit score, but the source of such credit scores would be one of the four RBI regulated credit bureaus such as CRIF. When it comes to finances, you ought to trust the expert and give importance to data security.

One of the trusted way to do so is check it from CRIF, a RBI regulated credit bureau. You are entitled to check a credit score and credit report FREE once in a calendar year from CRIF. Checking your credit score is easy three step process – fill your personal details, confirm your identity and download the https://blog.crifhighmark.com/wp-admin/tools.phpreport.

There is no right time or right day to start keeping a track on your financial credibility. Informed or Unaware, choose wisely

What Benefits From Banks Can I Expect If I Have a Good Score?

Rakesh has been making routine visits to his bank for getting his home loan sanctioned. As this was his first loan, he had been curious about the concept of credit score. Counting upon his neighbor, Aditya for all his financial queries, he had even discussed the things banks notice in the credit score with him a couple of days back. You can check the conversation here. So, while they were watching the FIFA World Cup match live on TV, the discussion during the halftime again turned towards the credit score.

“Aditya, do you remember we talked about credit score last week. I checked with my bank manager and came to know that my credit score is 759. Is this something good or bad?” Rakesh checked with Aditya.

“That’s indeed a great score. Any score above 700 is generally seen as a good score.” Aditya said. However, Rakesh was not much satisfied with this plain answer. It seemed like Rakesh had something more to ask.

Noticing this, Aditya continued, “A good credit score is an indicator of creditworthiness, i.e. the person has established positive habits with their finances. One tends to get plenty of benefits with a good credit score.”

Benefits of a Good Credit Score:

1. Better chance for credit card and loan approval- Credit score is your first impression of you as a borrower in the eyes of the bank. As such, having a good credit score improves your chances for faster and earlier approvals for credit cards and loans etc.

2. Low-interest rates on loans- Several banks have started linking the interest rates applicable to the borrower with credit score. As such, the interest rate you may be charged on your loan can get affected by your credit score. Some time back, Bank of Baroda had become one of the first banks to offer better interest rates on home loans for customers with a credit score above a specified number. Many more banks have already followed the suit and several others are now joining the race. Recently, IDBI Bank has also offered some discount on the applicable interest rates for customers with good credit score. It, therefore, becomes imperative for you to maintain a good credit score.

3. More negotiating power – Your better credit score helps your bank to perceive you as a less-risky borrower. As such, you can ask for concessions on processing fees, higher loan to value ratio (amount of loan against the value of the security) etc. and given your good credit score, such requests can be definitely expected to be considered favorably by the bank as well. Any saving is a good saving, nevertheless.

4. Get approved for higher limits – With a good credit score, you get reflected as a healthy borrower with lower credit risk for the bank. As such, you may also be approved for higher limits against your credit card/ loan etc. However, do make sure that you genuinely need such higher limits before choosing to avail them. After all, the money you are going to use is just a loan and you need to repay it one fine day.

5. Bragging rights – This is more linked to your psychological need. A good score highlights you as a responsible borrower who makes his payments against the debts on time. As such, you can rightfully brag about it within your friends network.

“Keeping all other things aside, let me focus on the last point mentioned by you.” Rakesh quipped.

“Definitely. I have always believed about appreciating good things in life, be it your credit score or a cup of tea. Masala tea or ginger tea?” Aditya was all into smiles as he offered Rakesh a cup of tea.

What Do Banks See When They Look At Your Credit Report?

Rakesh had applied for a housing loan with a leading housing finance company. However, when he read in the newspapers that XYZ Bank is offering relatively lower interest rate, it definitely appealed to him to approach XYZ Bank. Considering the high loan amount, even a 0.50% benefit in interest rate does make a huge difference in the overall outflow from one’s pocket. While the bank was doing its due diligence before sanctioning him the loan, Rakesh’s credit report was also fetched by the bank. Curious about what all would show up in the Credit Report, he visited Aditya, his neighbor and also a Chartered Accountant to look for answers.

“There’s more to a credit report than just how much of money you owe to banks. The credit report details out all of your credit information as has been gathered by the Credit Information Bureau (such as CRIF) from the banks, NBFCs and other types of lenders. Bankers keenly review various details in your credit report before approving the loan.” Aditya said and continued further.

Details Fetched By Bankers From The Credit Report:

1. Credit score: It is the first impression the banker can have of you as a borrower while going through your credit report. Reflecting your repayment tendencies, it indeed impacts your access to the credit. For an individual with a regular credit history, the credit score ranges from 300 to 900. For a bank, higher the credit score, lesser is the probability of customer defaulting on the loan. It, therefore, becomes imperative for you to have a better credit score i.e. above 700.

2. How much you owe and to whom – Your credit report includes information about each of your existing credit accounts, including credit cards, home loans, car loans, personal loans etc. This helps them since the existing liabilities on you and also the type of loans taken by you. Every loan will tend to reduce the repayment capacity of the borrower for a new loan. Bank will be able to understand your monthly outflows (sum of EMI amount and card payments) towards your loans.

3. Repayment habits – This is the primary parameter which impacts your credit score as well. Your credit report tells the potential lenders about your repayment tendencies. It shows up how much amounts are overdue presently, how much amounts had been overdue in the past and in case any one-time-settlement has been resorted to by the borrower in respect of the loans.

4. Are you a Loan Hungry Individual? – In case you applied for loans with many banks in a short period or applied for many loans or cards every couple of months, you’ll seem less appealing to potential lenders. A banker may conclude that you have a high dependency upon debts and therefore you may be desperate for loans.

5. Personal Details – Your credit report will also contain information of your addresses for your existing loans and credit cards. As such, the banker can have a fair idea about the stability of your residence i.e. how long you have been staying at your current place of residence etc.

“So in a nutshell, a credit report is the mirror of my credit profile and repayment habits. A bank is giving my incentive on interest rate if I have a good credit score the since they see me as the less risky customer.”
Rakesh tried summarizing his lesson.

“Spot on!” Aditya beamed hearing his disciple’s summarization. “You are the solution of all my financial worries. No wonder, I totally rely upon you.” Rakesh quipped.

Risk Vs Returns – Be Alert Towards ‘Quick Money’ Investment Schemes

This year, the Financial Literacy Week by RBI focuses on “Consumer Rights” to educate consumers about the crimes by investment fraudsters and how they should always be on a lookout to never fall into such schemes.

Thinking about securing your future always tends to aim at an understanding spree about investments. Sometimes though, we come across hard-to-believe schemes in the name of banks associated with it. Here’s a quick tip: Do not fall prey to these kinds of activities. Understanding investment plans are realizing that higher the returns, higher would be the risks- that is the principle. But one needs to grasp that higher returns may come with higher risks but higher risks might not necessarily always come up with higher returns. You must understand that it’s the market time you enter and not your timing in the market.

Before understanding the fruitful returns, be wary of the sources you plan on investing in or with. Investment frauds generally pose as a wide range of deceptive practices used by scammers to entice investors into making blind investing decisions. Given the game-changing ways of fraud each day, investment frauds generally follow one or all traits listed as below:

High ‘guaranteed’ returns-
Let’s face it, the principle says “higher the returns, higher are the risks”, but even then is no guarantee to it. So, if a scheme claims to guarantee your returns portion- do not engage further with it.

High initial investment-

This is like a “Ponzi” scheme. Here, investors are lured to invest large sums of money because the returns received are chunks of their own money as there is no other source of income.

Vague/complicated investment strategy-
At all times, financial experts always advise on investing in schemes that you understand properly, in and out. Now, when a representative approaches you with a scheme that you try to understand better and in return get a more complex version of it- you are probably talking to a con man.

Unsustainable business model-
A company promising you ‘incredibly’ high returns should ideally have a sound business model with proper affiliations. If the story sounds odd or fake to you- simply walk away.

Being generous by paying back of losses-
When a representative says that he/she shall pay any losses if incurred from their own pocket- you definitely should run towards the door.

So, what can you do?
Ask for proper regulatory approvals
A registered company will never give an entity permission to mobilize public money. It needs approval from either Sebi or RBI.

Do your own research of the company and the scheme
Do not hesitate to ask one of your trusted financial consultants, consult your friends and search on the internet about the company and the scheme for any consumer reviews. If you are in doubt, better to avoid.

Do not issue cheques in the name of a third party
Always issue payments in the name of a bank or an institution and not towards any individual or third party. Also, remember never to issue blank cheques or sign on blank papers.

Ask for regular account statements
A genuine investment scheme will always provide account statements at regular intervals, either monthly, quarterly, half-yearly or annually. If it isn’t doing so, something might be wrong.

Match performance with stated investment strategy
The performance of your invested scheme must be in line with the returns promised. If not, investigate and if needed, take necessary action by reporting the case.

Now that you know, be alert of the frauds that claim fast money with your hard earned income. Share this knowledge with others and let’s unite with RBI to spread financial literacy this Financial Literacy Week 2018.

Why banks use credit info when I have my savings account with them?

Twenty20 has always been pitched as the cricket format with the most crossover appeal. The success of this year’s IPL is living proof. Rakesh was indeed surprised on the performances by IPL Teams.

Yes, indeed. Anyways, even when our work makes us so busy in our own lives, these matches have just been giving us a chance to meet.

Oh, certainly. Anyways, you remember, I had applied for a housing loan. Even while the bank finally sanctioned my loan, it took them a century to process for it. They were saying that my credit history was now much old for them to process the loan faster. I don’t know why banks emphasize so much on historical data?” Rakesh was back on his learning curve.

Banks resort to credit reports for checking the past repayment history of the borrower. Credit reports show the information about existing loans and also the status of the outstanding amounts and in case any of such amounts are under default. This helps the banks to estimate the risk of default for the borrowers.” As always, Aditya was there for Rakesh’s questions.

Well, I can understand such an analysis for someone who is not an existing customer of the bank. I fail to understand why banks need to use credit information separately when I already have my savings account with them.” Rakesh shared a genuine concern.

That is indeed a valid point. However, even while you may hold a Savings Account with a handsome amount lying in it, your financial management and repaying habits are not clearly reflected through the pattern of transactions in the Savings Account. Banks need to factor in that how much of the regular monthly income is already committed for monthly EMIs, which they can estimate only once they have your complete credit data. Besides, in case you are utilizing the credit limits to the extent possible and paying only the minimum amounts due, that indicates your high reliance on the debt.All this information can only be fetched through credit reports and summarily reflected in the credit score. That is why banks give so much importance to the credit report data.” Aditya also made a good point in a bid to clear the confusion of Rakesh.

Credit reports certainly show off some valuable data for the banks. One should always be careful in dealing with the debts owed.” Rakesh was slowly getting a good hold over the subject.

“Just remember not to default on your EMIs and utilize debts only for productive uses.” Aditya closed the conversation on a crisp note.

Rakesh and Aditya were both smiling.

How do Credit Bureaus Work?

Rajesh and Aditya were again together, having some good time watching the IPL Trophy 2018. However, amidst the cricket talks, the conversation again shifted towards the credit score. Rajesh was indeed happy knowing the procedure to get the credit score in the last conversation. However, he could remember that the bank wasn’t able to find the score from one credit bureau but then finally caught hold of his credit score from another credit bureau. He was just wondering “How” and he instantly knew who will clear his doubts as always.

Every lender shares loan data with all credit bureaus generally within the first two weeks of each month. Each credit bureau takes its own time processing that information and refreshing it on your credit report and score. Further, it may be possible that the same set of information is processed in a different manner by different credit bureaus. So, it might be possible that one credit bureau missed your information or left it on grounds of being inadequate while the other credit bureau creates your credit history based on that information itself. Also how a credit bureaus searches your data in its own database depends on its own logic – remember Google vs Bing! These are some of the reasons why your record could be missing with one credit bureau but found in another.” Aditya was indeed happy to be Rajesh’s guide.

Oh, that’s quite complex. But why do banks share my data with credit bureaus? Is my data all secure? It seems like anyone can access my personal data.” As always, Rajesh was still far from being convinced.

RBI mandates banks to share this data with all 4 credit bureaus in India. The data collected and stored by the credit bureaus is kept under many layers of security. Your personal data and is accessible only to you or to a lender whenever you apply for a new loan.” Aditya was leaving no stone unturned to convince Rajesh.

Oh, that is good. It is always good to learn something new from you. The match wasn’t good, but this learning will indeed be helpful. I have much more to learn from you, but next time” Rajesh seemed happy now, and needless to say, convinced too.

“Yeah. Let’s keep something for next time. Now, it’s time to enjoy some tea now.

Aditya moved towards the kitchen to get some biscuits for the tea. Rajesh and Aditya were both smiling.

How to Check your CRIF Credit Score?

The last time Rajesh and Aditya met, they had a good session discussing the basics of the credit score. They were again together to enjoy the one-day IPL Match between CSK and KXIP. CSK won this match comfortably by 5 wickets but Rajesh seemed much happier. Digging a little, Aditya came to know that ABC bank had finally sanctioned Rajesh the housing loan after his credit score was traced from another credit bureau.

I owe you a party, my friend. It’s all thanks to the basics you made me aware of the credit scores. I went to the bank next day and possibly due to my discussions about the credit score, the banker searched more into my credit history. I was pleasantly surprised when he said that while he could not fetch my credit history from one of the credit bureaus, he could find my credit history and credit score in CRIF High Mark database. With a score of 755, it was easy thereafter.” Rajesh said all this in one go. He was not able to hide his excitement.

Aditya was happy to hear about Rajesh’s housing loan sanction.

“Oh great, a good score indeed. CRIF score is calculated by CRIF High Mark, India’s leading credit bureau, which has the largest credit bureau database of individuals and supports millions of lending decisions every month.”

But there must be a way to check this score by myself too. I must keep a regular track of my credit score now.” As always, Rajesh was excited about the new thing he was made aware of.

Aditya was happy to guide him again. It seemed like he had been waiting for this question since long.

Here are the steps to get your free CRIF Credit score:

  1. Open CRIF portal, https://cir.crifhighmark.com/
  2. Click on “Get Your Score Now” button.
  3. A pop up will open asking your email address for communication purposes. Enter your email address here to proceed.
  4. The next window will ask you about few details which will help CRIF High Mark identify you amongst the complete database. The details as may be asked are name, date of birth, mobile number, address and PAN or Aadhaar number.
  5. Once you review and submit the information, you will be asked one security credit question, which will be based upon the records so traced basis the information furnished above.
  6. If you are able to answer the security credit question correctly, your CRIF credit report is available to you for download.

You should also be happy to note that everyone is entitled to a free credit report and score from CRIF High Mark once every year. So, get your credit report without paying any charges.

Oh, that is good. I will definitely download my CRIF High Mark credit report once I get back home.” Rajesh was happy to again learn something new.

It’s time to enjoy the tea now. The rainy weather is calling pakodas to my kitchen now. I will not let you go before we enjoy that.

But yes, how could bank not find my credit report with one credit bureau while getting the same from another credit bureau.” Rajesh was in no mood to let Aditya go.

We always have a good time when we meet over the weekends. So, let’s keep this question for then.

Rajesh and Aditya were smiling now.