So now that you have finally prepared yourself to avail a loan or credit card, isn’t it? Well, if that is the case with you, reading this article is going to be worth for you. Well, those who have earlier been on a financial journey will surely agree on the fact that when it comes to availing any sort of credit facility, the first thing that lenders look for is none other than the credit score of an individual.
That’s Right! This three-digit numeric summary plays a pivotal role not only in case of availing a loan but credit card as well. This is the reason that why people are always so concerned about it and prefer to check credit score free so as to have a better vision of the same.
I know you must be wondering why is it important for the lenders to check these numeric number before offering any sort of credit to the applicants. Well, in order to understand the same, you just need to go through the article below.
It is important for lenders to check the score so as to know the credit worthiness of the applicants. This three-digit numeric summary actually represents the credit history and repayment history of an applicant that actually gives a quick check to the lender through which they can easily know whether to give away the loan or not. Talking about the score, it would not be wrong to say that it consists of many factors that all together give its contribution towards making your score a good score.
If we talk more about the score, it includes various factors such as loan & credit card details, late payment charges, credit limit, defaults if any and so on. After the deep and thorough analysis of these factors, the lenders finally decide the score of the applicant. However, one important that needs to be mentioned here is the fact that it’s actually the credit bureaus that collect and maintain the data of not only individuals but also the commercial entities. Well, it’s like a routine for the bureaus to do the same as these renowned receive the monthly data of the individuals on a monthly basis. The banks and NBFCs send monthly data to these bureaus and based on the facts they calculate the score.
In fact, not only the score but these agencies also prepare the credit report, which is nothing but a detailed unified document that contains all the details of an individual’s credit history and repayment record. And, in order to help you out in knowing your score in a better way, these days, there are plenty of sites available online at allow you to know your score in the best way. There are few simple and quick steps that you need to follow so as to know your three-digit numeric summary in a hassle-free manner. So, let’s just know about the steps in the article below:
Step 1: To check the score just open the cibil page online
Step 2:Enter your Name as per PAN Card, Date of Birth, Gender and PAN Card number
Step 3:Provide your contact details which include current residence address, email ID and mobile number
Step 4: Agree to the terms and condition
Step 5:Click on submit button
Moreover, another crucial thing that needs to be mentioned here is the fact that it is the PAN Card that an applicant needs to have so as to check the exact and accurate score. For more accuracy, you need to enter all the details so it would be easy for you to go through the entire process to check credit score free.
By checking the score, it would be easy for the applicants to know where exactly they are going on and what are the prone areas on which they need to work on so as to grab the best deal.
Hope this article worth reading for you!