As per RBI rules, all credit bureaus are required to issue a free full credit report, including credit score, to anyone who requests such a report.
Getting a free credit score or a free credit report is possible from many fintech companies while applying for a home loan, car loan or personal loan. However, if you want to get the credit report with a credit score from credit information companies (CICs) such as Equifax, Experian, CRIF High Mark and CIBIL TransUnion, among others, you can get it for free. .
As per Reserve Bank of India (RBI) rules, all credit bureaus are required to issue a Free Full Credit Report (FFCR) including credit score to anyone who requests such a report.
The credit report must be made available to the individual free of charge once per period from January to December.
Anyone with a credit history has the right to obtain a free credit report from one or more of the nation’s credit reporting agencies. You can get the free credit report online by visiting the websites of any of these CICs. You will need to provide your date of birth, address, PAN or Aadhaar number, ID etc.
A credit report has its own benefits, especially if you’re looking to get a loan. Your repayment abilities and your history of paying EMIs on earlier loans are reflected in your credit profile and credit score. The credit score plays a vital role in the loan application process as the lender first checks the credit score of the loan seeker. If the credit score is low, the lender may not even consider the application further and reject it at this stage.
Otherwise, if the credit score is high, the lender will review the application and review other details to determine if the applicant is creditworthy. The higher the score, the better your chances of the loan being reviewed and approved.
The credit score is between 300 and 900 and the closer it is to 900, it is considered high. You should carefully review the credit report to see if there are any outstanding loans in your name that you may not have used or have closed. In such a case, you must contact the lender and the credit bureau to rectify the error, which ideally takes a few months to be updated.
If you have taken advantage of the government’s EMI moratorium due to the pandemic, your credit profile will not be affected as per government rules. So make sure that the credit score is not affected in case the EMI moratorium has been applied.
So, if you want a credit report with credit score without paying anything directly to a credit bureau, you must hurry and apply before December 31, 2021. Next year in 2022, you will still be entitled to a free report because you can request one such free report per calendar year.
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