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How to Generate Credit Report for Free?

A credit report is a summary of your credit history. This report contains details of the credit and loan history along with other basic details of yourself. Banks and financial institutions use the credit reports in making effective lending decisions. A credit report also contains your credit score. A credit score is a three-digit number which constitutes all of your credit activities. Banks, as a practice, always check your credit score before processing your loans or credit requests. A high score indicates good money-management skills and that you repay your debts on time. Similarly, a low score is bound to raise questions about your financial credibility.

Steps to get your Credit Report for Free

Your credit score and credit report are calculated/generated by Credit Information Companies. There are four companies in India which act as credit bureaus - CIBIL TransUnion, Experian, Equifax and CRIF Highmark. Agencies like CIBIL, CRIF Highmark, EQUIFAX and Experian allow you to check your CIBIL score for free but only once. For regular and updated reports, you need to purchase a monthly, semi-annual or annual subscription at a nominal fee.

If you want to check your CIBIL credit score and credit information report, simply visit the website of CIBIL and follow these mentioned steps.

  • Visit the official website of CIBIL - cibil.com/freecreditscore.
  • Fill in the requested details such as name, email address, PAN and contact number.
  • Answer a few questions about your loans and payment history to authenticate your request.
  • Post authentication, submit your details and CIBIL will automatically generate your credit score and report for free.
  • The entire credit report is also sent through email within 24 working hours.

It is important that you answer all the questions about your loans and payment history accurately. Failure to do so will not lead to authentication. When this happens, you will have to download the application form and submit the physical copy along with self attested KYC documents (ID and Address proof) to CIBIL at the given address - TransUnion CIBIL Limited, (Formerly: Credit Information Bureau (India) Limited), One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Post submission, CIBIL will verify the documents and send your CIBIL report within seven working days via post.

Why is Credit Report Important?

A good credit report is like a report card that highlights the positive remarks on your credit history. It constitutes a credit score as well. If you have a credit score of 750 plus, it means that you have kept up with all your loan or credit card accounts by making timely payments.

A credit report is important because all banks, financial institutions and credit lenders check the CIBIL score before approving your loan or credit card application. Providing unsecured credit is risky business for any bank. Banks do not want to lend money to a person who is unable to pay back on time. Thus, all banks will want to look at your credit history before giving you any form or credit. A good report would mean that they can give you their money without any worry and you are a responsible citizen with a sound financial health. Therefore, if you want to avail credit from any bank, it is essential to have and maintain a good credit score.

FAQs On How to Generate Credit Report for Free?

Can everyone access my credit score?

No, your CIBIL Score is kept absolutely confidential and can be only accessed by few authorized bodies apart from you. Moreover, the authorities can only access the credit report if you apply for a loan or credit card.

Can I check CIBIL score by using PAN Card?

Yes, you can always check your credit score or credit report with a permanent account number (PAN).

Does CIBIL offer free credit score?

As per RBI’s directives, an individual can avail a free CIBIL report only once a year. If you want to get a regular and updated report, you will need to purchase an annual subscription.

Why financial organizations and lenders compulsorily check CIBIL score before approving a loan?

All the banks and credit institutions/lenders have made it compulsory to check the CIBIL score before approving a loan, the reason so because banks do not want to take the risk of non-payment in case the credit report is not up to the mark.

Why does a closed credit card’s report gets reflected on the credit report?

Old and previous details are not reflected on the credit report because banks and lenders provide a credit report to CIBIL at regular intervals. Moreover, such cases may take place in case there are is an identity theft.

How is the CIBIL score calculated?

A CIBIL score is calculated based on multiple factors. The calculation is done by using a complex statistical model that is proprietary business secret between CIBIL and TransUnion.

Do the four Credit Agencies compute scores differently?

The processes followed to compute your score might differ from agency to agency but your Credit Score calculated by all will be the same. Each agency has its own proprietary software and algorithm to calculate an individual’s credit score.

What is the difference between a credit score and credit report?

A credit score is a 3-digit number ranging between 300-900 which enables the bank to determine the borrowing liability of an individual. while a credit rating is given to companies and business, to evaluate their creditworthiness.