Chance to Get Free Credit Report

Chance to Get Free Credit Report

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It is possible to get a free credit score or a free credit report from many fintech companies when applying for a home loan, car loan or personal loan from them. However, if you want to get a credit report with credit score from Credit Information Companies (CIC) such as Equifax, Experian, CRIF High Mark, and CIBIL TransUnion, you can get it for free.

Chance to Get Free Credit Report
Chance to Get Free Credit Report

You can apply for a free report and get scores from four CICs once a year between January and December, namely, Equifax, Experian, CRIF High Mark, and CIBIL TransUnion.

All four maintain a detailed record of your credit history, including a track record of all your credit card bills and any current or previous loan repayments.

The credit report is to be made available to the person at zero cost once in the period from January to December.

Everyone who has a credit history is entitled to a free credit report from one or more credit bureau companies in the country. You can get a free credit report online by visiting any of these CIC websites. You will need to provide your date of birth, address, PAN or Aadhaar number, proof of identity etc.

Credit reports have their advantages especially if you want to get a loan. Your ability to make payments and track record of paying EMI on a previously borrowed loan is reflected in your credit profile and credit score. Credit scores play an important role in the loan application process as the lender first checks the credit score of the loan applicant. If the credit score is low, the lender may not consider the application further and may reject it at that time.

Elsewhere, if the credit score is high, the lender will examine the application and consider other details to determine if the applicant is eligible for credit. The higher the score, the better your chances of getting a loan reviewed and approved.

A credit score of anywhere between 300 and 900 is considered high if it is close to 900. You should look carefully at the credit report to see if there is a loan outstanding in your name that you may not have obtained or closed. In such a case, you should consult the lender and the credit bureau to correct the error which ideally takes a few months to update.

If you took advantage of the EMI moratorium provided by the government due to the epidemic, your credit profile will not be affected as per government rules. Therefore, make sure that the credit score is not affected if the EMI moratorium is taken advantage of.

Therefore, if you want a credit report with a credit score without paying anything directly from the credit bureau, you need to apply before December 31, 2021 in a hurry. Next year in 2022, you will still be eligible for the free report. One can apply for such a free report every calendar year.

How can I check my CIBIL score in India?

There are 4 credit bureaus in India. If you can draw your own free credit report, it is as follows: -

CIBIL

Experienced

Equifex

High Mark Credit Information Services (CRIF)

1. CIBIIL report

Credit bureaus should share the full report and not just give you a credit score. If you need a report and CIC does not share it with you, write to them quoting RBI rules. It helps to keep an eye on your financial history and accessing it once a year will help you to strengthen your financial position before you venture out for another loan.

This is currently available through the offline process.

You can download this form and send it by post to CIBIL office in Mumbai (I know !!). I hope CIBIL will make this available online soon too.

You will need to send your address proof, ID proof and other details like address, PAN, mobile etc.

Free CIBIL Report Form

The document also contains FAQs with addresses

Note, CIBIL may take up to 30 days to send you this free credit report

2. Experienced credit report

To get a score from your FFCR and Experience, log in to its website or click here to access the page and enter some details like name, mobile number, permanent account number (PAN), email and date of birth.

Within 48 hours (actually, in less than 12 hours), you will be emailed a voucher code - keep this in hand. The process is simple and self-explanatory.

Next, you will be emailed a link. Clicking on it will take you to a page where you will have to fill in other details. You will be asked to answer some questions about your loan such as: Who is your housing loan with? What is the loan amount you have been approved for this housing loan?

Again, you will be emailed a link for verification and after typing the voucher code, your FFCR will be displayed. A copy of this will also be emailed to you.


Experian has a 3 step online process

To start your free Experian credit application please first fill out the free Experian Credit Report web form

Once you have completed this, you should receive a voucher code within ~ 2 days. A link to your email ID with more instructions and a form to fill out online.

I'm not sure Experian has offline / poThere is also a stall process. Here is the link to the Experian offline form

3. Equifax Credit Report

To get your FFCR from Equifax, download the Equifax India app from Google Play Store or iOS App Store. Once downloaded, you'll need to provide your email ID and create a 6-digit PIN to access the application.

You will then need to provide your personal information and Aadhaar card number to verify your identity. You will then need to access the app again in about 6-12 hours and provide verification on your personal loan or credit card details. For verification purposes, the query may be: Which issuer's card do you have?

In the next 12 hours, the report will be emailed to you.

In contrast, it seems to be only available on mobile on Google PlayStore- AndroidApple Store - iOS. I'm not sure if the Equifax report is available through other channels.

4. High Mark Credit Information Services (CRIF)

Click on "Get Your Free Credit Report" on our website Credit Bureau, Data Management and Analytics

Login with your login credentials or social media credentials or continue as a guest.

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