- A credit score is an important metric that helps in getting loans and credit cards.
- A credit score indicates the creditworthiness of an individual to lenders and potential employers.
- Here are the factors that affect your credit score and how you find your credit score for free.
A credit score is important when applying for a loan or credit card. Employers also often consider it to check the financial stability of existing and prospective employees.
Now that you know that a credit score is important, you must think about what a credit score is and how it is calculated.
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What is a credit score?
A credit score is a rating between 300 to 900 given by credit bureaus like TransUnion CIBIL, Experian, CRIF High Mark, and others that help identify a user’s creditworthiness. A person with a higher credit score can avail loans at a cheaper interest rate or get a higher credit limit.
What are the factors considered to calculate your credit score?
Several factors are considered while your credit score is calculated.
Here are the top factors that may have an impact on your credit score –
- Your payment history
- Number of loans and credit cards you have
- Credit utilization
- Recent credit inquiries on your account
- Length of your credit history
- Types of credit availed
How to check your credit score?
It is important to keep track of your credit score to ensure that you have not done anything to adversely affect it. Several applications and websites allow you to check your credit score for free.
Do note that each credit bureau has a different methodology for calculating your credit score, meaning your credit score will be different on each report.
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Credit bureaus
Get a free CIBIL report
CIBIL allows users to get a free credit report once a month using its website, allowing you to keep track of your credit score.
- Go to CIBIL’s website.
- Click on “GET FREE CIBIL SCORE & REPORT.”
- Now, create an account by entering your personal information.
- Confirm your identity and enter your PAN.
You will receive your credit report in the email you signed up with.
Get a free Experian report
You can also check your credit score on Experian for free.
- Go to Experian’s website.
- Click on “Free Credit Score.”
- Now, enter your phone number and click on “Send OTP.”
- Enter the OTP and click on “Verify.”
- Enter your personal details and click on “Get Report.”
You will receive your credit report in your email.
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Get free CRIF report
You can also get your free CRIF report from the bureau’s website.
- Go to the CRIF High Mark website and click “Get your score now.”
- Enter the required details and click on “GET MY CREDIT SCORE.”
You will receive your credit report by email.
If you do not wish to use the websites of these credit bureaus to check your score, you can also use the below applications to check your credit score for free.
Check your credit score for free on WhatsApp
Experian has launched a new service that allows you to use WhatsApp to check your credit score for free.
- Click on the Experian API link from your phone and tap on send.
- Now, click on “View Credit Report.”
- Now, enter your name and tap on send.
- Then, enter your email ID and click on send.
- Click “Yes” if your mobile number is registered to your credit account.
- If not, click “No” and share your registered number.
- Then, click “Send OTP “ and enter the OTP you received.
You will receive your credit report in your email.
Check CIBIL and Experian score for free on OneScore
OneScore, an app developed by FTL Technologies, allows you to check your CIBIL and Experian scores for free once a month.
- Download the OneScore app from the Play Store or the App Store.
- Open the app and enter the required details, including your phone number and PAN.
Once you have entered all the required details, your credit score will be fetched, and you can view important information on the OneScore app. Your credit reports will be sent to your email.
Check your Experian and CRIF score for free on CRED
Popular fintech Cred is another app that allows you to check your credit score for free.
- Download the CRED app from the Play Store or the App Store.
- Enter your mobile number and other personal information.
- CRED will fetch your Experian and CRIF credit reports for free.
You will be able to view your credit score on CRED, and you will receive the credit reports in your email.
