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Credit Report

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    Credit Report

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    Key Features in Credit Report

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    Personal Information
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    Credit Accounts History
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    Payment History
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    Public Records

    Credit Scores and Their Impact

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    Where Credit Scores Are Used and Why It’s Used

    • Lenders such as Banks, NBFCs, and mortgage companies use credit scores to decide loan approvals and interest rates. A higher score means easier approval and lower rates.

    • Employers may use credit scores to screen job applicants for positions involving money or high responsibility. A low credit score could be a red flag for an employer and could lead to your application being rejected.

    • Insurance Companies use scores to determine risk. A lower score can result in higher premiums.

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    Why It is Important to Maintain a Good Credit Score

    • You can negotiate a lower interest rate with a higher credit score rating.

    • You can get your loan application approved instantly and processed at the earliest

    • Your credit application will be accepted readily. Plus, you can apply for a new credit card without any hassle

    • You can obtain credit card with attractive features, rewards and benefits.

    • Some bank can waive your pre-payment charges and processing fee if your credit score rating is good.

    • It gives you greater financial flexibility and purchasing power.

    • You can secure desirable rental accommodations as it demonstrates your financial responsibility and reliability.

    • Some lenders and service providers may waive or reduce security deposits.

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    How Can the Credit Score Be Improved?

    To improve your credit score in India, you should

    • Pay your credit accounts on time.

    • Keep your credit card balances low

    • Maintain a healthy utilization ratio

    • Avoid opening too many accounts.

    • Regularly do a Cibil score check for errors.

    • Building a positive credit history over time will help increase your credit score.

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    What Are the Reasons for a Low Credit Score?

    Several factors can contribute to a low credit score in India. Common reasons include:

    • History of late or missed payments.

    • Default on loans or credit cards.

    • High credit utilization

    • Frequent credit enquiries

    • Too many open credit accounts

    • A shot credit history

    • Negative remarks such as settlements or bankruptcies on CIBIL reports.

    DO’S

    • Review your credit score and report regularly – Lenders assess it before approving loans; a good score means better terms.
    • Keep credit utilization low – Maintain below 30% of your limit to avoid risk perception.
    • Monitor joint/co-signed accounts – Missed payments by others can affect your score too.
    • Maintain a healthy credit mix – Balance secured loans (home, auto) with limited unsecured credit.

    DON’TS

    • Miss payments – Even one delay can lower your score.
    • Apply for unnecessary credit – Multiple applications signal credit hunger.
    • Share sensitive details – Protect against fraud and identity theft.
    • Close old accounts – Older credit boosts your profile; keep and use them wisely.

    Frequently Asked Questions

    Would You like Any Assistance?

    To know more about the application fee and processing charges, call us at
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