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 a personal loan from them. However, if you want to get the credit report with a credit score from the Credit Information Companies (CIC) such as Equifax, Experian, CRIF High Mark, and CIBIL TransUnion, amongst others, you can get it free from them.
As per the Reserve Bank of India (RBI) rules, all Credit bureaus are mandated to issue one free full credit report (FFCR), including credit score, to anyone who asks for such a report.
The credit report is to be made available at zero cost to the individual once in a period from January to December.
Every individual who has a credit history is entitled to get a free credit report from any one or more of the credit bureau companies in the country. 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, identity proof etc.
A credit report has its own advantages especially if you are looking to get a loan. Your repaying capabilities and the track record of paying EMI on loans taken earlier gets reflected in your credit profile and the credit score. The credit score plays a critical 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 even consider the application further and reject it at that point.
Else, if the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy. The higher the score, the better are your chances of the loan being reviewed and approved.
The credit score is anywhere between 300 and 900 and the closer it is to 900, it is considered to be high. You should carefully go through the credit report to see if there are any loans that are outstanding in your name which you may have not availed or have closed the same. In such a case, you should approach the lender and the credit bureau to rectify the error which ideally takes a few months to get updated.
If you had availed EMI moratorium as provided by the government owing to the pandemic, your credit profile will not get impacted as per government’s rules. So, make sure the credit score is not impacted in case EMI moratorium has been availed.
So, if you want a credit report with the credit score without paying anything directly from a credit bureau, you need to hurry up and apply before December 31, 2021. Next year in 2022, you will still be eligible for a free report as you can apply for one such free report in each calendar year.