Online Credit Report System
Let’s have a glance at What is Credit Score?
A credit score is basically an expression of numerics which is analysed by the usage of a person’s credit files which represents the worthiness of individual’s credit card scores. Credit bureaus (private as well as) is only responsible which manages credit report information of a person who owned a credit card.
A credit score is primarily based on the activity of an individual’s fund. Lenders such as credit card companies and other banking industries use and analyse credit scores of the cardholder’s account to get an idea of the amount and potential risk posed by lending money to consumers. It also determines painful losses due to bad debt.
Who Determines Credit Activities of Individuals
Lenders means credit card companies use credit scores to examine who are qualified for a loan, what credit limits provide to an individual for their card and what interest rate should be applicable on a particular cardholder.
Lenders also use credit scores to determine that who are the most profitable customer for their business and who brings the more revenue to their business. The more credit scores the customer will get, the more customers have able to built a trust on the system. The creditworthiness is not only measured by credit scores, there are several other ways to calculate creditworthiness such as data mining and other similar techniques.
There are so many questions strike in our mind when we hear credit score words but the most common question is that how can we determine that the one’s credit scores are good or not. So, there are some set of rules to examine the rating of credit card.
What is a good credit score?
Manely the initial stage to give a rating to credit card score is ranging between 300-850 but the credit scores of 700 or 750 is considered to be a good score and a person who have a good credit score has a better chance to make their credit card application approved quickly.
Also, a person who has a 650 or above credit card score is likely qualify for the standard loan while others have problem to receive new credit. A credit score of 800 is generally considered to be an excellent credit score.
Factors That Affect Your Credit Scores
There are some information and factors which affect the one’s credit scores. There are also some conditions which vary according to the activities and scoring model being used by the customers. The some elements which generally affect credit report are as follow:
- Credit utilization rate: It measures by the activities are been done by the customer.
- Total debt: It is measured by the sum of total money which are owned or due.
- Conditions: Type, number and age of credit accounts.
- History: It depends on past events of loans and credit cards
- Public records such as a bankruptcy
- Number of inquiries for your credit report.
There are some companies which offers customers to check their credit scores. We are listing most popular companies who endows credit score checking facility in the article. The following are:
1. TransUnion CIBIL
TransUnion CIBIL is India’s leading credit information company and managed one of the massive collections of consumer information worldwide.
CIBIL mission is to make information solutions that enable businesses to grow up and give consumers faster, cheaper access to credit and other services.
We make value for our members by helping them manage devise appropriate lending strategies and risk to increase portfolio profitability and reduce costs. With comprehensive, genuine information on consumer and commercial borrowers, they are able to make sound credit decisions about individuals and businesses.By analyzing, collecting and delivering information on the credit histories of millions of borrowers, we empower our members to plan their strategies with greater prudence. We understand our customers’ make solutions and evolving needs that help them grow and innovate, simultaneously making our own opportunities to thrive and reinvest.
2. Experian Credit Score
Experian credit score is one of the demanded lenders which represents the refund history of an individual. Whenever any customer apply for a credit facility such as loans and credit cards then Experian company decides whether the one is suitable of a loan or not as all the credit history of the customer and recorded and kept into account by the lender like Experian.
What details and other informations are needed to check Experian Score?
The basic informations are mentioned below:
- You have to mention your Full name, Email ID, Mobile number and click on the ‘Submit’ button.
- You have to select your Date of Birth and Gender
- An OTP is sent to the registered mobile number
- You have to submit OPT in order to verify it.
- And last you need to enter your PAN Number.
3. What is CRIF High Mark?
CRIF is one of the best Credit Information Companies (CIC) in India, it’s main headquarters are situated in Europe and India. It was found in 2007.
CRIF High Mark Credit Scores Meaning
Mainly all credit bureaus work on the same protocol and follow a similar range for credit scores. The credit scores of CRIF High Mark is between 300-900 and 900 credit score is the highest. It calculate the credit scores by predicting the probability of an individuals’ activities which the one will do within the next 12 months.
Equifax is one of the most liable Credit Information Companies (CIC) in India which has headquartered in USA but it has their footprint in 17 countries worldwide. It assists customers to give leverage relevant and actionable consumer information. It offers a specialized products and services which include data management, credit reports, alerts, analytics to their customers.
What Equifax Does:
Equifax gives faster services to their customers as compared to other credit information companies. It take few days to monitor and create a credit report. You can see your credit report within few steps.
I hope you have find the above information to you and help you to pick the most demanded credit report companies.