List of Credit Report Agencies That You Need To Know

A consumer credit report is a limited record of your personal information as it relates to your consumer credit activities. It is mainly used by lenders and creditors to determine your credit reputation or creditworthiness when deciding whether to extend credit or lend. Although numerous small credit reporting agencies (CRAs) exist, there are only three large credit reporting agencies (CRAs) that are widely accepted. The credit reports India are divided into several general categories, the most common being credit history, public records, collection accounts, inquiries, and personal information.

The Credit History section displays some general information that you would expect to see on a consumer credit report such as real estate mortgages, credit cards, line of credit, personal loans, and auto toe loans. While displaying some general information that you might expect, such as the account name and account number of each account, this section of the Credit Reports India also shows the status of each account and whether it is current or past in payments. This section of the Credit Report goes into more detail by displaying each account balance, minimum payments, and payment history.

Credit bureaus collect credit information from banks and individuals from NBFCs. The information includes detailed payment history, defaults, loan and credit card applications and corresponding approvals and denials, total credit limits, age of accounts, and personal details. There are four credit information companies authorized by the Reserve Bank of India (RBI) to operate in India. They are:

•          Equifax
•          CIBIL
•          Experian
•          CRIF high mark

Based on the data received from lenders, Business information Report companies create credit scores and credit reports for the benefit of lenders and borrowers. The lender uses the credit report to verify the creditor's credit and disburses the loan accordingly. Borrowers can learn about credit behavior and move forward in action to improve their credit health in order to be eligible for a loan and credit card.

Equifax

Equifax in India was registered in 2010 as Equifax Credit Reports Information Services Pvt. Ltd. (ECIS), headquartered in Mumbai. USA and Equifax Inc is a joint venture between seven leading financial institutions in the USA and India and provides credit information services among other credit-related services. In addition to providing credit reports, Equifax also provides services in data management, analytics, and alerts for prudent financial decision making.

Your Equifax credit report is generated 7-10 days after document verification. Equifax credit scores range from 300 to 900. You can get a free Equifax credit report once a year. If there are any errors on your credit report, you can increase the dispute resolution by downloading and sending the dispute resolution form from their official website.

How to get an Equifax credit report?

Online: You can request a free Equifax report by logging on to Equifax's official website or the Credit Minister.

Offline: Follow the steps below

•          Fill out the KYC request form
•          Proof Attach a self-certified copy of proof of identity and proof of address
•          Send documents to The Equifax office

CIBIL

CIBIL Returns is one of the leading credit information companies in India, founded in 2000. CIBIL provides consumers with information to understand their credit history and the Business Information Report services of business people that provide comprehensive data for decision-making based on information.

The CIBIL credit score ranges from 300 to 900. You can get a free CIBIL2 credit report once a year. It takes 7 days to get your CIBIL credit report. You can apply online to get your free CIBIL B credit score, credit report, and resolve a dispute if there is an error on your credit report.

Debt Nirvana

Debt Nirvana, which was licensed to operate in India in 2010, is one of the leading credit bureaus that provide your credit report. It provides loan services to individuals and financial institutions involved in other financial related services.

Experiment credit reports have a credit score between 300 and 900 and anything above 750 is considered a good credit score. To use a specialist credit report, you can apply online or below for a credit report request form and send it to their email address info@debtnirvana.com. It takes up to 20 days from the date of application to obtain your Experience credit report.

CRIF High Mark

CRIF High Mark is one of the key Business information Report providers of India, assisting a large number of customers with services such as data management, credit analytics, and software solutions. It was established in 2007 and licensed in 2010.

A high mark credit score is between 300 and 850 and anything above 720 is considered a good score. You can get the official online high mark online credit report from their official website or by filling the request form and sending it at a high mark fee.

Final thoughts

Apart from the list, all you need is to contact them and get the best quote for your credit reports. Read out the testimonials of their potential customers on their website, before hiring them for your credit reports.

How to Maintain a Good Credit Report?

You may know that federal law gives you the right to get a free credit report from three major credit bureaus each year: Equifax, Experian and TransUnion. But do you know the best way to do this, and how to stay on top of your credit all year?

Some experts recommend that you get a business information report at once, starring them every four months, and check your credit files throughout the year. Under this scenario, you can get your Equifax report in January, your Experian report four months after May, and then your TransUnion report for the next four months of September.

Next year you’ll be reuniting, in January, May, and September, selecting the relevant credit reports.

So why is it best to get all your credit reports together – as opposed to waiting and stably receiving those credit files over many months? It boils down to these four primary ways to improve credit reports.

1. Quickly fix the errors

If there is something wrong with any of your credit reports India, you want to know about it and have it corrected pronouns. When you pull up all three of your credit reports, you can immediately tell if your, one or two or all of your credit files have been in the past. If yes, then you can begin to dispute those errors immediately. If you are waiting to get your credit report, you can go on for months without knowing it, with harmful information on your credit files. And don’t forget, if you are seeking a loan, the errors in your credit files may be denied to your application, or you may be forced to pay higher interest rates than you are.

2. Explain the differences and discrepancies in your credit files

By viewing all three credit reports at the concert, you will gain clarity and understanding of the potential differences and discrepancies contained in your various credit files. For example, do any of your reports say that you owe that student loan, but the other two lack that information? If so, you want a positive payment history (that is, a record of your successful loan payment) in those two other credit files. And what about other inconsistencies? Are you listed on your TransUnion report as an authorized user or as a fixed credit card account, but as a co-signer of the same credit account on your Equifax file?

The difference may seem subtle, but it can affect your credit rating. Also, have you ever pulled out your credit score and couldn’t understand why the score associated with the Experian report went up to 700 while the score based on your Equifax file was 675, and the TransUnion-linked score was only 658? Discrepancies in this score can often be explained by differences in your credit files; Inequalities such as inquiries, the amount of debt listed or the track record of repayment payments in each of your credit files.

3. Better credit education

Probably the main benefit of looking at all your credit reports India together is the astounding amount of financial education that you can get by looking at the highlights of each credit file and finding out about your credit profile, and the same information is presented differently in each credit report. Each of us learns differently, and you will find that you do not understand some aspect of your credit better than the reports created by Equifax, Experian and TransUnion.

4. A more comprehensive view of your overall credits

When you get all three of your credit reports at the same time, you give your credit profile abroad, birdlike view of yourself that many lenders use. Especially when banks are evaluating you for a large loan like a mortgage, many of them will have the information of the so-called triangular merger report or 3-in-1 credit file from TransUnion, Equifax and Experian. This is why lenders want to see all three of your reports and these are all facts about you, and it is widely possible on your credit rating.

Final words

As you can see, there are many reasons to get all your business information report together, especially during the global credit crunch we are experiencing. Simultaneous examination of all three files is a sure-fire way to get a true picture of your credit status – from Equifax, Experian and TransUnion. Given these facts, it’s almost unthinkable that many people either consciously or unconsciously choose not to pull their credit files – even though they can get them quickly, free of charge, and even conveniently online.

What is Credit Report Dispute? And How to Solve It?

Customers have the full right to dispute a credit report. They are the first to begin the initial process using credit bureaus as they collect and collect your information together. Information providers are generally not told that the disputed inventory has been removed from the list of anything that has been deleted or has already been deleted. However, if your bureau responds with “verified when true” or fails to investigate Credit Reports India, you need to turn your attention to the furnace.

Information furnishings can also be regulated by the FCRA. Now, they will be given one of the most difficult tasks, so they must use accuracy, uniformity and provide current improvements. The following are a pair of major types under Presenters of Knowledge: Native creditors and collection agencies. Each of them often has its own technique of working. As such, being able to use it for original collectors may not be important every day for a collection agency. When you study these things you will need to stick to the legal aspects.

Authorized Credit Report

Credit Report Dispute and Authorized Creditor. No duplication is allowed in the in operation, so it is imperative that you check every record made by major creditors and collection companies. Once your financial debt is distributed to a collection agency, the initial creditor will not be able to list the item. Make sure you dispute any duplicate items on your credit report. If you haven’t tried the process, you will find that there is actually a very big difference in the control that is kept in the hands of the original collectors, which is similar to agencies. Just remember to follow the steps given to you and make sure you dispute the particular organization. Read more...

How to Monitor your Credit Reports?

The first step in protecting your good credit or repairing bad credit is to get a copy of your credit report from the three major credit bureaus, Equifax, TransUnion. If you are sure that you have a good score, and just to make sure no new charge card has been opened under your name, you need to monitor your score every year. No more than one report may be required, which you can get for free. If you are actively trying to improve your credit, or when you receive your free Credit Reports India that there are errors or discrepancies, you will need a credit monitoring service.

Credit Reporting VS Credit Monitoring

The difference between a report and a monitoring service is mainly how easy it is to use. One report tells you that one of the bureaus believes what’s true of your current situation and history, as well as a statistical value that they represent to your credibility when creating a business information report. Credit monitoring is something that happens over time, which can be compared to your previous reports in your current report.

You can do this yourself, look at your free report every year or pay for monitoring services more often, such as monthly. The inspection service will also highlight the differences between reports from various bureaus and summarize which items in your report are considered negative so that you can deal with them.

Credit monitoring cost

If you use the annual free reports available from credit report companies, the only cost to you is that you spend every year requesting and reviewing reports. If you request additional reports directly from the Bureau, such as every three months or every six months, you will have to pay at least $ 30 each time, unless you meet certain criteria. Read more...

Things to Check for in Credit Report

Checking your credit report will help you to spot identity theft at an early level. But this is not the only reason to stay on top of your credit. As the credit report India directly affects your credit score, it is necessary to ensure your creditors and lenders are reporting accurate account information. The credit report serves an important financial check-up, enabling you to take over the inventory of your credit card and loan accounts.

If you want to maintain good credit in front of your banks, then you must need to assess these things in your Credit Reports India.

Ensure your address and employer details are correct

Your address and your employer’s details do not affect the credit score directly, but the lender or the credit card issuer could use this information to make a quick decision about your loan application.

Verify your account history

Your credit report should include a detailed payment status for the past 24 months for each account that you have. The report should also consider the status which says that your account is current or if it has been ever late. Ensure that your payment history is correct because it has the most significant impact on your credit score. Read more...