Staying on top of your credit score is essential for borrowers in the country, especially as lenders increasingly rely on bureau data to assess creditworthiness. A periodic review of one’s credit report can help in detecting inaccuracies and mistakes.
This can prevent identity fraud and maintain healthy personal loan, home loan, and credit card eligibility. Here is a crisp guide on how to check your credit score and identify suspicious inquiries.
Where to check your credit score
Aspiring borrowers and credit users in the country can access one free credit report every year from each of the four RBI-licensed bureaus. Most platforms now also offer instant digital access. You simply need to create an account, complete identity verification, and download your report.
Raj Khosla, Founder & MD, MyMoneyMantra.com, further explains the process, “You can check your credit score on portals like CIBIL, CRIF, Experian, or Equifax. Once you log in, review your credit report section-wise. Look for credit inquiries/enquiry details as these sections have information about every lender who checked your report. Here, you can also spot any inappropriate/ repeated inquiries, signalling potential fraud or multiple applications. If you find any suspicious entries, report them to the concerned bureau and get them corrected immediately.”
How to read and verify your credit report
A credit report generally includes:
- Personal information: Verify name, PAN, and contact details.
- Credit accounts: Check loan/credit card limits, outstanding balances, and repayment history.
- Inquiries section: Review every lender inquiry triggered by a personal loan or credit card application.
- Account status: Ensure closures, settlements, and restructurings are correctly captured.
Spotting red flags
Your credit profile has errors if it has the following mistakes or errors:
In conclusion, monitoring your score every few months is increasingly crucial as digital lending expands. Timely dispute resolution not only protects you from fraud but also ensures your next loan or credit card application sails through smoothly.
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