While continuous stream of prompt payments can pull your credit score up, missed payments or defaults will pull it down.Īnd to know where you stand on the creditworthiness scale (credit score), checking your credit score is the only way available to you. It is a dynamic entity which changes depending upon your actions related to credit. So, it is natural for individuals to try to improve their credit score or know where they stand.Ĭredit score is not a static number which remains the same all through the credit history of an individual. Why Should You Check Your Credit Score?Ī good credit score is a basic necessity in the world of credit. This could help you identify your problem areas and work on them. And yes, it is always free of cost! In addition to your credit score, you could also get an in-depth analysis of your credit score in the form of a credit report from us. While the credit bureaus allow you to check your credit score free of cost only once a year, you could check your credit score with fintech companies like us as often as you like. Check Credit Score With Fintech Companies Unless there is a huge variation, it should not be a matter of concern for the individual, as banks/financial institutions are equipped with the knowledge to interpret scores from different credit bureaus. Here, we would like to tell you that each bureau follows their own methods of computing a credit score, hence your credit score may vary between the bureaus. So you can check your credit score on the websites or the apps of the credit bureaus. This is, however, restricted to 1 report per year. As per their mandate, you are allowed to check your credit score and credit report with any of the credit bureaus free of cost. The RBI has made it very easy for you to check your credit score. Check Credit Score Directly With the Credit Bureaus On the other hand, there are a many more who are confused about where they can check their credit score. And 25% of the respondents said that they check their credit score when they apply for a loan/credit card. A survey conducted by CreditMantri in 2018 revealed that 64% of the respondents check their credit score at least once in 6 months or earlier than that. How Do You Check Your Credit Score?Ĭredit score has gained popularity in the recent times. loan or a credit card, a credit score higher than 700-750 is absolutely essential.

To get any form of credit at favorable terms, i.e. The higher credit score represents higher level of creditworthiness. It is assigned by the credit bureaus in the range of 300-900. As we have said before, the need for credit can pop up at any time in the form of an emergency or it may be a planned need for which your existing savings do not prove sufficient.Īnd the basic need for any credit is a good credit score.įor the uninitiated, credit score is nothing but an expression of your creditworthiness in the form of numbers.

The importance of a good credit score is undebatable just like the need for credit in modern day life.

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