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Credit Report

There are four Credit Information Companies under the management of Reserve Bank of India. These four Credit Information companies collect and maintain the credit information of Indian Financial institutes (FIs) including Commercial Banks, Non-Banking Financial Companies, and others for its customers (borrowers). These companies collect details of all loans and lines of credit, credit cards from the NBFCs, Banks other lenders across the country. This data is then used to generate the credit report for banks and your free credit score.

A credit report is an important record tool for the banks and Non-Banking Financial Companies to make sure that they’re not taking a financial risk by lending money to an individual. Basically, the credit score or report is what speaks about the financial habits of a business entity or person in case they wish to legally acquire finances from any Reserve Bank of Indian (RBI) registered financial institution. It determines the worthiness from credit for the person and also determines the amount of loan that a person will be able to afford along with security or insecurity on the loans. Here’s how the Credit Score and credit report define you as a loan or credit card applicant:

What is Credit Score and Credit Report

The credit score rated from a credit report is a three-digit number ranging from 300-900. This score is calculated from an individual’s past credit behaviors like their credit repayment history, frequency of applying for loans, etc. A credit score gives the immediate idea to the financial institution about how a person has worked with their past credits. The higher your score on the credit information company’s scorecard, the more chances you have of getting a better loan amount, sanctioned faster than others.

A credit report is the detailed report of your credit history. The credit report, also known as the Credit Information Report by the RBI is a document that shows an individual’s credit history, in accordance to all the repayment of prior loans, amount of interest paid, EMI amounts, and credit card bills. A credit report only takes into consideration the credit instruments utilized by you. While all the other financial subs such as your net-worth, investments or annual salaries are not taken into account. The eligibility for checking the credit report and credit score is- a PAN card credit history. Which means you must have used some sort of credit instrument like a credit card or must have secured at least one loan.


How does the credit score work

The credit scoring system works in steps. Here’s how it begins:

  • On making a credit transaction through financial instruments like loans and credit card, the lending party (banks and non-banking financial corporations) creates monthly reports on your credit rating and repayment.
  • The data of your credit behavior is then sent to all the Credit Information Companies as mandated by the Reserve Bank of India. Every bank everywhere has to send this report to the CICs.
  • The CICs keep a detailed record from every bank account owned by an individual regarding their credit usage behavior.
  • Whenever the individual approaches any registered financial body inquiring about a loan or a credit-card account, the banks send the Identification Details to the credit rating bureaus.
  • The CICs then put together all the data from the person’s credit history and analyze it to make sure that the person is a reliable borrower and not a probable liability to the lender.
  • The credit report is further used to determine how efficient an individual’s credit management capability is and repayment efficiency on each credit instrument used.
  • Your free credit score is determined by the following percentages of factors on your credit report
    1. 35% of your Repayment history
    2. 30% of your current debt pending
    3. 15% of the time you take in repayments
    4. 10% of New credit taken
    5. 10% of mixture of credit instruments in your history
  • The free credit report and score is calculated between numbers 300-900. This credit rating system gives ample idea to the lending financial body about your credit risks or credit benefits.

The higher your free credit score is towards 900, the better are your chances of getting better benefits for personal loans and cheaper interest rates on your EMIs.

What are the Factors that affect your credit Score

The CIBIL score of an individual is calculated from the credit history in the CIBIL report. The CIBIL report is commonly affected the frequency of loans applied, credit card history, repayment history, etc. A score closer to 900 is considered good enough to get a loan. Here are some factors that affect your CIBIL score:

  1. Repayment History- The history of how efficiently you have repaid your previous loan amounts, credit card bills, and EMIs affects your credit score. Untimely payments of loans, credit card bills, and EMIs greatly affects your credit score for personal loan or home loan and your eligibility to take future credits.
  2. Credit Utilization Ratio-Credit utilization ratio is balanced between the amounts of credit you take from the financial institution from the amount of credit that you’re privileged to take. A high credit utilization ratio shows that you had heavy burdens of repayments for a long time due to maxing out of your credit limit. This impacts your credit score negatively and lenders tend to be more cautious towards lending to such profiles. A low credit utilization ratio is considered highly by the lenders and makes you an eligible candidate for taking more credit.
  3. Simultaneous Loan/Credit Card Applications-Frequent application for loans or credit cards tend to set hard enquiries in motion from the lenders. These hard enquiries show up on your credit report simultaneously and adversely affect your credit score.
  4. Credit Mix-It is better to have a mix of credit instruments on your free credit report, both secured and unsecured. Having a lot of unsecured debt burden in the form of credit card bills or unsecured personal loans simply appear as mismanagement of personal finances. This negatively affects your credit score. It is always a good idea to have a mix of loans like home/auto loans and personal loans in your credit history.
  5. Frequent Increase in Credit Card Limit-Frequent applications requesting an increase in the credit card limit increases the number of hard enquiries from the lender. This may affect the free credit score generated and impact your eligibility for a loan. Frequent limit increase requests show up as dependence on credit, thus increasing chances of being defaulted in the future.
  6. Errors in the Bank’s Credit Report-Incorrect default mention in repayment history, wrongly assigned loans/credit cards, errors in personal information and other such errors may affect your credit report. Such errors in Equifax credit score or free CIBIL report can be caused by human mistake or delay in reporting from the bank. This impacts your credit score negatively.
  7. Lack of Credit History-As mentioned above, a borrower must have some credit history before applying for an unsecured loan or a credit card (although we have separate credit instruments for new borrowers). This history is what Credit Information Companies like Equifax and CIBIL use to create your report. A borrower must have a credit repayment and loan application history. Lacking a long enough credit history affects your free credit score negatively.
  8. Inability to Fulfill Your Role as a Guarantor-On heavy business loans, the banks and financial bodies ask for a person to be a guarantor in case the borrower get defaulted and fails to pay the loan. If you’re a guarantor for someone’s loan, you must fulfill your role as one. Failing to fulfill the role of a guarantor affects your free CIBIL report negatively.

What are the Steps to Get Your Free Credit Score

With My Mudra, getting a free credit score and credit report is as easy as subscribing to a movie streaming service. By giving us the basic details of your identification as per your banking records, you can have the earliest version of your credit score and a free credit report. Here is what we do with your personal information on the credit records from your bank. It’s a one minute process to get your credit report with My Mudra FinCorp.Com, below are the simple steps to get the report for free:

Steps Description Description & Details
STEP - 1 Fill up the Basic Information Form The Credit Bureau requires some identification information to find your records. So, you must fill up the MyMudraFinCorp Free Credit Score form with your Name, Email ID registered with MyMudra financial, and Date of birth.
STEP - 2 Provide Mobile No as Registered with Bank For sending details of credit report or free credit scores the credit bureau asks for the mobile number you have registered on your bank records. Along with that they ask for your primary and secondary address. Fill up the data in the form.
STEP – 3 Provide your PAN Details Add the other details about your identification such as your gender, the city and state you currently reside in, your area PIN code. You must also add the following identity details- Aadhaar Car, PAN Number, Passport Number or Voter ID
STEP - 4 Receive your Free Credit Report by Mail Once you subscribe with our free credit score, you receive a free credit score and a monthly credit report. You can unsubscribe from the service at any time you like.
STEP - 5 We Help You Resolve Issues if Any With the details, you provide, we also send your information to banks in case of any negative observations and to rectify reporting errors.
STEP - 6 We Provides You Details of your Eligible Loans & Offers Along with a quick Equifax credit score, we provide you the offers and benefits on different financial products that suit your credit score.

MyMudraFinCorp follows all necessary discretionary steps to keep your personal and financial information safe while delivery your personal details, it doesn’t share the same with any third parties.

What is the Equifax Credit Report

As you can see in the credit score subscription, we partner with Equifax to provide you with your detailed credit report and free credit score. So here are some details of what Equifax provides with its credit reports-

Your free credit report is constructed from data collected from banks and NBFCs, described in one comprehensive document. The entire spectrum of the customer’s credit related activity is considered when creating the Equifax credit score and report. All details including repayment record, credit card limit utilization, previous application for loans or credit card, settled/written off loans and any other credit related activity is used to determine your credit management worth.

Broadly, there are following sections in a credit report:

  • Equifax Credit score: It is the free credit score calculated on the basis of your credit history. It ranges between 300 and 900.
  • Personal information: Includes your name, date of birth, gender and KYC.
  • Contact information: Address and contact number as registered with your banks. You can provide a maximum of four physical addresses to reach you.
  • Earnings: Monthly or annual income details as provided by the banks and financial institutions. This is mostly considered through personal loan or unsecured loan history.
  • Account information: This includes the details of your credit instruments and lines of credit, account numbers and types, current balance and a monthly record of up to 3 years of your credit payments.
  • Enquiry information: On application for a loan or credit card, the respective bank or financial corporation runs a hard inquiry on your credit report. The system makes a note of the activity in your credit history and marked it as Enquiries. More enquiries mean negative effect on your Equifax Credit Score.

Equifax or any other credit information company like CIBIL doesn’t always get an error free record of a person’s credit history, considering the amount of data they handle being banks. So here are a few errors that may affect your free Equifax credit report:

  • Old Information- Obsolete or outdated information on your report or bank records are errors that a credit report is most susceptible to. An old address, for example, can be an error in reporting. Not updating information like contact numbers and address will mismatch your information with some other individual.
  • Account Numbers- Every other person has a number of accounts to manage their finances. There are certain times you may get confused with the account numbers you have or make a one-digit mistake that makes Equifax recognize you as a different individual. Always check your account number and update bank information in your credit report as well.
  • Wrong Account Info- It is only human to make mistakes and it might happen that you have made some typos or the autocorrect feature on your phone changed a word. In any way getting your account information wrong will only get you an unfruitful credit score. Always double check the data you have provided before submitting the form for a free Equifax credit report.

What are CIBIL Score and CIBIL Report

A CIBIL credit score or CIBIL report shares close resemblance to any other credit score or report from the other three credit information companies- Equifax, Experian and High Mark Credit Scores. There may, however, be a decimal difference between all the reports. Since they calculate report on one or two separate credit factors. The account info, for example, takes into consideration the activity in your account, how much money you save every month and how often do you make transaction or withdraw money from your account. It gives CIBIL the basic idea about your finance management habits

The CIBIL report is held at high regards by the Indian public. It is apparent, since CIBIL is the first ever credit information bureau of India, registered with the RBI. The CIBIL scoring technique is favored by big financial corporates and banks. Although, CIBIL is considered as the deciding factor in getting loans, it is not true. A bank or financial agency that shares its customer and borrower records to CIBIL, also share it to the other CICs automatically. There is no error or high difference between an Equifax Credit score and a CIBIL credit score. The same measuring unit of numbers from 300 to 900 are used in defining your free CIBIL report. It can never be that you try to get in contact with CIBIL to get a personal credit report, since credit reporting agencies don’t take individual requests to take information on credits. You credit report is only created by any CIC only after getting the processed records from the banks and NBFCs from where you have credit lines.

There is however a benefit of having a free CIBIL credit score and CIBIL report. After the rating of 700 and above, on your free CIBIL score, banks and NBFCs tend to provide a negotiation on the interest rates. A CIBIL score is simply a model of negotiation with banks. Since CIBIL tends to make less informational mistakes on their credit reports and scores. The data about an individual’s credit may later be shared by CIBIL to other NBFCs, so that the data may reach the other credit information companies.

Online Portal to Check Your CIBIL Score

My Mudra FinCorp’s credit score checking tool, lets us find your CIBIL report with the account data you provide. With MyMudra, you don’t have to worry about mishandling of data submitted to and collected from the credit bureau. By confirming all the free credit report regulations and clicking the submit button, you allow us to fetch you a monthly credit score and a free on request copy of your free CIBIL report. Along with your CIBIL credit score, you also get free reminders for current interest rates among various lenders and offers according to your credit score.

How is the CIBIL Score or Credit score calculated?

The CIBIL score or any other credit score have almost similar factors that they use to calculate your credit score and make a detailed report. CIBIL, since it’s licensing in 2009, has used advanced analytics in determining the credit worthiness of an individual. The same rating system of 300-900 is used to mark your eligibility. The basic parameters for making a CIBIL report are, exposure to credit market, credit utilization, history of credit use and repayment behavior, and types of credit instruments utilized. If we talk of a good CIBIL credit score, you only start to get the privileges after you cross the score of 700. Whereas with Equifax credit scores have their fair share of providing loan eligibility from as least as 550.


What are the ways to improve my Credit Score

Having a credit is history is the main requirement of getting a free credit score. Here a few ways in which you can improve your credit score:

  • Make payments on credit card bills and loan amounts before the due date passes. This shows responsible behavior in credit history.
  • Your credit history must have both secure and unsecured loans. Having only a number of unsecured loans like personal loans on your credit report will make you stand out to the lenders as a risky borrower and will be negative for your credit score
  • Always check your free credit report for administrative errors from the financial body and fraudulent use of your data. Such errors and frauds must be reported timely to keep your credit score boosted.
  • Reduce the use of credit instruments and keep your credit utilization low. Using a big portion of your credit limit can have adverse effects on your credit report. Make sure you don’t use more than 30% of your credit limit on lines of credit and credit-cards.
  • Request your Credit Card Company or bank to increase your credit limit but do not increase your credit expenses. An increase in the credit limit gives you a chance to reduce your credit utilization ratio while increasing some amount on your expenditure. The 30% limit that you’re supposed to maintain increases when you request for credit limit hike and keeps your credit score intact.
  • Abstain from making frequent credit card applications and loan inquiries within a short time. Try not to make applications at several financial bodies at the same time. This instigates a lot of hard enquiries on your credit history and may negatively affect your credit score.
  • Paying in full instead of settling a debt is always positive for your CIBIL report and can boost your score. Settling a debt may decrease the burden a bit but will always show as an inability to pay off your debts and lenders will see you as a risky borrower.

What types of credit affect the credit score and credit report

On a broad spectrum, all types of credit are categorized as two kinds- unsecured and secured credit.

Unsecured Credit- All loans and credit taken from the bank without providing a collateral, in case of non-payment of dues, is considered as an unsecured loan. Only the current amount in a person’s bank account can be used to fulfill the obligations. Personal loans, student loans, lines of credit, and credit lines are unsecured credit facilities.

Secured Credit - On the other hand, credits that have a collateral to fulfil the repayment of loans are called secured loans. Credit facilities like, gold loans, vehicle loans, home loans, recreational vehicle loans, secured credit cards, and secured personal loans are the credit instruments that have a property as collateral in case on non-payment.

Your credit score is affected by both types of loans. Having a mix of different kinds of secured and unsecured credits affect your credit score positively. Loans and credits cards used within a certain limit can help in increasing the score. While secured credit shows your obligatory response to the bank, unsecured credit helps to make sure that a person is capable of paying their debt. Although, having just a number of unsecured credits in your credit history can also turn out to be an indicator of risk to the lenders and your credit score might not rise up.


Can I check CIBIL score through my PAN card

Yes, it is possible to check your credit score through your credit card. If you want your own personal copy of accurate CIBIL score and credit report, you can go to the CIBIL official website. Although, for a personal request, you will have to pay for the information every time you try to get an update. Whereas on the MyMudra Financial credit report tool, you get a free access to your current credit score and credit report. Here’s how you can check your credit score with your PAN card:

If you haven’t checked your CIBIL score for an entire year, you can check it by using these steps:

  • Visit the website-
  • Click on ‘Get Yours Now’ button
  • Create your account on CIBIL by adding personal info like e-mail address, full name, date of birth, etc.
  • In the ‘ID type’ menu, select ‘income tax ID (PAN) number’
  • Then accept the terms and conditions and continue, your data will be registered and you’ll receive your credit score and brief report on your ID within 24/7.

If you want to get half-yearly report or an update on your CIBIL score and credit report, follow the following steps:

  • Visit the website-
  • Click on ‘Get Your CIBIL Score’
  • You’ll see a number of purchases, select the one you wish to know
  • Add your details like personal info like e-mail address, full name, date of birth, PAN details, mobile number, etc.
  • On the next page you’ll be asked a few questions about your credit card use and loans and payment for the product you want to receive
  • The information you have requested will be sent to your e-mail as a PDF in 24 hours.

We would strongly suggest that rather than paying for every update you can have your free credit score and credit report along with, monthly updates on fluctuations in your credit score. MyMudraFinCorp promises to keep all your documents and information confidential and only for financial advisory.

What are the benefits of maintaining a good credit score

It is not just the credit score or credit report that the financial institution checks before accepting a loan application. Yet, it is one of the first and most important factor that takes your application ahead in the process. Here are some benefits of maintaining a good credit score:

  • A good credit score shows that the lender won’t be at risk by loaning you the amount. Hence, there are better chances of getting the application approved effortlessly.
  • A credit score above 750 makes you a credit worthy borrower that pays off his debts in full. Banks are convinced to provide lower interest rates to such borrowers when they apply for loan.
  • With a good credit score the bank recognizes you as a risk free borrower and your loan application doesn’t get stuck with inspections and inquiries. It makes getting loan amount and credit cards quicker.
  • The credit report behind a good credit score is shared with the bank and financial institution and they note the credit worthy customers. This can get you access to loans that are already available to be disbursed to you. Mostly this services remains accessible through the bank in which you have a line of credit or loan account.
  • With a rising credit score, credit card companies and banks allow a rise in the credit limit on your credit card.
  • Maintaining a good credit score sustains your relationship with your regular lenders, this gets you discounts on processing fees and other charges.

How credit score impacts your Credit Card Eligibility

A credit score is the first most important deciding when banks offer a new credit card to a person. A credit score is considered more promptly as the credit score gets closer to 900. It shows that you can efficiently manage your credit and have a good credit repayment history. Although people with lower credit scores can also apply for a credit card, banks consider them as higher risk borrowers. Therefore the banks charge a higher interest rate and offer them a lower credit limit. But a credit score is not the only valuable factor that gets you a loan easily. The banks make several enquiries from both credit information companies and other banks and NBFCs before they grant credit cards to anyone. When using a credit card, an improving credit score can also give you an access to lower interest on your bills, lower functioning fees, higher credit limit, and better offers and services.

What is a credit score range

A credit score range is the measurement of eligibility and quality of the credit report. A higher credit range can give you access to more credit instruments at lower interest rates. Borrowers with scores ranging above 750 or so, frequently have many options, including the ability to qualify for 0% financing on cars and get credit cards with 0% introductory interest rates. The general credit score ranges are:

  • 720-850: Excellent Credit
  • 690-719: Good Credit
  • 630-689: Fair Credit
  • 629 or below: Poor Credit

How often does a credit score fluctuate

Most banks and NBFCs report to credit bureaus in every 30-45 days. However, the reporting time of every bank and NBFC is different throughout the month. They may report to only one or two credit bureaus instead of all three at a time. For example, a bank may report to CIBIL at one day of the month and update Experian or Equifax at a different day. Credit bureaus update new information only when it’s reported to them, according to TransUnion CIBIL. It means that your reports are constantly fluctuating according to your credit activity every month. Once your credit report updated, the new data will be reflected in your credit score next time it's calculated. There are however some activities that tend to bring big swings to the credit score. They are:
Late Payment: Being unable to pay an EMI or credit card bill for 30 days or more could cause your score to take a big hit. Late repayment shows up on your credit report for seven years and has a significant effect on your free credit score. If you've failed to repay over the due-date with one of your accounts, do your best to repay your dues and get back on track as soon as you can. A 60-day delay on your payments is worse than a 30-day delay, and a delay of 90 days is damaging, so it is beneficial to get back into timely or before due date payment.
Utilizing most of the credit limit: A major influence on your credit score is credit card limit utilization. It is the amount of credit you’re allowed to take. Increasing credit card debt will push up your utilization, which can impact your credit score negatively. There is always a consideration of how much a person depends on their credit use through credit card. Generally using only 30% percent of your credit card limit is beneficial before paying off every month. Although if you make more expenditure in need, paying off big amounts quickly can increase your credit score.

Q: What is the credit score requirement for a home loan?

A: Home loans are secured loans that have a collateral as an equitable mortgage of the property you wish to buy. As the property documents are in the possession and of the bank, till the loan is being repaid, the degree of risk is far lesser than an unsecured loan. Which is why most lenders can relax their credit score requirements on the same. So even if your credit score is 650 or below, you can get a home loan. Although you shouldn’t try to enquire for a home loan everywhere. Some NBFCs provide home loans to credit scores above 700 if you’re applying for a huge amount. Getting rejected for loan from such institution may hurt your credit-worthiness.

Q: What is the credit score requirement for a personal loan?

A:Personal loans and some credit cards are available without any security or collateral to amend for non-payment. This builds a greater degree of credit risk on the part of financial institutions. Seeing the high credit risk on unsecured loans, they tend to favor personal loan applications of individuals having a credit score of 750 and above. Although, you can get the approval even with a score of 650-750 with varying interest rates and loan amount offered.

With My Mudra FinCorp, you can assured of the later procedures after your credit score is accepted. We provide both online and doorstep services to help you understand all terms of transaction and make the loan disbursal smoother.
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