- >850 : Excellent
- 701 - 850 : Good
- 501 - 700 : Fair
- 300 - 500 : Poor
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Have you ever thought about why your loan application was rejected by a particular bank? Considering multiple factors that influence a loan, the applicant might not get a clear-cut idea about what is actually lacking in his/her application. One of the important factors to consider while applying for loans and credit cards is the credit score.
A good credit score increases your chances of getting approvals from banks, NBFCs, and other financial institutions. If you are applying for a credit card or a loan, it is advised to check your credit score before going forward.
If you are looking for a free credit score checker, you are at the right place!
Credit Score Relevance and Range
Your credit score is a three-digit number that depicts your creditworthiness. It is a statistical representation used by lenders to evaluate you as a borrower.
Ranging from 300 to 900, your credit score shows your financial credit history. A high credit score is preferred by lenders during the loan application process. Therefore, you must always check your credit score before applying for a loan.
Banks and financial institutions evaluate a loan application on different parameters and credit score is one of the essential factors. Whether you are a trustworthy borrower or not, your credit score and report will say it all.
Four main credit bureaus in India regulate the credit scores of the applicants, namely TransUnion CIBIL™, CRIF High Mark, Experian, and Equifax. These agencies are authorized to give credit scores to borrowers.
You must obtain your credit report before applying for a loan to check which range applies to you. Below is the table which explains the different credit score ranges and their meaning.
| Credit Score Range | What does it explain? |
|---|---|
| 300 to 549 | This is the lowest credit score range one can have. This range indicates that you didn't pay your dues on time. When delay happens in repayments on credit card bills or past loans, the credit score is adversely affected. Having a low credit score is a sign that default may happen anytime. Banks and NBFCs do not lend any money to people falling between this range. |
| 550 to 649 | Although this is higher than the previous range, a score of 550 to 649 is considered not good enough for loan sanctioning. Lenders do not trust the applicant because this number depicts that he/she has been struggling to pay the EMIs and credit card bills within the specified time. |
| 650 to 749 | A range of 650 to 749 shows you have decent credit behaviour. If one falls within this range, then they have higher chances of getting the loan approved from the lender as compared to the earlier ranges. However, it's important to note that the applicant may still not get a favourable interest rate. |
| 750 to 900 | This is the highest range in India which signifies that you have an excellent repayment history. A Credit score of 750 or above is considered to be the best and widely preferred. The banks trust the applicants who are falling within this range because the chances of default are the least. In addition, a high credit score also helps in getting the best interest rates. |
In case your credit report shows 'NA' or 'NH', it means that the range criteria are either 'not applicable' or you have 'no history'. This happens when the user has never taken any loan or credit card before.
It is important to keep trying to reach above 749 to get the best loan deals from lenders. A high credit score will not only increase your chances of loan approval but also can fetch you many benefits on the loan terms.
How to Check Credit Score for Free Online?
Checking your credit score online is a quick and easy process. You can check your credit score for free at Shriram Finance official website, mobile application, banks, or third-party finance websites.
Free Credit Score Flow
- Step 01
Visit the official website - Shriram Finance
- Step 02Click on the "Free Credit Score" floating icon on the right side of the homepage
- Step 03Enter your 10-digit mobile number and then click on "Get FREE Credit Score”
- Step 04After this, enter the OTP sent to your registered mobile number and click on "Verify & Proceed"
- Step 05Input your PAN details, DOB, E-mail ID and Pin code and click on "Continue"
- Step 06Your Credit score will be displayed on the screen.
Mobile Application of Shriram Finance
- Step 01Install “Shriram One” app on your mobile phone.
- Step 02Complete the registration process and sign up on the app.
- Step 03Login to your account.
- Step 04Select the profile icon in the top left corner.
- Step 05Select the “Check Credit Score” option.
- Step 06Submit information such as PAN details, DOB, E-mail ID and Pincode and click on "Continue".
- Step 07Complete your mobile number verification.
- Step 08You can then check your credit score for free.
Importance of Credit Score
Your credit score indicates your entire credit history. Therefore, it is important to maintain a good credit score. Listed below are the advantages of having a high credit score as compared to no credit score or low credit score -
A high credit score improves your chances of getting a lower interest rate on the loan you are applying for. In addition, you may also be entitled to other benefits such as a discount on the loan processing charges and eligibility for a higher loan amount. Not only do the lenders charge higher interest rates for those having a low credit score, but also impose other criteria to sanction their loan.
As the additional benefit of lower interest rates, a higher credit score increases your chances to avail higher credit limits on credit cards and loans. A good credit score means you can handle the credit in the best possible way and make repayments on time. This is the reason why banks and financial institutions consider issuing higher credit to high credit score holders.
Lenders consider borrowers as low-risk when they have excellent credit scores. Therefore, they don't hesitate to sanction the loan on time without many queries.
Usually, banks and NBFCs give pre-approved loan offers to existing customers. Having a healthy credit history with the bank makes you eligible for pre-approved loan offers.
CRIF Credit Score for Free
CRIF credit score is regulated by CRIF High Mark Credit Information Services. The agency is approved by the Reserve Bank of India (RBI) and specifically carries out a credit analysis of corporates and individuals and provides solutions thereof. The range of CRIF credit score is also between 300 to 900. If you have a 700+ score, you will have high and faster approval chances on your loan application.
| Range | What it means |
|---|---|
| 300 to 579 | This is a poor credit range. It is unlikely that you will get a loan with a score in this range. |
| 580 to 699 | This is a fair credit range and may fetch you a loan subject to strict conditions imposed by lenders. |
| 700 to 739 | This is considered a good credit range. You can expect loan approvals starting from this range. |
| 740 to 799 | This is a very good credit range. You are very likely to get the loan. |
| 800 to 900 | This means you have the best credit and you are most likely to get the loan with favourable terms and conditions. |
Checking your credit score is essential to know whether you are creditworthy or not from the bank's perspective. If you want to know your CRIF credit score, use the Shriram Finance free credit score checker tool. The higher your credit score is, the more are your chances of getting a faster approval on your loan. Shriram Finance enables users to check credit scores for free.
- Visit the official website - Shriram Finance
- Click on the "Free Credit Score" floating icon on the right side of the homepage
- Enter your 10-digit mobile number and click on "Get FREE Credit Score"
- After this, enter the OTP sent to your registered mobile number and click on "Verify & Proceed"
- Input your PAN details, DOB, E-mail ID and Pin code and click on "Continue"
- Your Credit score will be displayed on the screen.
What is Credit Report and How to Get it Free?
A credit report is an extensive document that provides a detailed summary of your credit history and payment records, including loan repayments made to banks and NBFCs. It also contains your personal information, credit accounts, credit enquiries, collection accounts, bankruptcies and public records. A credit report is generated by a credit information company authorised by the Reserve Bank of India.
Visit the official website Shriram Finance
Click on the "Free Credit Score" floating icon on the right side of the homepage
Enter your 10-digit mobile number and click on "Get FREE Credit Score"
After this, enter the OTP sent to your registered mobile number and click on "Verify & Proceed"
Input your PAN details, DOB, E-mail ID and Pincode and click on "Continue"
Your Credit score will be displayed on the screen.
The detailed credit report can be downloaded upon making the payment.
Select the preferred method of payment and make the payment to download your detailed credit score report.
Please note that all your details are kept secure and private at Shriram Finance.
Difference Between Credit Score and Credit Report
A credit score is a 3-digit number indicating your creditworthiness whereas a credit report is a record of your entire credit history. Here are the main differences between them -
| Credit Score | Credit Report |
|---|---|
| It is a 3-digit numeric expression ranging from 300 to 900. | It is a document that contains your past and current credit information. This includes credit cards, home loans, student loans, and also inquiries on your credit history. |
| Based on your credit history, the credit bureau assigns you a credit score. | A credit report shows your credit management. |
| A credit score is a part of your credit report which is issued by a credit bureau. | A credit report contains your credit score as well as a detailed summary of your credit behaviour. |
| A low credit score indicates you are most likely to get the loan whereas a high credit score shows you are a low-risk borrower to the lender. | The credit report provides a host of information indicating how much you owe to your lenders, whether or not you are consistent in making payments, and for how long your loan account has been opened. In addition, the report also states any pending proceedings, court judgments, or bankruptcy filings against you. |
| In some cases, banks can create their credit score system for evaluating the loan applicant's creditworthiness. | There are four credit bureaus that generate credit reports in India, namely CIBIL™, CIRF High Mark, Equifax, and Experian. |
| A credit score measures the credit risk given in the credit report. | A Credit report is a separate document issued by credit bureaus. |
Conclusion
Checking your credit score is an essential thing to do before applying for a loan. Having a solid credit history helps in acquiring the loan faster. Not only the lenders but your potential employer and landlord can also use it for their respective checks. They want to find out your overall financial habits and how disciplined you are in terms of making timely repayments. This gives them an idea of how responsibly you have handled your past debts. Hence, it is advisable to check your credit score at least once a year so that you are aware of your debt, debt history, and credit-taking capacity.
Please note that checking your credit score and credit report is known as a soft inquiry and does not lower your credit score. Whereas if your lender is initiating an inquiry against your credit score without your involvement, it is called a hard inquiry which can hurt your credit score.
Most banks and financial institutions look at your credit score before approving your loan. Therefore, checking your credit score is an important part of your loan application process to determine whether or not you are eligible for a loan.
FAQs
How to get your credit score for free?
Log in to the Shriram Finance app or website and fill in all the required fields. You will receive your credit score in just 2 minutes.
What is the CRIF credit information report (CIR)?
A CRIF credit information report (CIR) is a document containing your financial information such as credit utilization history, employment history, job profile, and current credit information shared by bankers.
Who issues the free Credit Score?
Shriram Finance helps you check your credit score for free instantly after entering the necessary details.
How is the credit score calculated?
The credit score is calculated after considering multiple factors such as credit history, repayment record, and credit score inquiries indicating your capability to pay back the debt.
What is considered a good credit score range for my age?
To get instant loan approval, you are advised to have a credit score of at least 750 irrespective of how old you are.
What does Free credit report do?
A free credit report is the same as a paid credit report. It contains your current and past credit information and gives a clear summary about your credit behaviour.
What is the safest way to get a free credit report?
Most third-party financial websites do not share your credentials with outsiders. However, it is always safer to obtain your free credit report from the official websites of credit bureaus.
How can I see my credit score without affecting it?
Checking the credit score does affect or lower the score when you are not applying for a loan officially. Hence, you can check your credit score before applying for a loan without affecting your credit score.
How much credit score is allowed?
To get a loan approval without any hassles, you should try to keep a credit score of 750 or above. A lower score than 750 will impose certain conditions varying from lender to lender.
Why should I maintain a good credit score?
Maintaining a good credit score increases your chances of loan approval. A low credit score not only restricts attractive loan deals but also brings conditions such as higher interest rates and additional charges.
Why is it important to check your credit report for free?
It is important to keep checking your credit report to stay updated about your credit score. You can always note down the errors in your credit report and take the necessary actions.
Are credit reports always free?
No, credit reports are not always free. You can check your free credit score once a year from the official websites of credit bureaus.
How many credit reports do I need?
You do not need all your credit reports from different credit bureaus while applying for a loan. However, you may want to consider getting a comprehensive credit report to get a all-inclusive understanding of your financial stance.
What is the credit score required to get instant approval?
A credit score of 750 and above is considered to be the best credit score to get instant approval from the lender
How can I get my free credit report?
While your credit score is available for free on the Shriram Finance website, please note that obtaining a detailed credit report may require a fee. Simply log in to the website and provide the necessary information to access your credit score.
Are credit scores from all the bureaus the same?
It's very rare to have the same credit score across all the credit bureaus in India. There can be several reasons to have different credit scores from all the credit bureaus including score variations and score generations.
Does everyone get a free credit report?
Yes, in India, individuals are entitled to receive a free credit score anytime and they can obtain the same through Shriram Finance website. However, obtaining a full credit report may come with a charge.
How long does it take to improve my credit score?
There is no fixed time to fix your credit score. However, it takes 4 to 12 months on average to rebuild your credit score.
Will signing up for the Credit Health Report affect my credit score?
No, our credit health report pulls your credit score and other credit information from the bureaus via soft inquiry. A soft inquiry does not affect your credit score.
How does my credit score affect my credit health report?
Your credit score is a numerical representation of your creditworthiness, based on factors such as your payment history, credit utilization, and credit history length. A higher credit score typically indicates a better credit history and may make it easier to qualify for loans or credit cards with favourable terms.
What should I do if I find errors on my credit health report?
If you find errors on your credit health report, you should dispute them with the credit reporting agency that generated the report. You can do this online, by mail, or by phone. The agency will then investigate the errors and make any necessary corrections.
How can I improve my credit health?
To improve your credit health report, you should focus on paying your bills on time, keeping your credit utilization low, and limiting the number of new credit accounts you open. You can also work to resolve any negative items on your report, such as delinquent accounts or collection accounts. Additionally, checking your credit report regularly can help you identify and address any issues as soon as they arise.
What does a No Hit mean?
A No Hit means that based on your submitted details, there is no good credit activity to generate your Credit Score & Report. Please note that the same will be available only when any financial institution submits any information related to your credit activity.
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