India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India. These rating agencies regularly collect information from creditors, lenders, utilities and other debt collectors to process the data into a readable and usable form and provide credit information reports on individual consumers for lenders. These credit reports plays a critical role in the loan application process. Therefore it's important to know and monitor your credit score on a regular basis to check for any inaccuracies.
Credit reports contain information like name, age, address, list of credit facilities, repayment track record and a credit score. This information helps lenders assess credit worthiness of their borrowers and their ability to pay back a loan if granted. If the credit score is low, the lender may not even consider the application further. If the credit score is high, the lender will consider other details to determine if the applicant is credit-worthy. Monitrix can help you obtain your credit information report from all three credit rating agencies in India and provide advisory services for improving your credit score.
A credit report is a report prepared by a Credit Rating Agency, which contains information relating to the credit worthiness and repayment track record of an individual.
Credit Rating Agencies uses a number of factors to arrive at the Credit Score which represents the individuals' credit worthiness. Higher credit score implies better credit worthiness.
Credit Rating Agencies are companies that that provide information about an individual's creditworthiness. India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India.
Credit Report Information
Credit Report's contain information like name of the individual, age, addresses, list of credit facilities availed, repayment record and credit score.
Monitrix Can Help
Monitrix will first help obtain your Credit Report from all three rating agencies in India. Based a review of those reports, our Financial Professionals will provide you with advice and steps to improve your credit score.
Monitrix will apply on your behalf to the three credit rating agencies in India, requesting a copy of your Credit Report. The application will be made along with the necessary supporting documents
2. Credit Report Review
Once you have received a copy of the credit report from the rating agencies, an Monitrix Expert will help you understand the Credit Report and provide advice on improving your Credit Score.
3. Rating Dispute
In case you notice any incorrect information on your Credit Report, an Monitrix Expert will help you raise a request with the Rating Agency for review and removal of incorrect information.
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