Four credit information companies operate in India: TransUnion CIBIL, Experian, Equifax and CRIF High Mark. Banks and lenders report your loans and credit cards to them every month, and use their reports when you apply for new credit.
What shapes your score#
- Repayment history: late or missed EMIs and card payments do the most damage.
- Credit utilisation: using a large share of your card limits suggests stress.
- Credit mix and age: a long, clean history with different types of credit helps.
- Recent enquiries: many loan applications in a short time look risky.
Check it at least once a year#
You are entitled to one free full credit report a year from each credit information company. Download them, and check that every account, limit and payment status is really yours and correct.
If you find an error#
- Raise a dispute on the credit company's website with the account details.
- Contact the lender that reported the wrong information, in writing.
- Keep copies of payment receipts and closure letters for every loan.