Credit report – FAQ

What is a credit report?

A credit report is a financial report about a person which displays the money management and creditworthiness of the person.

What other information does credit report include?

A credit report also includes the following information along with the financial credentials of a person:

  • Name
  • Residence
  • Bill payment history along with the mode of payment
  • Legal complications like getting sued, arrested, bankruptcy, etc.

What is the need of a credit report?

A credit report helps financial institutions decide if a person is reliable enough to lend money or issue credit cards. And it also helps an individual to know the usage of his finances in a period and to know if any unpaid credits or unknown credit exists.

Who all can access my credit report?

You credit report can be accessed by you and financial institutions like insurers, bankers, credit card companies etc. Any other person or firm requiring your credit history must need your permission in order to get access to your credit report.

How do I correct any mistakes in my credit report?

If you get a copy of your credit report and find any error in that, do not panic. A credit report is not absolute and there may be mistakes in it. Once you think there is any mistake in your credit report, contact the organisation and report the mistake. Once you report it, another check is carried out and the information is verified and corrected. However, it is always better if you have proofs that support your claim of the mistake in the report.

What information do I need to get my credit report?

All that you need to provide to obtain your credit report is your name, your accurate present residential address, your registration or identity number, and your official date of birth.

To make sure your reports are accurate and to keep track of your financial background, always keep checking your credit reports regularly.