Reports are updated fortnightly based on data from various lenders, such as banks and NBFCs, and cover activity from the past seven years. Lenders may be required to submit credit information to credit information companies (CICs) on a weekly basis instead of the current fortnightly schedule, given the increasing reliance on credit information reports. Read this Livemint article for details.
Credit report includes the following entries:
Personal details: This will have personal details such as name, address, contact details and other information. Other personal details such as religion, marital status, or medical history are excluded to comply with privacy regulations.
Credit Score: This is a three-digit number between 300-900 based on your payment and credit history.
Loan history: This includes every loan you took or credit service you took in the past. This may also include any loan that you guaranteed or signed.
- Number of days for which dues remain
- The total amount that is overdue, the settlement amount (for resolved disputes), and the written-off amount (the unpaid portion after settlement).
- Non-performing assets (NPAs: payments overdue > 90 days)
- Details of ownership (such as primary holder, add-on cardholder)
Past inquiries: This includes all the hard inquiries started by lenders in the past 24 months.
Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
