Your Credit Risk Oracle at Settle
Know your Credit game and understand how you can elevate and improve your credit score
Why do you need a credit score checker?
A credit score checker is a valuable tool for individuals to monitor their creditworthiness through a three-digit numerical representation. It helps identify errors, detect fraud, and informs decisions on loan or credit card applications. A higher score, such as 750 in Cibil, improves the chances of approval with better rates and terms
A credit score, ranging from 300 to 900, statistically represents a person's creditworthiness, indicating their ability to repay borrowed sums. A higher score is advantageous for loan or credit card applications, offering better terms and interest rates, while a lower score suggests a history of late payments and financial irresponsibility
Credit bureaus gather following data to determine a credit score:
Maintaining a high credit score is essential to increase your loan eligibility, faster loan approvals, benefits of lower interest rates, access to credit cards with alluring rewards, and higher loan amounts qualification and credit card limits.
- Increases Loan Eligibility and Accessibility: A high credit score signifies responsible borrowing, enhancing the chances of swift pre-approved loans without processing delays
- Low-Interest Rates: A high credit score leads to lower loan interest rates, saving you money in the long run
The Credit Bureaus take into account the following elements when calculating credit scores:
- Credit history and it’s length: History includes information about your account number, credit usage, and any missed or late payments and a long history of on-time payments leads up to 15% of your credit score
- Credit score inquiries: This includes loan type, requested amount, and individual or joint application details
Pay your loan instalments on time
Pay your bills on time and avoid exceeding your credit limit
Pay off any outstanding debts or bills
Avoid submitting multiple credit card or loan applications
A credit score of 700 or more is regarded as being good, Here is what lenders investigate when someone requests a loan:
Few other factors to look for
Credit bureaus use "000" for accounts in good standing, paid on time. "STD" stands for "Standard," indicating timely payments or dues within 90 days
Get your credit report from CIBIL, look for any non-"000" or "STD" statuses, dispute errors, and monitor payments for timeliness
Frequent address changes don't impact credit scores but can raise red flags for lenders, affecting credit approval
If a lender checks your credit without consent, dispute with the bureau, complain to the lender, and monitor your report to protect your score
Derogatory remarks in a CIBIL report, like late payments or defaults, can impact credit score and make obtaining credit challenging.
Get one free credit report annually from each agency at the official website: annualcreditreport.com or Call 1-877-322-8228 for access
Unaware about loan inquiries in the report?
If you see loans without your knowledge in your credit bureau report, you should first contact the credit bureau and the concerned lender to raise a dispute and request them to investigate the matter. They are required to investigate and respond to your dispute within a specified time frame.
If you are not satisfied with their response or resolution, you may approach the Banking Ombudsman appointed by the Reserve Bank of India (RBI). The Banking Ombudsman is an independent and impartial authority that addresses complaints and grievances related to banking services, including credit reporting issues.
You can file a complaint with the Banking Ombudsman online or in writing, providing all the necessary details and supporting documents. The Banking Ombudsman will then investigate the matter and provide a resolution based on their findings.
Frequently Asked Questions
What is Settle?
How can I open a Settle account?
Does Settle charge any application fee?
What is the maximum credit limit that I can get?
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