Get answers to questions about your credit score, credit report, and the OneScore app, explained in a simple and easy to understand format.
A credit score is a number generated by a Credit Information Company (CIC) or credit bureau. This score ranges between 300 to 900 (both inclusive). It is a measure of the creditworthiness of an individual - or the probability of repaying future loans based on past performance on previous loans.
The approved credit information companies or bureaus in India are TransUnion CIBIL, Experian, CRIF High Mark, and Equifax.
The method used to calculate score varies from bureau to bureau and they would consider different factors when calculating the score. The credit scoring algorithm is proprietary to the bureau and is updated regularly.
Generally, a score greater than 700 is considered to be a good score. However, different banks and NBFCs have different lending criteria so it is always prudent to enquire with the institution.
A high score increases the chances of getting a loan approved. However, each lending institution has its own policies which are dependent on many factors besides the credit score, such as age, income, existing credit accounts, loan amount applied for, repayment capacity.
Yes, this is quite common. While the data received from banks and NBFCs will mostly be the same, all banks may not share the data at the same time. It is also possible that there is fragmentation due to different contact information like mobile number, email id, when applying for a loan (or in case of joint accounts). Further, each bureau follows its own proprietary scoring model
It can - however, it is important to note that rather than just overall number of credit cards, it is your usage of these credit cards that will impact the score more; whether your payments are on time, credit utilisation is low or if you're always maxing the credit limit.
Every consumer is eligible for one free report per year from every bureau. These reports contain the credit score along with your financial summary and can be obtained from the bureau's website or app. This way, a consumer can get 4 free credit reports in a calendar year.
It is important to check your credit report regularly to highlight discrepancies. Bureaus provide 1 free report in a year, and you will need to pay to obtain more. However, on OneScore, you can fetch your credit reports every month from the bureaus for free, and stay up-to-date with your credit score and other aspects of your report.
On getting your report, study all aspects of it and ensure details of all your loans and credit cards is accurate. If you notice an error, you can report such discrepancies directly to the bureaus from the app itself.
Improving one's credit score is like getting fit. The worse the score is, the longer it’s going to take. However, the principles are the same. One must exercise discipline in terms of expenditure, reduce the previous delinquencies and continue doing it consistently, month in, month out. Lower utilisation on your credit cards, make timely payments of other loans and avoid credit inquiries. The results can take anywhere from 3-6 months to show, and if one is able to sustain it, then no mountain is too high.
The absence of a score may be due to multiple reasons. First and foremost, you need to have availed of a credit product (credit card, loan, line of credit) in order to have a credit score. It is also possible you have availed of a credit product, but there has been no activity on it for more than 36 months - hence deemed to be too old for an accurate assessment. Yet another reason could be mismatch in data or contact information. A query can be raised with the bureau to resolve this.
The score is updated based on new information that is available to the bureau. This information is shared with the bureau every month by banks and NBFCs. Each financial institution may have a different schedule of providing this information. It is also likely that the score remains same in case of no major changes in credit data.
Scores can fluctuate slightly from month to month. A difference of 15-20 points is within acceptable limit. If the account and payment information in the report are as expected, then there should be no cause of alarm. We recently launched a new feature called 'Find Out Why' which analyses the data and tells you why your score may have changed.
No. Fetching your own credit score for personal use is considered a soft enquiry and does not impact your credit score.
In some cases, there may be inconsistencies in the report. When it happens, you should immediately raise a dispute with the bureau and get the discrepancy corrected. You should also reach out to the bank/NBFC since the information has been provided by them.
In a credit report, bad behaviour has an immediate and lasting impact, whereas good behaviour has a gradual impact. Information about default can remain in your report anywhere from 3-7 years. If you know that making an upcoming payment may be an issue, reach out to the bank/NBFC in advance of the due date and check if there is a workaround to avoid a default.
Your credit report covers your entire history of using one or more credit products and your payment history, number and type of credit accounts, as well as the current status - active, closed, delinquent, settled etc. These as well as other details of your credit report form the basis of your credit score.
There are broadly 2 types of errors to look out for in your credit report - identity errors (where your personal particulars (name/address/contact number/) or documents like PAN, Aadhaar, Driving Licence etc are mistakenly or fraudulently used; account errors - such as incorrect utilisation, balance, default etc.
Yes, both are completely safe. Safeguarding your sensitive information is of the highest importance to us. We use bank-level security practices, and do not share any data with any third-party. We are ISO/IEC 27001:2013 certified, ensuring we're at par with industry standards.
Absolutely. The OneScore app is free to use. No trial period, no ads, no spam calls/emails. We may launch financial products of our own in future which may or may not involve a small fee, but the credit score and insights on credit report will remain free for life.
Most of the other companies who provide free credit scores are aggregators for loan/card providers. They identify consumers with high scores and then share the data with their partners. This results in spam and unsolicited calls. At OneConsumer Services Pvt. Ltd, we simply provide you with your credit score and relevant insights on your credit report. Further, the OneScore app does not ask for any permissions at all.
We aim to make money from other products and services that will be launched on an ongoing basis.