Know what others are searching about credit score

Q1: How are credit scores calculated?

Credit scores are calculated by credit bureaus. In India, there are four major credit bureaus—CIBIL, Experian, Equifax and High Rank CRIF. These companies track your payment history and compile it into your credit report. Based on the information in this report, they calculate your credit score using their own proprietary algorithm.

Read here: All the factors affecting your credit score

Q2: What is a good credit score?

Your credit score ranges from 300 to 900, with a score of 750 or above being good. To maintain a good credit score, make sure you keep up with your payments on credit card bills and other loans (such as car, home and personal loans) by making timely repayments.

You should also keep your credit card limits low by not spending more than 30% of your credit limit at any one time. And if you have old credit cards that aren’t being used anymore but are still active, make sure you use them occasionally.

For more tips on maintaining a good credit score based on your credit profile, download OneScore.

Q3: Can my credit score drop for no reason?

Yes, sometimes with no mistake of yours, your credit score can take a hit if your credit report has errors in it. Common mistakes may include inconsistent contact details, someone else’s loan details showing up in your report, etc. Reviewing your report at least once a month can help you spot these errors and fix them before they do too much damage to your credit score.

Read here: Most common errors you can find in your credit report.

Q4: Is credit score and CIBIL score the same?

No, CIBIL is a credit bureau that generates your credit report and score. Due to its popularity, most people use the term “CIBIL score” to refer to credit score in general, but they are two different things. Your CIBIL score is a credit score, but your credit score isn’t just your CIBIL score.

Q5: Are credit score apps safe?

Just like anything else, some credit score apps are safe, while some are not. You should always choose a credit score app that is popular and well-reviewed by other users. Always check the number of downloads, reviews, and the type of permissions they seek to sign you up.

When you’re looking for a credit score app, you may also want to check OneScore. Trusted by 17 million people to check, track and improve their credit scores, OneScore doesn’t spam people with emails or unwanted notifications. It’s also one of the safest apps, because it doesn’t ask for unnecessary permissions or sell users’ data to third parties.

Q6: What credit score is needed for a loan?

If your credit score is above 750, you can get loans easily and at attractive interest rates. If your score falls between 600 and 750, chances are you’ll still be able to get a loan, but the interest rate will be higher. Anything below 600 will most likely result in your application being rejected.

Q7: When should I worry about my credit score?

It’s normal for your credit score to fluctuate and you shouldn’t worry about it as long as it stays above 700. Anything below is when you should proactively take measures to get it back to a good range. Most importantly, you should continue to check it regularly, understand factors affecting it, and work to improve and maintain a good score.

OneScore gives you access to free and accurate credit score, lets you know the areas you need to work on (such as maintaining timely payments, keeping credit utilisation low, and so on) so you don’t even reach a score you need to worry about.

Q8: What is a bad credit score?

If your score falls between 300 and 600, it’s considered a poor/bad credit score. In such cases, it’s important to know which factors are affecting your credit score and how you can improve it. OneScore can tell you why your credit score is the way it is and what steps you should take to improve it.

Q9: Can I check my credit score for free?

Yes, there are many platforms today that let you check your credit score for free. However, some platforms also share your data with third-party platforms. If you’re looking for a non-spamming, free platform to check your credit score, you should download OneScore.

Q10: If there’s an error in my credit report, what should I do?

It’s a good idea to check your credit score from time to time, not just to monitor your finances but also to make sure that there are no errors in your credit report. Common mistakes may include inconsistent contact details, someone else’s loan details showing up in your report, etc.

When you spot an error on your credit report, all you have to do is notify the respective bureau. The bureau will then assess your request and rectify any mistakes it finds. OneScore provides you with a quick way to check your reports and also routes you to the appropriate bureau.

So download OneScore now if you haven’t already, and ensure your credit health is in check, always!