What does a Credit Report Contain? Or Credit Report Contains what Information?
What does a Credit Report Contain? - A Credit Report contain is a summary of your credit history and your other credit related information. This Credit Report is used by the banks, lenders and creditors as a trusted source of information to decide whether a credit can be extended by them to you and also deciding upon the terms & conditions related to the credit.
Does credit report contain credit score? - A Credit Report contain the basic information such as Types of Credit Accounts,Credit Score,Personal Information, Employment Information describe below.
(1) Credit Score
A credit score is a 3-digit numeric figure of your credit history ranging somewhere between 300 and 900 and varies from person to person. If your credit score meets the bank's eligibility criteria then they will offer you the loan, however, loan's terms will vary based on your score. Credit Report contains your Credit Score based on how you've managed your finances over the past few years and how you're currently managing your finances. Below is the table showing CIBIL credit score range and credit rating.
CIBIL Credit Score Range
| Credit Score Range | Credit Rating |
|---|---|
| 750-900 | Excellent |
| 650-750 | Good |
| 550-650 | Average |
| 300-550 | Poor |
(2) Personal Information and Account Information
A credit report has a separate section which contains your personal details. You should read these personal details seriously and report the credit bureau in case of any discrepancy. Personal information such as,
- Name of the individual
- Address
- Date of Birth
- Bank details
A separate section wil be there with your account information containing,
- Type of loans
- Account numbers
- Ownership details
- Important dates
- Loan details and loan amount
- Month to month data of your loan accounts of up to 3 years
- Credit card information (overdue amount, credit limit, last payment details and so on)
- Number of times the report has been asked for by the creditor and reason for doing so
(3) Types of Credit Accounts
It includes your credit facilities including name of lenders and different types of current and previous Credit Accounts such as:
- Home Loan
- Credit Card
- Overdraft
- Mortgage Loan
- Education Loan
- Vehicle Loan
- Business Loan
- Personal Loan
- Any other Loan/ Debt/ Credit
(4) Employment Information
Monthly/ annual income details are contained in credit report as reported by the banks and financial institutions to the credit bureaus.
(5) Enquiry Information
Report contains two types of Inquiry Information i.e. Soft Inquiry and Hard Inquiry. 'Soft Inquiry' shows your own requests for your credit history or inquiries by companies in order to offer you pre-approved loan. A soft enquiry is the one where your credit score doesn’t get affected. It mainly includes the enquiries made by you, a business that wants to offer you some goods or services, and your existing creditor.
'Hard Inquiry' shows lender's request for your credit history or is made by a prospective lender where you have applied for loan. It can affect your credit score.
(6) Score Factors Affecting Credit Score
One section of the report shows the positive or negative factors currently affecting your credit score.
It is to be noted that there are many websites where you will find an option of getting a free credit score and also a free credit report. You may use this credit score and free credit report to avail loan and credit cards in a hassle free manner.
(7) Remarks in a Credit Report
Remarks in a credit report indicate the current status of your accounts. Outlined below are the remarks which you can see in your credit report.
One section of the report shows the positive or negative factors currently affecting your credit score.
| Remark | Explanation |
|---|---|
| Settled | If you partially repay a loan or credit card, it will be marked as "Settled" on your credit report. This can negatively impact your credit score and future loan applications. When you repay the loan fully, it will clear this remark. |
| Written Off | If you fail to make payments for over 180 days, the lender writes off the amount and reports it as "Written Off" on your credit report. This significantly harms your credit score and also your chances of getting new loans decrease. |
| Post Write Off Settled | After a write-off, if you settle the debt partially, it will be noted as "Post Write Off Settled" on your report. This shows a settlement after a write-off and has a severe bad impact on your credit health. |
| Wilful Default | This occurs when you deliberately avoid repaying a loan despite having the ability to pay it. It also includes misusing the loan for purposes other than you intended. This remark may also involve legal consequences. |
| Closed | This status means you have fully repaid your loan and the lender has marked the account as "Closed". You must not forget to obtain a No Dues Certificate (NDC) from the lender and also check whether your credit report reflects the same. |