Know the process to check your credit score online

What is a credit score?

Your credit score is a 3-digit number that represents your likelihood to repay debt. Creditors use this score to assess the risk of a borrower before lending you. If you have a high credit rating, then your chances of getting approved for credit products become higher. On the other hand, if you have a low score, no lender would be willing to lend you as you are viewed as a risky borrower.

How you can check your credit score online?

The complete process to check your credit report these days is simple and less time-consuming due to the presence of online technology. Fintech lenders like IndiaLends help you download your free credit report in just a few clicks. Here are the steps to check your credit report at IndiaLends:

Step 1: Click on ‘Free Credit Score’. Step 2: Enter your personal and employment details along with your PAN Card number. Step 3: Now you will get the OTP (One Time Password) on your registered mobile number. Step 4: Enter the OTP and view your credit score instantly.

Note: To get a detailed credit report, you need to download IndiaLends app.

Benefits of checking credit score online-

1. Know your credit standing: Knowing your current credit standing is important when it comes to availing of loans or credit cards. You need to review your free credit report and check your credit score to know where you stand. Checking scores and reports regularly will also help you to know the errors in your report which might be lowering your score.

2. Land up with better rates: Every borrower wants to avail the lowest possible interest rate on his/her loan. The only way this is possible is that when you have a good credit score. Knowing your credit rating beforehand gives you the ability to negotiate for better interest rates with your lender.

3. Avail pre-approved offers: Fintech companies do not only allow you to check credit scores for free, but they also have pre-approved offers for various credit products for different ranges of credit scores due to their tie-ups with multiple lenders. You can also compare the offers available in the market and pick the best one that meets your requirement.

This is how you can know your credit score online and get to know about your current credit standing before applying for loans or credit cards. Hassle-free credit score check helps you to avail the credit products at a competitive rate of interest and boost your chances of credit approval by the lenders. Therefore, it is mandatory to check your credit rating before you approach any lender to avail the credit products of your choice to meet your immediate financial requirements.