Credit Monitoring

Some of the various ways by which the credit score can be monitored are mentioned below:

1. Soft Credit Checks: A soft credit score request can be made to review the credit score. Using this type of check will not affect the credit score. In case you check the credit score regularly, it is important to that you use a soft check to ensure that the credit score does not get affected. Using a hard credit check will ensure that your credit score falls.
2. Check the Credit Report every Three Months: It is mandatory that the credit bureaus that are present in India provide the credit report to consumers once a year for free. Therefore, four credit reports will be provided in a year for free.
   It is important that you check the credit report thoroughly to check for any errors. In the case of any errors, the same must be reported immediately. Some of the errors that you may find are wrong personal information and repeated transactions. Your credit score may get affected negatively in the case of errors.
3. Check the Credit Card Bill Regularly: It is vital the credit card bill is checked every month. Certain times, expenses and charges that have not been made may be added to the bill. In the case of such transactions, it is important that you inform the bank immediately about the same.

Benefits of credit monitoring:

1. It provides individuals with reports if any changes occur on their history, with also provides your score and report.
2. With credit monitoring, the possibility of credit fraud and identity theft is curtailed due to monitoring.
3. Alerts provided to the individuals on their important activities, such as credit history, credit inquires, delinquency, records of public nature, and even any other negative information.

Credit Information Bureau India Limited or more commonly know as CIBIL is the most critical player in the finance industry. Set up in August 2000, they help many financial institutions with providing loans to customers and even help them manage their business. CIBIL is the credit monitors on the country, they maintain records of an individual's financial transaction history pertaining to loans, credit cards etc. from the many banks and lending institutions in the country. With this information they create reports with will pertain to the individual's financial transaction history, called Credit Information Report which also provide the individual with a score. The score of the individual will allow many banks and financial institutions to provide a loan of any kinds to an individual, since CIBIL has checked his/her repaying capability.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score