We come across the phrase ‘credit history’ and its importance in obtaining a personal loan, car loan or a home loan but I am positive that you must have wondered about your credit history when you are a first time borrower. Of course if you are taking a loan for the first time there will be no record of your history as there isn’t any. But this does not mean that you shouldn’t build a good track record for any future loan applications you might choose to make.
All the credit card dues should be paid in time and in full to build your credit history as this is the yardstick that will help depict your obedience in repayment of loans.
Now that I have your interest piqued you would want to know where you can check your credit history. Well, credit bureaus such as CIBIL or the recently set up Equifax India capture credit information that their member firms (like lenders) share with them about your past loan transactions. You would have to pay a nominal fee to gain access to your report and view the credit score assigned to you.
Just in case you have an error in your credit transaction record, then you would need to approach the specific lender with whom your transaction in question was conducted and request them to rectify it with the credit bureau.
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Tags: CREDIT
