Difference between Credit Report and Credit Score
Credit report and credit score are terms that are somehow interlinked with each other but not the same in their nature and significance. Therefore, let’s remove the confusion by discussing the main difference between Credit Report and Credit Score.
Credit Report vs Credit Score
|Credit report is a summary of applicant’s credit history and is further used to calculate credit score
|Credit Score is a 3-digit numeric that ranges from 300-900 that defines the applicant’s creditworthiness
|Reports every item that impacts credit score
|Generated as per the information provided in the credit report by banks
|Credit report includes information related to your personal or contact information, credit accounts, payment history, credit inquiries, etc.
|Credit score is calculated based on various factors, such as payment history, credit utilization, types of credit and length of credit history
|Offers detailed information related to consumer’s credit history
|Offers information to lending banks/ NBFCs regarding consumer’s creditworthiness
|There is no specific range that describes credit report
|It has a specific range from 300-900 with 750 or above are considered good by lenders
|Credit bureaus generate credit report as per the data provided by banks and NBFCs
|Credit score varies as per the credit bureaus because of the unique formula used to calculate and generate scores
Who provides Credit Reports and Credit Scores in India?
The credit reports and credit scores are generated, as per the consumer credit information provided by the lending banks and NBFCs on monthly basis to India’s all the leading Credit Information Companies (CICs) or credit bureaus. The leading four credit bureaus are named as TransUnion CIBIL, Experian, Equifax and CRIF High Mark. However, the most trusted and preferred credit bureau across India is TransUnion CIBIL. Here you can check and download your CIBIL report for free and receive monthly updates with no impact on your credit score.
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How to access Credit Report and Credit Score?
To know how to get your credit score, follow the steps mentioned below:
Step 1: To check and download your free credit report, click here
Step 2: You need to enter the following details:
- Gender (Male/Female)
- Full Name
- Date of Birth (DD-MM-YYYY format)
- Email Address
- PIN Code
- Mobile Number
Step 3: Now, enter the OTP sent to the mobile number in the pop-up screen
Step 4: Once done, tick mark the checkbox to provide Paisabazaar with the authorization to receive your credit information from credit bureaus
Step 5: Click on the ‘Get Your Credit Score’ button
Step 6: Your credit score will appear on the screen
To know how to access your credit report, follow the steps mentioned above till step 6 and then:
Step 7: Click on the ‘download report’ button
Step 8: Choose the language and month and then click on the ‘download’ button
Step 9: You need to enter the password i.e. Date of Birth (DD-MM-YYYY format)
Step 10: Your Credit Report will be downloaded
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FAQs on Credit Score vs Credit Report
Q. What is the difference between credit report and credit score?
Ans. The main difference is that the credit report is a detailed analysis of applicant’s credit history and credit score is a 3-digit numeric that ranges from 300-900 and represents the creditworthiness and repayment capacity of the applicant.
Q. What is the difference between credit score and CIBIL score?
Ans. Credit score and CIBIL score are almost similar; as these two terms represent the numeric that range from 300-900 that displays the applicant’s creditworthiness. However, credit score is calculated by all the four credit bureaus, named TransUnion CIBIL, Experian, Equifax and CRIF High Mark. CIBIL score is exclusively calculated and generated by TransUnion CIBIL and all the parameters remain the same.
Q. How many credit reports can I download and from where?
Ans. You can download free credit reports every month and this facility is available for lifetime at Paisabazaar.com.
Q. How many credit reports are provided by CIBIL every year?
Ans. One CIBIL Score and Report is provided by CIBIL without any charge every year.
Q. Do I need to provide my PAN to access my credit score?
Ans. Yes, it is mandatory to provide your 10-digit PAN number to access your credit score.
Q. My CIBIL Score is 450. How can I improve my score?
Ans. To improve your CIBIL Score, you must keep the following things in your mind:
- Pay your dues on time
- Maintain a healthy credit mix
- Regularly check your credit report
- Keep your old accounts opened
Q. How can I check my CIBIL score, as compared to credit score?
Ans. Here you can check your CIBIL score and download your CIBIL report for free by mentioning a few basic details, such as your name, PAN card, email address, PIN code and mobile number. Secondly, you can visit the official CIBIL’s website to check your free CIBIL score only once a year and for the second time or further is a paid service.
Q. What should be the ideal CIBIL Score for loan/credit card applications?
There is no minimum CIBIL score mentioned by lenders for approving the loan application. However, a Credit Score above 750 is usually considered good for availing a loan/credit card.
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