Before your loan application gets approved, the lending platform will conduct a credit risk assessment to determine your creditworthiness. To ensure that you get the approval in the underwriting process, you can receive your credit report to know all about your detailed financial record. Through this document, the areas are determined that you must improve to have a good credit history.
You can learn about these details from your credit report
● Credit score: This is the most crucial information in a credit report. It is a three-digit number ranging between 300 to 900 and having a high score of about 700 shows that you have a positive credit history and are creditworthy.
● Personal details: The report shows your name, date of birth, gender, and other identification details like permanent account number, aadhar details, etc.
● Contact details: Apart from your current and permanent addresses, the report also has your mobile numbers and registered email ID.
● Employment details: Your credit report has a list of all your monthly or annual income accounts in banks and other financial institutions. This is crucial information for every digital lending platform.
● Credit information: All your loans and credit withdraws can be seen in this section. The type of credit you took, its account number, the lending body, the date of opening, the last payment date, the current dues remaining, and a monthly record of your previous payments are depicted here.
● Enquiry section: Whenever you approach a bank or any lending institution for a loan or a credit card, they will conduct a credit information report (CIR) on your financial history. These CIRs are also documented each time they are done under the 'Enquiries' section.
All these data can be studied from your credit report. Thus it is important to avail this regularly so that you can study your financial history and behavior. This report helps you to notice the areas that may negatively affect your credit underwriting process and work on them for improvement.
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