Credit Score | Top Reasons For Falling And How To Check It For Free On Whatsapp

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By Anshul IST (Released)

Credit score: A CIBIL score above 750 is considered an excellent score, while a score between 650 and 750 is considered average and below 650 is a bad score. Read this to understand the reasons for his downfall

CIBIL, or Credit Score, is a key benchmark for understanding an individual’s loan credibility for financial institutions in India. The CIBIL score is measured between 300 and 900 and calculated by credit reporting companies in India. A CIBIL score above 750 is considered an excellent score, while a score between 650 and 750 is considered average and below 650 is a bad score.

Experian India, the first credit bureau to be licensed in India under the Credit Reporting Companies (Regulation) Act 2005, has announced a service that allows Indian consumers to check their credit scores on WhatsApp for free. As a result, consumers can now regularly check their Experian credit reports and easily monitor their credit portfolio.

“The initiative introduces a fast, secure and convenient way to access their Experian credit report anywhere, anytime. Consumers can check their Experian credit report, track any irregularities, immediately detect fraud and rebuild their credit score, allowing them to take control of their credit profile,” Experian India said in a statement.

With India having the largest number of WhatsApp users in the world – with 487.5 million users – the WhatsApp messaging service is an integral part of the daily lives of Indian consumers.

Here are the steps to check credit scores on WhatsApp for free:

Step 1: Send “Hey” to Experian India WhatsApp number +91-9920035444 or visit: https://wa.me/message/LBKHANJQNOUKF1

2nd step: OR Scan the barcode

Step 3: Share some basic details, such as name, email id and phone number

Step 4: Instantly receive credit score from Experian via WhatsApp. One can request a password-protected copy of the Experian credit report, which will be sent to the registered email id.

What are the reasons for falling credit scores?

The rate of credit utilization is an important factor that influences credit scores. He only considers his revolving credit, that is to say the credit card. If usage gets too high, it will have a negative impact on credit rating, even if balances are paid on time.

The other scenario in which a blow credit score drop can occur when a person applied for a new loan. Lenders often write a detailed credit score report when individuals apply for a new loan.
Another common factor for falling this is when a borrower fails to pay an equivalent monthly installment (EMI) loan. This has an immediate negative effect on credit score since repayment history is one of the most crucial factors in determining a person’s score.

Another interesting scenario where the score can drop is closing an existing credit card, especially one that has been in use for a long time. Since credit history makes up the bulk of one’s credit score, maintaining an extensive history is necessary for a higher credit score.

How to boost your credit score?

Prepay debts before the end of the loan term if cash flow permits. This would not only save money on potential monthly interest, but it would also help individuals improve their credit ratings. Also, users should try not to “max out” revolving lines of credit, such as credit cards, and use the limit wisely.

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