Credit Health Report (CHR) by Paisabazaar

A Credit Health Report is a detailed credit report provided by Paisabazaar to its consumers. It is designed specifically to help you understand your credit score, factors that impact your credit score, how you have managed your credit in the past and whether it is enough for you to get your credit application approved in future.

The report also contains tips and insights on improving your credit score depending on your credit behaviour. You can access separate reports from all credit bureaus with complete details at Paisabazaar and analyse your past credit performance.

The Credit Health Report generated by Paisabazaar is a well-structured document that contains a detailed analysis of your credit accounts and behaviour over the past few years (7 years in many cases). Let us find out about all the components of the report:

Credit Score

Your credit score is a 3-digit number ranging from 300 to 900. It is calculated on the basis of a number of credit factors. The closer your score to 900, the better it is considered.

A credit score of 750 and above is considered very good by lenders as it depicts your high creditworthiness. It makes you eligible for preferential rates and relaxed loan terms.

Your credit score is the first thing mentioned in the Credit Health Report. This section also explains what your credit score means for the lenders and how your score can impact your loan or credit card approval chances.

This section also contains an Enquiry Control Number (ECN) issued by CIBIL which is required when raising a dispute for correcting inaccuracies in your credit report.

Credit Health Report Snapshot

This section contains what’s covered in your report. You can click on each component and navigate to the concerned section directly. The elements covered in this section are Personal Details, Credit Report at a Glance, Credit Factors, Payment History, Credit Enquiries and Raise a Dispute to CIBIL.

Profile Details

This section contains your basic personal details as provided by lenders and credit card providers to the credit bureau. It includes your full name, date of birth, registered mobile number, email address and residential address.

You shall get some exclusive tips in this section that will help you understand the information in detail and what action is recommended based on your profile.

Credit Report at a Glance

This section is very important for you as it contains a preview of your credit report where all changes over the last 6 months are highlighted. Credit Score Trend for the past 6 months is shown in the first section.

In the next section, What’s changed in the last 6 months is shown. This comparative analysis helps understand how you have performed in the last 6 months and what impact has it had on your credit score.

Credit Factors

This section contains the list of credit factors on which your credit score depends. Here, you get a summary of all credit factors and their possible impact on your credit score.

The 5 most important factors on which your credit score depends are – Payment History, Credit Card Utilisation or Credit Utilisation Ratio, Length of Credit History, Credit Enquiries and Credit Mix.

Account Summary

This section contains a list of all credit accounts associated with you that include both loans and credit cards.

All loans whether secured loans such as car loans or home loans or unsecured loans such as personal loans or business loans are mentioned in the first part of this section.

Details such as lender, product type, account number, ownership status, loan status and last update date is shown against each loan in this section.

In the next part of this section, a list of all active credit cards is provided.

Details such as credit card provider, product type, the last 4 digits of the credit card, ownership type, account status and last update date of each card are mentioned.

In the third part of this section, all accounts that are successfully closed after clearing all dues are mentioned. A closed account may have no negative impact on your credit score whereas a settled account can severely impact your credit score.

Payment History

This section is very important for lenders and borrowers alike. It contains details of all repayments done by you in the past 36 months for each loan and credit card account.

This section indicates the product details such as product type, last 4 digits of the account number, ownership type, last payment date, last update date, date of account opening, current outstanding, overdue amount and total sanctioned amount.

The next part of this section shows the payment history details such as Days Past Due (Payment Delayed) and monthly payment status.

All green ticks signify that you have made all payments on time and is the best-case scenario for improving your credit score. Any deviation from this is taken negatively and has the potential to reduce your credit score.

Credit Card Utilisation

This section shows your overall credit card utilisation (also known as Credit utilisation Ratio or CUR) and all the details of available and used credit limits for each credit card.

Experts recommend to keep your overall credit utilisation low. It signifies that your hunger for credit is low and you would relatively be at a low risk of default in case of an unforeseen difficulty.

A high credit utilisation depicts your overdependence on credit and the risk of default in such cases can be very high. Lenders may refrain from approving your credit application if you continuously max out your credit cards and have a utilisation in excess of 90%.

However, many lenders might not penalise you for having a high CUR if you pay off your dues regularly and on time.

Credit Enquiries

This section contains details of all credit enquiries carried out by you in the past six months. Details such as the financial institution, product type and reporting date for each enquiry is mentioned here.

It is worth mentioning that when you check your credit score, it is considered as a soft enquiry and it has no impact on your credit score.

When you apply for credit, the lender requests your credit report from a bureau. This is considered a hard enquiry. This enquiry is present here in the Credit Health Report and it has the potential to impact your credit score.

Raise a Dispute

When you notice any discrepancy in your credit report, you should get it rectified at the earliest. Any incorrect information in your report can impact your credit score negatively. This section will help you raise a dispute with CIBIL and improve your credit score.

You can take the assistance of Paisabazaar to raise a dispute with CIBIL if you have subscribed to the Credit Health Report. This can be very beneficial if you have some errors in your report and you don’t know how to get it resolved.

Our experts will guide you to raise the issue with a lender or CIBIL and keep you updated with the latest status. The dispute gets resolved within 30 days but if the resolution is not what you expected, you can raise a fresh grievance with the help of our credit experts.

When you subscribe to the Credit Health Report provided by Paisabazaar, you get access to Credit Health Reports by multiple credit bureaus from among TransUnion CIBIL, Experian, Equifax and CRIF High Mark.

It is worth noting that your credit score can be different for every credit bureau as each bureau has its own algorithm for calculating your credit score. Also, the reporting of details by lenders from one bureau to another can vary.