First of all, let us understand what credit report is, It is a summary of an individual’s credit history which contains history of your existing & previous credit and loans along with your other details such as Name, DOB, PAN/Aadhar/Voter ID Number/DL Number, all your Office/Residence Address & telephone/mobile number which you have ever reported to any lender for credit/Loan purpose and list of enquiries made by the lenders to access your Credit Report.
Every lender, now a day, uses it as an important tool in an effective lending decisions, though lenders does not solely rely on these credit reports to provide credit/loans, but these reports play a crucial role in the calculation of your eligibility.
There are four credit information companies viz. CIBIL, Equifax, Experian & CRIF High Mark, which are registered with RBI and working in India. These CICs collects and share the individual’s information from/to Banks/NBFCs, to help them in minimizing repayment defaults by avoiding individuals with a bad credit history.
Now, back to aggregators, if you access these free credit reports using these aggregators website then the first thing you have to compromise is your personal information such as Name, DOB, PAN/Aadhar Details, which are not otherwise available to them; secondly you will start getting unsolicited promotional calls and text messages from these aggregators along with their associates; and the third thing is that there will always be a risk of Information/Data theft/sharing from these aggregators, which may cost you more than you saved.
You’ll be surprise to know that considering the importance of Credit Report in Individuals financial matters, RBI has vide its notification number DBR.CID.BC.No.11/20.16.042/2016-17 dated 01/09/2016, instructed all the CICs to provide Free Full Credit Report (FFCR) to every individual, once in a calendar year. You can access these FFCR directly from CICs website free of cost.
So, it’s better to access free credit report directly from CICs website rather than through financial aggregators website, as your personal as well as financial information’s are more secured here because of direct control/monitoring of RBI over these CICs.
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