Your credit score is an important metric in your financial life. A good credit score can help you secure an affordable loan, credit card or mortgage. On the other hand, a poor score can lead to rejection and high interest rates on loans.
By closely monitoring your credit score, you can:
- Ensure that your creditworthiness is high
- Identify any potential issues early on
- Take necessary steps to rectify errors if any
- Work on improving or maintaining your score
No wonder then that checking credit scores has become increasingly popular. Today, there are many online resources you can use to check your score. However, choosing an authorized and genuine website to monitor your credit score is essential. Read on to know why.
Protection from fraud
Your credit score is a valuable piece of information used by financial institutions to determine your eligibility for loans, credit cards, and other financial products.
It is accompanied by your name, PAN number, address and other key data. Thus, it is also a prime target for fraudsters looking to steal your identity or commit financial crimes.
Using a genuine website with the proper cyber safety measures is important to eliminate the risk of your data being stolen.
Secondly, scammers may create fraudulent sites that look like genuine ones to compromise your information. So, checking the domain name and security certificate of the site is important.
For example, if you notice that your credit score has suddenly dropped or that there are new accounts or loans listed that you don’t recognise, act quickly.
This could be a sign that someone has stolen your identity or taken credit in your name. Contact the credit bureau to report the issue and take steps to protect your credit report.
Accuracy of information
Another key reason to check your credit score from authorised websites is to ensure the information is correct and up to date. Your credit score is based on various factors, including your credit history, outstanding debts, and payment history. Therefore, even a small error or discrepancy can significantly impact your score.
Authorised websites have access to recent information from financial companies to ensure that your score is accurate. This is not true of unofficial websites. Getting the most recent data is key to your financial health.
For example, if you have a high credit utilisation or have missed payments, your credit score may be lower than it should be. To solve these issues, you need accurate information so you can take steps to improve your credit health.
Education and insights
Checking your credit score from legitimate websites can provide valuable insights via your credit report. By understanding the factors affecting your credit score, you can take informed decisions about your finances and improve your credit score.
Many authorised websites offer resources and tools to help you understand your credit scores, such as:
- Explanations of the factors that affect your score
- Personalized recommendations for improving your score
- Educational articles that can help you understand more
By taking advantage of these resources, you can resolve issues that may be pulling down your score and protect your financial future.
For example, if you have recently applied for too many credit cards at once, your credit report will record this activity and your score may dip.
Knowing the reason for this can help you avoid such activities in the future and boost your score.
Peace of mind
Finally, checking your credit score from authorized websites can provide peace of mind and help you stay on top of your financial health. Regularly checking your credit score and report can also help you identify any suspicious activity or signs of fraud.
By using a reputable website and accessing the available resources, you can exert better control on your financial future and rectify your credit behavior.
Download the Bajaj Markets App today to make credit monitoring more convenient and secure. You can not only check your CIBIL score for free on this app, but also get a personalised Credit Health Report. So, take the first step towards a healthier credit score by downloading the app now from Google Play or the App Store!