Indore Borrowers: Why Two Credit Reports Can Tell Different Stories

You will review your credit history and find one image on it. Next, you will review another credit agency’s report and find that the account information on it is something else altogether.

This is a surprisingly frequent issue for loan applicants in Indore.

Your Credit Report Is More Than Just a Number

It is possible for a CRIF credit report to contain information that differs from an Experian credit report. This is due to the fact that credit bureaus receive information from participating lenders, and the timing of the information appearing on the reports could vary.

This is true when you are tracking your CIBIL score as well. Instead of asking which number is correct, you should be concerned about the information behind the number.

Your True Red Flag is an Unknown Account

What if your real-time live credit score all of a sudden fluctuates? Instead of rushing to look for a low credit score loan, find out why there is such a change.

Here’s what you need to look for:

1. An unknown loan account

2. An incorrect amount owed

3. A late payment even though you paid on time

4. A credit inquiry that you never made

5. A closed account showing up as open

Your free credit score will allow you to identify the change, but only the full report will give you the reason.

PrimeScore helps borrowers detect possible discrepancies in credit scores and the necessary procedures for rectification of these problems.

Don’t Repair the Wrong Problem

When a credit score falls, many people try to find how to increase credit score. However, if the fall is caused by wrong loan reporting or incorrect payments, getting one more loan won't resolve this problem.

First of all, you need to verify the score. Check the score against your statements and payment documents for the loans.

Even such a score as the PNB credit score or any other financial platform score shouldn't be taken into account without verification of the credit report.

Before getting additional credit, check whether each loan and payment listed in the report belong to you.

If you discover that some of them don't, collect the necessary statements and documents before raising a dispute. In case of difficulty with detecting the discrepancy in the report, you can use the PrimeScore service.

FAQs

1. Can two credit reports look different?

Yes. Bureau data and update cycles can vary.

2. Is a high CIBIL score enough?

No. The underlying credit information also matters.

3. Should I take a low credit score loan after a score drop?

First find out what caused the change.

4. Does checking your own report hurt your score?

No. Checking your own credit information does not create a lender enquiry.

5. Can PrimeScore help with inaccurate entries?

Yes. PrimeScore can help identify potential discrepancies and guide the rectification process.