Credit rating is a significant aspect of anyone’s financial standing. It is a numerical representation of your creditworthiness and indicates your ability to repay loans on time. Your credit rating determines the interest rate you get on loans, credit cards, and your eligibility for them. Therefore, it is crucial to know how to check your credit rating, keep track of it, and take necessary measures to improve it.
One of the easiest and most convenient ways to keep track of your credit rating is through online payment platforms like Bajaj Finance. Bajaj Finance, one of the leading non-banking financial companies (NBFCs) in India, offers a hassle-free online payment process. It also provides an EMI card that allows you to purchase products on easy monthly installments. So, let's look at how you can use Bajaj Finance online payment to check your credit rating.
Step-by-Step Guide to Check Credit Rating with Bajaj Finance Online Payment
Step 1: Open the Bajaj Finserv website or download the Bajaj Finserv app from Google Play Store or Apple App Store.
Step 2: Click on the ‘Log in’ option and enter your registered mobile number.
Step 3: Once you're logged in, click on the 'My Account' option.
Step 4: Under the ‘My Account’ section, you will find an option called 'View Details.' Click on it.
Step 5: On the next page, you will see different tabs like 'Personal Details,' 'Loans,' etc. Click on the 'Credit Score' tab.
Step 6: To view your credit score, click on the 'View Now' button. Bajaj Finserv uses Experian as its credit information partner and provides a free credit report and analysis.
Step 7: Fill in the following details:
- Name (as per PAN Card)
- Date of Birth
- Gender
- PAN Card number
- Email address
- Current address
- Registered mobile number
Once you submit the details, you will get an OTP (One-Time Password) on your registered mobile number. Enter the OTP, and you will get your credit report.
You can also get a detailed analysis of your credit report by subscribing to the 'Experian Credit Information Report – Plus' service.
Benefits of Checking Credit Rating with Bajaj Finserv
Checking your credit rating with Bajaj Finserv has several benefits. Firstly, it's a free service that provides a detailed credit report and analysis of your credit score. You can use this information to understand your financial status and take necessary measures to improve it.
Secondly, Bajaj Finserv offers a range of financial products, such as personal loans, home loans, business loans, and credit cards. Knowing your credit score can help you understand your eligibility for these products and the interest rate you are likely to get.
Lastly, having a good credit rating can help you get better deals on loans and credit cards. Lenders often check your credit score before approving your application for loans and credit cards. A good credit score indicates that you are creditworthy, and lenders are more likely to approve your application and offer you better interest rates.
How to Improve Your Credit Rating
Now that you know how to check your credit rating let's look at how to improve it.
Pay Bills on Time
Paying bills on time is one of the most critical factors that determine your credit score. Late payments can negatively impact your credit score. Ensure that you make all your loan repayments, credit card bills, and utility bills on time.
Maintain a Low Credit Utilization Ratio
Your credit utilization ratio is the percentage of the credit limit you use. A high credit utilization ratio can negatively affect your credit score. Ideally, your credit utilization ratio should be less than 30% of the credit limit.
Maintain a Good Credit History
A long and good credit history can positively impact your credit score. Lenders prefer borrowers with a long credit history as it reflects their creditworthiness.
Check Your Credit Report Regularly
Checking your credit report regularly can help you detect any errors or discrepancies that might negatively affect your credit score. Ensure that you correct them immediately.
Conclusion
Your credit rating is a reflection of your financial worth. It is one of the crucial factors that lenders consider while approving loans or credit cards. Bajaj Finance online payment is a convenient way to check your credit rating and ensure that you maintain a good credit score.
Remember, a good credit score takes time and effort to build. By making timely payments, maintaining a low credit utilization ratio, and regularly checking your credit report, you can improve your credit rating and enjoy better financial opportunities.