Q. What is a credit report?
A. Credit report, which is provided by CIBIL,
Experian and Equifax, is a report card based on your performance on loans. Banks
use this information to assess your loan applications. In fact, it is the single
biggest criteria for assessing your loan application.
Q. Why do I need to answer authentication
A. Authentication questions help us identify
you and ensure the security of your data. It is absolutely important that we ask
these questions so that your data is only seen by you. We are working non-stop behind
the scenes to give you the best user experience while keeping data security in mind.
Q. I am not able to answer the authentication
questions. What do I do?
A. We run smart algorithms to ensure you
only get relevant questions. We've also made other forms of authentication available
to you, like uploading your KYC documents.
Q. Why do I need to upload KYC documents?
A. KYC documents help us identify you. We
want to make sure that we share your credit report with you and only you. We only
ask for documents that banks recognise as a form of KYC e.g. Passport, Aadhar, etc.
Q. What documents can I upload?
A. You can upload a copy of these documents
b. Aadhar card
c. PAN card/ Driving license/Voter card + Electricity bill/landline bill/postpaid
Q. How soon will I get my report?
A. Your report will be generated instantly
and will be available for viewing in your Indialends dashboard. You will also get
your personalised credit analysis and recommendations right after the authentication
questions, within a fraction of a second.
Q. Where can I see my report?
A. Please login to your Indialends account
to view your credit report on the dashboard anytime, anywhere and from any device.
Q. How do I interpret my score and report?
A. We've simplified your credit report for
you so that you have no difficulty in understanding it. For more details on credit
scoring please read our blogs titled Credit scores and the science of lending: Part
1 & 2
Q. How do I report a discrepancy?
Q. How will this credit information help me?
A. It is very important for you to know
your credit score and the various factors affecting it. Your credit scores are being
used by all banks and financial institutions to assess your loan application - be
it a personal loan, a home loan, a credit card or an education loan. This video
further explains the benefits of a seeing your credit information.
Q. Can I get advice on improving my credit
Q. What is Experian?
A. Experian is a credit bureau that collects
loan performance data from all banks and financial institutions. This data is then
shared with the bank when you apply for a loan and is used by the bank to decide
on the interest rate and loan amount eligibility.
Q. What is a credit score?
A. A credit score is the measure of an individual’s
creditworthiness. The higher the score, the better placed one is to have access
to any type of credit– a credit card, a personal loan, a car loan or even a home
loan. It is usually a three digit number between 300 and 900 which is calculated
based on the individual’s repayment history on credit products.