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How To Freeze Your Credit Score In India?


Credit score has become one of the single most important indicators, that banks and financial institutions in India look for when you take a loan.


If you have a credit card, or any form of loans depending on how you are servicing the same, you get a credit score from the leading agencies in India. These include CIBIL, Equifax India and Experian India.

 How To Freeze Your Credit Score In India?
Now, if you have defaulted on payments, your score tends to be less, and when you go for a loan the next time, chances are bright that they maybe rejected.

So, basically this is credit information, which allows banks and financial institutions, to gauge your credit worthiness.

What Is Credit Score Freezing?

Let us say that Joshua applies for a loan at a bank or a financial institution in India. As soon as the bank receives his application, the first thing that it will do is check his credit worthiness. It will write to one of the credit reporting agencies, which will than prepares a credit information report.

They will assign a score or a rating as the case maybe to enable the bank or the financial institution to understand whether they should lend money or not.


Now, it is highly possible, that the concerned individual would not want his details to be shared. For example, there would be executives from several banks and financial institution call up an individual for a credit card or loan, because his rating is good.

So, he may not want his credit score to be shared by anyone. This is called a freeze a credit score, where he tells the credit information agencies, that he does not want his details to be shared. In short, it is a credit score freeze.

How to freeze your credit score?

To freeze your credit score you need to tell the credit reporting agencies that your information should not be shared.
You will have to furnish all your details, after which they will dig your account. Once they have done so, they will freeze your credit score.

Each agency may have different norms, and it is not certain whether it can be done online or through a telephone call.

The only problem is that you would have to call up all the three agencies and inform them. More the number of credit information agencies, greater is the level of work involved.

The advantages of freezing a credit score

Many executives from the financial services sector can get easy access to your score. If they know that you are credit worthy, they will keep calling you for credit cards and loans. This can be a real nuisance for you. Also, freezing your credit score will prevent frauds and access to all your personal information.

You can also unfreeze your credit score

When you take a loan, there is no way a bank will grant you one, unless you have a credit score. If you have frozen the credit score, the credit information company cannot disclose and hence you will not get a loan. Hence, you will have to unfreeze the account before you take a loan.

Read more about: cibil credit score
Story first published: Wednesday, April 6, 2016, 8:27 [IST]
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