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You can soon track your credit score!

Text: Abitha Deepak, BankBazaar.com

April 28, 2009

Have you been paying your telephone bills on time? Do you consistently forget the due date for your insurance premiums? You better watch it!

If you ever intend to apply for a loan in future all these aspects are going to count! These are a few of the spruced up elements planned to be implemented in your current credit reports. What's more, from next year (2010) there will be a system in place through which you can have access to your credit reports!

Such spruce-ups have been made possible through a recent move of the Reserve Bank of India, which has granted an ‘in principle’ approval to the registration of CIBIL and a few other credit agencies namely, Equifax, Experian and Highmark under CIC Act [Credit Information Companies (Regulation) Act].

The author is Head of Content & Research at BankBazaar.com

Illustrations: Uttam Ghosh & Dominic Xavier

Also read: Anand Mahindra's next big challenge

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