Things You Won't Find in a Credit Report

A credit report is like a report card for your money habits. It tells lenders how reliable you are with money. It provides a comprehensive view of your current credit accounts, payment history, and credit soft inquiries. Shriram Finance aims to provide you with accurate and reliable information about the things you won't find in your credit report. With a range of credit solutions and personalised loans, you can improve your credit score and achieve the desired financial goals.

While credit reports offer a comprehensive overview of your financial history, personal details like your ethnicity, gender, and religion are intentionally omitted to prevent discrimination, as mandated by regulations governing credit bureaus.

Financial Information Other Than Loans/Credit Cards

Your credit report focuses solely on credit-related information and does not include details of savings or investment accounts. Transactions conducted through these accounts do not affect your credit score. While savings and investments reflect financial stability, they are separate from your credit history. Examples of such accounts include fixed deposit accounts, current accounts, and trading accounts. Shriram Finance offers a wide range of savings, investment and loan options tailored to meet your specific needs.

Employment and Income

Your credit report doesn't include details about your job or your income. However, if you mentioned your job when you applied for a loan, the names of your current or previous employers might appear in the report. But the report won't show exactly how much money you make. Lenders do not need your exact income to decide if you are capable of repaying a loan. Shriram Finance understands that income levels vary among individuals, which is why they provide personalised loan options to suit different income brackets.

Non-Traditional Loans

Credit reports do not show loans you get from places like pawn shops or private lenders and shows only loans from banks or official financial places.

Utility Bills

Details of utility bill payments, such as electricity bills, telephone bills, and water bills, are not available on your credit report. Timely payment of utility bills is an important factor for maintaining a good credit history. To make bill payments more convenient, consider using Shriram One UPI, our secure payment method for utility bills and other transactions.

Irrelevant Personal Information

Your credit report has basic information about you, like your name, address, and birthdate. But it doesn't tell if you're married, and it doesn't include your spouse's credit information. It focuses on your money history – how you've handled things like loans and credit cards. It's like a report card for your financial responsibility. It helps lenders decide if they can trust you with their money when you want to borrow. So, it is not about your personal life or your spouse or any other information; it is all about your money habits.

Credit Information of Your Spouse

Your credit report shows only your credit history, not your spouse's. Even if you have a shared account or loan with your spouse, the report only has your credit info. But at Shriram Finance, we have loans for couples who need financial help together.

Reasons for Early/Late Settlement

Your credit report might show if you settled a debt, but it won't explain why. Sometimes, you may have a good reason for settling a debt. At Shriram Finance, this is understood better and they are open to considering such situations when making lending decisions.

Monthly Payment History Beyond 3 Years

Credit reports record monthly payments up to 3 years before your most recent payment. Payments made before this period will not be indicated in your current Credit Information Report (CIR). It is recommended to check your credit report regularly to review your payment history and identify any discrepancies at the earliest.

Credit Utilisation Ratio

Your credit report does not explicitly indicate your credit utilisation ratio—the ratio between your credit limit and usage. However, banks can calculate this based on the information provided in your credit report. Both overutilisation and underutilisation of credit can affect your credit score. Banks generally look for a credit utilisation ratio of under 30% for a good credit rating.

List of Defaulters

Credit reports do not include a specific list of defaulters. However, defaults are recorded in the report and negatively impact your credit scores. At Shriram Finance, we believe in customer support and guidance to help individuals improve their credit standing and so we offer customised credit solutions to different borrowers.

Status and Analysis of Credit Approvals

While your credit report provides information on your credit status, it does not predict the approval or rejection of future credit applications. Each lender or institution has its criteria for approving home loans or credit cards. Factors such as payment history, credit utilisation, debt-to-income ratio, and other important factors influence the decision-making process. Maintaining a good credit history is essential for better chances of loan approval. Shriram Finance offers personalised loan options tailored to meet your needs.

Data related to Savings and Investment

Your credit report tells how you have handled paying your bills and debts, which is called your payment history. It does not show anything about your savings and investment data. This means it does not have any information about your savings accounts, investments, or how much your properties are worth, like a house. Even though these things are important for understanding your overall financial situation, they do not affect your credit score. Your credit score only cares about your payment history, not your savings or investments.

Conclusion

In summary, your credit report gives you useful information about your money situation and whether you are trustworthy when it comes to borrowing. However, there are some important things it doesn't include. Knowing what's missing helps you get a better picture of your finances.

To keep a good credit score, it is essential to check your credit report regularly to spot any mistakes or problems. At Shriram Finance, we provide customised financial solutions to help you raise your credit score and reach your money goals.

FAQs:

1. What would appear on a credit report?

A credit report typically includes information about your credit accounts, payment history, outstanding debts, and public records like bankruptcies or tax liens.

2. Which item would not appear on a credit report?

Personal information such as your race, religion and medical history would not appear on a credit report.

3. Who does not have a credit report?

Individuals who have never used credit or have not yet established a credit history may not have a credit report.

4. How do I remove closed accounts from my credit report?

Closed accounts with positive payment history generally stay on your credit report for a few years; you can't remove them early. Negative closed accounts may stay for 7-10 years.

5. Will a credit report show bank accounts?

No, a credit report does not show bank account information, such as your checking or savings accounts.