4 things that are not mentioned in your credit report; find out here

Salary slips and bank balance statements are often used to prove your financial stability. But, at times, they might not be enough. In such cases, you could also be asked to hand over your credit report to prove your financial strength. Hence, it is common to be asked for a credit report for a phone connection, a new job or even while getting married to gauge your financial stability.

It is, therefore, important to keep a good credit score, which depends on various factors ranging from repayment history, length of credit history to your credit usage. But do you know that not all financial transactions are part of your credit report. Here are 4 such transactions that are not shown in your credit report.

Investments

A credit bureau is regulated by the Credit Information Company Act with the Reserve Bank of India as the regulator. Any addition or deletion of factors that determine your score is governed by the Act which comes under the ambit of the regulator. Currently, investments like mutual funds, stocks or insurance do not form part of the credit score.

Transaction details on your card

It is important to know that the transactions on your credit card do not form part of your credit report. Where you spend is not shown in the credit report but how consistent you are in making payments is shown. Therefore, it is advised to pay all your credit card bills on time as payment history amounts to almost 35 per cent of your total score on your credit health report. Otherwise, to improve your credit score you need to maintain no late payment status for the longest period possible.

Savings account

The information from your savings account is not part of your report. So, if your funds go below the minimum account balance it does not get reflected in the credit report. It is the loan and borrowing details that form part of your credit score and report.

Utility payment details: Utility companies use data from credit bureaus for credit requirements but the utility payment details are not part of your credit score. Any default in the utility payments is therefore not reflected in your credit report.