New Delhi, Oct. 18 -- An incorrect mobile number, an incorrectly reported loan, or an unfamiliar credit inquiry in an individual's credit report can raise concerns about their credit profile. Now, it is a given that not every error directly lowers your credit score; incorrect information can affect how lending institutions assess an individual's creditworthiness and may also indicate a risk of identity theft.

It is vital to keep in mind that an individual's credit report and credit score are entirely different. A credit score is a three-digit number provided by leading credit bureaus across the nation, such as CRIF High Mark, Experian, Equifax and TransUnion CIBIL. This metric typically ranges from 300 to 900, with a credit score above 7...