The words 'CIBIL' often refer to a three-figure score of 300 to 900 and are synonymous with the words 'credit score.' CIBIL stands for the Indian company TransUnion CIBIL Limited, which has access to your credit details. This is all financial transactions where you lent or repaid money. Credit Score is a 3-digit creditworthiness number. This score is from 300 to 900 and your track record of previous credit card loans is measured. Banks and other lenders tend to offer new loans and credit cards to a high credit score, typically over 750. Market credit score can be reviewed by numerous credit offices, including CIBIL, for free here, with monthly updates. This is viewed as a soft inquiry, has no effect on your score and is followed by simple monthly monitoring to help construct your credit score. The credit score is collected from credit agencies, CIBIL and Credit Information Bureau (India) limited, among others. It is India's oldest credit reporting company, known also as Trans Union CIBIL (CIC). CIBIL collects and preserves credit details of all Indian borrowers, as reported monthly to them by banks, NBFCs and other institutional lenders, as other Credit Offices such as Experian, Highmarks and Equifax. Anyone who has taken any credit card or loan would have a score of 900 CIBIL.
WHAT IS YOUR CIBIL SCORE AND HOW DOES IT WORK?
Your credit value can be described as a creditworthiness ranking. Consider your average credit score. If your average batting is higher than 50, then you get a steady record of 50 and you're a decent player. Similarly, it indicates that you lent and repaid credit wisely in the past, if your credit score is large. Your credit score is relevant because it indicates how trustworthy or risky you are. This will directly influence how eligible you are, what you will be given by the lender as a loan sum and the interest rate you will get. You will determine the possible risk of lending your money through your credit score. This is why your credit score is highly relevant for unsecured or collateral-free loans and can greatly affect your eligibility for individual loans. If you have a score as an individual, even corporations have a credit score. The CIBIL score affects how a lender will find the company worthwhile for a corporation. A corporate loan score may also affect your ability to attract investment.
WHAT ARE THE FACTORS THAT AFFECT YOUR CIBIL SCORE?
Given the value of your CIBIL score, it is important to always keep it up. To do so, it is important to be aware of and monitor the factors influencing your credit score. The factors that affect your CIBIL score are as follows:
- Your income.
- Your existing debts.
- Your past credit repayments.
- Any defaults, delays, or lapses in previous credit repayment.
- Rejections for loans that you have applied for
HOW TO CHECK YOUR CIBIL SCORE?
Although the Transunion CIBIL report can be downloaded from the cibil.com web site online, several online portals are available that can be used for accessing this report. These include official credit report and credit score CIBIL partners including credithelpindia.com. While credithelpindiaprovides you access to your credit report free of charge, other CIBIL partners may or may not offer the same service for free.
Check on Official CIBIL Website
The official website of Transunion CIBIL enables customers also to verify their CIBIL score. The steps to check your CIBIL score through CIBIL.com are:
- i.Visit CIBIL.com
- ii.Click on ‘Get Yours Now’.
- iii.Fill in personal details like email id, PAN, name, etc. to create your account.
- iv.You will receive a verification mail, following which you will be required to confirm some details like your passport number, driving license number, etc.
You can download your CIBIL report by following the steps given below:
- i.Visit https://www.CIBIL.com/freeCIBILscore.
- ii.Click on ‘Get Yours Now’.
- iii.Enter personal information like your name, date of birth, contact number, select the ID type and ID number, etc. and create your own username and password.
- iv.An OTP is sent to you to verify your identity or additional details may be asked to confirm your identity.
- v.Once your identity is verified, you can check your CIBIL score and download the CIBIL report.