The CIBIL score is a 3-digit numerical description of your credit histories, based on information contained in 'Accounts' and 'Research' in your CIBIL study, including (but not limited to) your credit accounts or credit cards and their payment status. The score reflects the credit value based on the credit and reimbursement history that lenders have shared. Your CIBIL score is 300-900, and your chances to get a loan approved are easier when you have higher score. Indeed 79% of loans with a CIBIL score greater than 750 are sanctioned for consumers.
HOW IS CIBIL SCORE CALCULATED?
Your score is calculated according to all your financial system credit-related behaviour. Member banks and other financial agencies in credit agencies shall send periodically (usually monthly) credit details to their customers. All payments including late or missed payments, approved loans and credit card applications and credit limit and credit use status, credit accounts (including written or settled accounts) and other information. Provides details on all payments. All these data are then subject to complex statistical analysis, and on the basis of your credit history your 3 digits are determined.
Each credit bureau uses its own mathematical formulae with different component weights. However, typically, nearly one-third of your credit is your repayment history. The most significant element in your credit score is your record of repaying your debt obligations.
Additional factors that are relevant in your credit score include your credit usage ratio (what monthly expenses are equal to your total credit limit), the age and form of credit accounts (the older you have the greater the sum you earn as borrowers would last longer than the total credit limit) and numbers of enquiries from credit lenders (which reflects the applications you have made for loans and credit cards). There are a range of variables to measure your credit, and when attempting to increase your score it is important to concentrate on these issues.
HOW CAN I CHECK MY CIBIL SCORE ONLINE?
In accordance with the provisions of the Bank of India Reserve, an individual is entitled to a free credit score in one year. You may be charged a fee if you wish to receive your credit report more than once.
How do you check your credit score?
- Visit the website of a credit bureau and look for the link for a free credit report.
- Create an account with the credit bureau by providing your email id, name, date of birth, gender.
- Also, provide details for verifying identification and address such as PAN/Aadhaar/passport number/license number.
- After you accept the terms and conditions you will get the credit score and the report will be sent to you by email.
- In some cases, you may have to select a personal/business report. Individual borrowers have to select a personal report.
HOW CAN I CHECK MY CIBIL SCORE FOR FREE WITH PAN CARD?
Individuals should also review their credit score and check their credit reports for anomalies and to boost their credit score. You can visit the CIBIL offical site and review your credit score once a year if you wish to obtain a free credit report.
However, you can use the methods mentioned below if you want to get a credit score at regular intervals.
- Get a subscription from the CIBIL
- You can also get your credit score free at regular intervals through online marketplaces like Credithelpindia.
To get a Free Credit Score, you need to follow the below-mentioned steps.
- i.Visit https://www.cibil.com/freecreditscore/
- ii.Now, enter details like full name, date of birth and gender.
- iii.Choose 'Income Tax ID Number (PAN) under the identity proof section and Enter PAN number.
- iv.Now, choose the income type and monthly income.
- v.Next, enter your address, telephone number and email address and click on 'Submit'.
- vi.Finally, you will get your FREE credit score within 24 hours in your inbox.
If you have taken a subscription of CIBIL, you can get a Credit report by following the below-mentioned steps:
- i.Firstly, visit CIBIL's official website by clicking on https://www.cibil.com/.
- ii.Now, on the top right option, click on 'Get Your Credit Score'.
- iii.Next, choose the subscription method.
- iv.Enter your PAN Card number, e-mail address, Date of Birth and captcha code etc.
- v.Finally, accept the terms and conditions and click on "Proceed to Payment'.
- vi.You will now receive a Credit report on your Email Id in the next 24 hours.