Have you ever thought of getting a loan to build a new residence, or to buy that ideal car of yours? Maybe even begin that passionate business of yours? Either way, if you haven’t made up your mind or not sure about what to do, fret not we have all your answers covered.
If you want to take a loan from a financial institution or bank, make sure you have a solid credit score.
What’s a CIBIL or credit score, you ask!
A CIBIL or credit score is a number used to indicate the merit or value of credit of an individual or a business.
Firstly, let’s get some acumen or idea as to what is CIBIL (Credit Information Bureau (India) Limited. CIBIL is a foremost credit rating bureau in India that shows or reveals your creditworthiness. Due to CIBIL, one can simply say that India is a financially informed nation. It has made the financial markets more reliable, transparent, and structured to expand awareness among financial businesses and institutions to handle risks and regulate bad loans. A CIBIL check is made online. We shall analyse that through the step by step method and guide on how to check CIBIL score in a while.
Banks check the CIBIL score prior to conferring any loan. The CIBIL check creates a credit score, which is a 3-digit figure or number usually varying between 300 and 900. A score below 300 is weak whereas the score of 900 is ideally the most beneficial.
Every month, several banks and NBFC’s tailor their reports to monitor the CIBIL score for multiple businesses and individuals. This, in turn, serves them to choose the relevant customers and monitor the payment patterns of existing clients.
When the banks check credit score, it would be fair to keep in mind that the number or score should be above 700. Now, let’s get to the fundamental aspect of – check my CIBIL score. Certainly, by now you have learned what a credit number or score is and what CIBIL is.
So how to check your CIBIL or credit score?
Pay attention to our step-by-step guide to check your CIBIL score.
In January 2017, the Reserve Bank of India mandated that all the four authorised credit information firms enable you to review credit score online and present one free credit score and credit statement every year.
Here is how to get a free CIBIL report once a year.
Step 1: Visit CIBIL.com
Step 2: Fill out the given form that asks your necessary data and info such as contact number, contact number, email address, and click continue to step 3.
Step 3: Fill out the supplementary details about you including your Pan number. Ensure you enter your Pan details accurately to continue to the next step.
Step 4: Answer all the inquiries correctly about your credit cards and loans, based on which your CIBIL score will be determined, and your complete credit report will be generated.
If you follow the above four steps you will be able to check your CIBIL score.
However, the ones below are a sequence of the above listed main steps.
Step 5: You will be recommended various paid subscriptions i.e. if you require more than one report in a year. If you desire only a one-time, free credit report and score, then continue to select No Thanks at the bottom of the website page.
This is the stage where your report and account is created, and a verified message is displayed on the following page.
Step 6: Utilizing your login and password that was generated in Step 2, you can access or log in to your account. To progress further, you need to verify yourself. You will receive an email on your registered account. Click on the link and access with the one – time password provided in the email.
You will be assisted to change your password and access again.
Step 7: Once you log in, all your private details will be auto-populated by default ( please provide detailed information if the fields are not auto-populated). Please enter your contact details and click submit.
Step 8: Once you click on submit, a form will be revealed with your CIBIL score. Also, you can get your credit statement on the dashboard.
However, it’s recommended you check your credit score more than once. It is recommended you monitor the ups and downs in your report as the financial institutions, banks, and various credit agencies renew the statement or report on a monthly basis.