[ecis2016.org] Since the CIBIL score plays an important role when getting loans, knowing your credit score is a good starting point.
Your CIBIL score is the one of the main things that the banks would consider, when you submit your loan application, especially in case of a big credit like home loans. This guide will help you understand everything about CIBIL score and the process to conduct a CIBIL score check online.
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What is CIBIL score?
Credit Information Bureau (India) Ltd, better known as CIBIL, is one of the four leading credit information companies in India. Based on data procured from banks and financial institutions across the country, CIBIL prepares a CIBIL score for everyone with a banking history. Since this score provides banks with an insight into a borrower’s financial behavior and forecasts the ‘probability of defaults’, banks use it as a key benchmark to ascertain a borrower’s creditworthiness.
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CIBIL full form
CIBIL stands for Credit Information Bureau (India) Limited.
CIBIL score check
CIBIL offers various paid plans on its official website that allow you to access your credit report. You can also opt for a free, one-time CIBIL score check on the site. Other features available under the paid plans include alerts and score simulator that are not available in the free CIBIL score check.
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Free CIBIL score check
Step 1: Visit the CIBIL website and click on ‘Get Your Free CIBIL Score’.
Step 2: Create an account by providing your name, ID type, ID number, date of birth, pin code and mobile number. Once you fill the correct information, click the ‘Accept and Continue’ button.
Step 3: An OTP will be sent to your registered email ID. Enter the OTP and click on ‘Continue’.
Step 4: CIBIL will ask for permission to pair your device. Select the applicable option.
Step 5: Your enrolment is complete. Next, go to your dashboard.
Step 6: The page will display your CIBIL score along with other details.
Note that you can only conduct one free CIBIL score check online. If you seek a second report from CIBIL within a year, it would charge a standard fee to provide your credit check report.
Apart from the credit bureaus, you can get a free CIBIL score check from HDFC Bank, Bankbazaar, Paisabazaar, Creditmantri, Wishfin, Creditbazaars, Tata Capital, Mymoneykarma and Bajaj Finserv.
Paid CIBIL score check
For a detailed CIBIL score check, you will have to pay the following fee:
- Basic credit report with credit score (one report in a year): Rs 550
- Standard credit report (two reports in a year): Rs 800
- Premium credit report (four reports in a year): Rs 1,200
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CIBIL score check online process
Step 1: To check CIBIL score and receive your credit score in your mailbox, visit the CIBIL website, www.cibil.com.
Step 2: Select a subscription plan from basic, standard and premium.
Step 3: Input the required details to create an account.
Step 4: Make the payment based on the subscription type.
Step 5: After the payment is made, you will be required to answer five questions related to your credit history. Of these, three questions must be correctly answered to authenticate your identity with CIBIL. Your CIBIL report will be sent to your email address within 24 hours.
Note: In case your authentication fails, you can send a hard copy of the application to CIBIL through post.
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CIBIL score range
CIBIL score or credit score is assigned on a scale of 300 to 900. A credit score of above 750 is a good CIBIL score. The closer your CIBIL score is to 900, the better your creditworthiness.
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Impact of CIBIL score check
It is a common misconception that online CIBIL score check may impact one’s credit report adversely. Conducting an online CIBIL score check is considered a soft enquiry and has no bearing on the CIBIL score. When banks conduct a CIBIL score check, it is considered a hard inquiry and has a bearing on the CIBIL score. This is true only if several financial institutions check your CIBIL report within a short span of time. This may happen if you apply for several credit cards or loans in quick succession.
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CIBIL score check FAQs
What is CIBIL?
CIBIL, formally named TransUnion CIBIL, is a credit information company that maintains credit records of individuals and businesses. It has over 5,000 members, including leading banks, financial institutions, non-banking financial companies and housing finance companies.
How is CIBIL score calculated?
CIBIL arrives at a credit score rating, based on four factors – repayment history, type of loan and tenure, existing loan and credit utilisation, and number of credit inquiries.
How much time does it take to get a CIBIL report?
If you apply online, your CIBIL score and report will be sent to your e-mail ID within three to five working days. If you apply for a credit report offline, CIBIL will take a week to issue the same, after verifying all the documents.
Why is CIBIL score important?
Your CIBIL score has a bearing on your borrowing limit and loan interest rate you can get.
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