CIBIL score is very a very popular terminology. CIBIL stands for Credit Information Bureau (India) Limited. This company is one of the credit bureaus operating in India. CIBIL score is a number which indicates how credit worthy you are and whether you are able to manage your loans/credit cards/ borrowings well or not.
When you take a loan or credit card you have to pay the dues or EMIs in time. Whether you are not paying as per schedule or defaulting or delaying your payments or paying regularly, all these are reported by your bank/ finance company to the credit bureaus. Basis your past repayment behaviour, credit bureaus determine your credit score.
CIBIL also determines your CIBIL score basis this pattern. CIBIL is the most popular credit bureau and all major banks/finance companies are member of CIBIL and use your credit score before giving you loans. CIBIL score indicates how promptly you are repaying your running loans and credit card bills. CIBIL score varies between 300 to 900. The more score you have means you are good in manging your loan repayments.
Higher CIBIL score will also help you in getting new loans easily & faster from many institutions. Better CIBIL score will also help you in negotiating better loan amounts and rates as well. CIBIL score of 750 plus is considered as very good and customers with this such CIBIL score may be able to get all type of loans. CIBIL score of 800+ is considered among the top and all banks aspire to provide loans and credit cards to such customers.
There are many ways of checking your CIBIL score. Many FinTech companies provide it free up cost on their sites as they have linked their platform with CIBIL and other credit bureaus. You must keep an eye on your CIBIL score regularly as it will help you to be eligible for any loans anytime. You can also go to www.cibil.com and check your score free.
Do follow the below steps on the site for generating your CIBIL score report:
- Open www.cibil.com
- Go to Free CIBIL Score and Report under the Help Centre menu.
- Go to Get Your Free CIBIL Score and Report.
- Enter you demographic details :
- Name
- PAN
- Mobile Number
- Email address
- Generate your password and accept the Terms & Conditions.
- Now the site will prompt you to select a subscription plan. If you want select a paid plan else click No Thanks and move forward. Note CIBIL provide you free annual score to everyone, if you need to access your score more regularly then you have to go for a subscription plan.
- You may save your login credentials to this site in the next steps on your device. This is to make it convenient in case you are a returning user to the website.
- Post this your enrolment will be completed and a success message will be displayed.
- On next step, you can see your personalised Dashboard and after that it shows your CIBIL score.
- While checking score the site might ask you few more details like your income, present city and employer to offer you best of loan and credit card deals. You may select any such deals if you want to go for a suitable loan/card product.
- There are many FinTech websites where you can also access your basic credit reports more frequently without paying any fees.