CIBIL or Credit Score
The Credit Information Bureau (India) Limited (CIBIL) is the most popular of the four credit information companies licensed by Reserve Bank of India. There are three other companies also licensed by the RBI to function as credit information companies, however, the most popular credit score in India is the CIBIL score. CIBIL Limited maintains credit files on 600 million individuals and 32 million businesses. CIBIL India is part of TransUnion, an American multinational group. Hence credit scores are known in India as the CIBIL Transunion score.
CIBIL score is a 3-digit numeric summary of your credit history, rating, and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is. A credit report is a record of borrowers credit history from various sources such as banks, financial institutions, credit card companies, etc.
Credit score range
A credit score ranging from 750 to 900 is considered an excellent credit score. The banks, NBFCs and other online lenders prefer candidates with such a credit score. If you have such a credit score, you can be assured that you will be eligible for any credit product. The following will help you understand the range of credit score and their meaning.
Factors affecting CIBIL score or Credit score
Steps for checking your CIBIL Score:
Here is how to get a free CIBIL report once a year:
Step 1: Go to the CIBIL website
Step 2: Fill out the provided form that requires your necessary information such as name, contact number, email address and click continue to step 2
Step 3: Fill out the additional details about you including your Pan number. Make sure to enter your Pan details correctly to proceed to the next step.
Step 4: Answer all the questions correctly about your loans and credit cards, based on which your CIBIL score will be calculated, and your completed credit report generated.
These are the four main steps to be performed to check CIBIL score However, the ones below are a continuation of the above listed main steps.
Step 5: You will be suggested various paid subscriptions ( if you need more than one report in a year). If you require only a one-time, free credit score and report, then proceed to select No Thanks at the bottom of the page. This is the stage where your account is created, the confirmed message is displayed on the following page.
Step 6: Using your login and password that was created in Step 2, you can log in to your account.
To proceed further, you need to authenticate yourself. You will receive an email on your registered account. Click on the link and enter the one – time password provided in the email. You will be prompted to change your password and login again.
Step 7: Once you log in, all your personal details will be auto-populated by default ( please provide the accurate information if the fields are not auto-populated). Please enter your contact number and click submit.
Step 8: Once you submit that form your dashboard will be revealed with your cibil score. Additionally, you can get your credit report on the dashboard.
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