TransUnion CIBIL’s CIBIL score is a three-digit number that evaluates a person’s creditworthiness. Several factors influence this score, including the person’s payment history, loans or credit cards owned, credit usage rate, and so on. A person’s CIBIL score might range from 300 to 900. A CIBIL score of 750 or more is considered outstanding by lenders.
Candidates with this score will, in most cases, be approved for loans and credit cards promptly, if not immediately. Many lenders offer pre-approved loans to customers who have a good credit score and meet other requirements. Credit cards and loans are frequently available to those with credit scores as low as 750 from a variety of financial organizations.
What is the importance of the CIBIL score?
Any financial institution’s primary purpose is to make loans. To qualify for a lender’s loan products, a person must meet specific criteria. A borrower’s CIBIL score is one of the essential considerations in determining whether or not they are eligible for any given loan. It assists a lender in providing loans to qualified applicants while protecting their interests from loss.
When applying for a loan or a credit card, one must ensure that their CIBIL score is in good standing. Borrowers must be aware of their creditworthiness because lenders look at the borrower’s CIBIL score when approving a loan application; thus, a good CIBIL score is critical. Many people, however, are unaware of how regularly they should acquire and review their credit reports.
What is the best way to check one’s CIBIL score?
Let’s start with a definition of CIBIL (Credit Information Bureau (India) Limited). In India, CIBIL is a significant credit rating agency that assesses your creditworthiness. India can readily be described as a financially literate country because of CIBIL. It has improved the transparency, reliability, and structure of financial markets in order to raise awareness among financial institutions and businesses on how to manage risks and control bad loans.
A CIBIL check is done via the internet. Before giving any loan, banks and financial institutions assess the CIBIL score. Examine your credit profile on a regular basis to ensure that it accurately reflects your creditworthiness and is free of errors and anomalies. This allows you to keep track of changes and spot questionable activity. Here’s how to check their CIBIL score online in a variety of ways.
1. Through the CIBIL website
- Click “Get Your CIBIL Score” on the CIBIL official website.
- Complete the form with the necessary information (Name, DOB, ID proof, loan history).
- After submitting the form, you will be directed to the payment page. To obtain a credit report, CIBIL charges a fee.
- After you’ve made your payment, you’ll be directed to the authentication page. For authentication, at least three of the five questions about your credit history must be answered accurately. The report will be provided to your mailbox within 24 hours after it has been validated.
2. Use your PAN card to check your CIBIL score.
- Visit the TransUnion CIBIL website to get a free CIBIL score.
- Complete the form with the necessary information (name, DOB)
- For ID proof, choose ‘Income Tax ID Number (PAN)’ and fill in the required details.
- Select the sort of income and the amount of money you earn each month.
- Submit your address and contact information, such as your phone number and email address.
- Within 24 hours, you will receive the free report in your mailbox.
3. Use your Aadhaar card to check your CIBIL score.
For address verification, an Aadhaar card is necessary. For all the ways to check CIBIL score online, the address given must match the address on the Aadhaar Card.
4. Obtain a CIBIL Score by Entering Your Phone Number
Personal information must first be entered on the site in order to check your CIBIL score via mobile number. The user must then confirm their identification by sharing the one-time password (OTP) that they are given. To see their CIBIL score, they must submit the same information on the next page.
Besides income, CIBIL Score is one of the most important factors lenders consider when approving loans. The Credit Information Bureau India Limited, in collaboration with different authorized credit bureaus throughout the nation, calculates the CIBIL score. Your payment record, payment behavior, current credit outlets, and the quantity of credit you have are factors in your score.
The Indian lending industry has changed dramatically during the previous ten years. The credit bureau has increased financial literacy and urged consumers to keep their credit ratings in good standing. Since a personal loan is unsecured, such rules cannot be established. So, you can go for a personal loan for a CIBIL score of 550. Borrowers that are curious may get their CIBIL report and see where they are financial. When people know how much money they can borrow, it pushes them to keep their finances in order.