TransUnion CIBIL Limited is one of India's four major credit score rating agencies that examine your credit history to provide a three-digit score. In addition, CIBIL monitors your financial activities, such as credit card payments, personal loans, secured loans, bill payments, etc. It provides these databases to lenders, who can then decide your creditworthiness.
Accordingly, CIBIL Score is among the foremost things that lenders will check before providing you credit. Therefore, opt for a credit score check online before applying for a loan to understand your eligibility.
How to Check CIBIL Score Online
The CIBIL score range lies between 300 and 900. There are multiple ways for you to view it. Check out these five simple steps to check CIBIL score by creating your account:
Step 1: Log in to the CIBIL Website
Visit the CIBIL website cibil.com and click on the "Get your CIBIL Score" option on the top right corner of the page. You will be redirected to the page with subscription options. For a free CIBIL check, scroll down.
Step 2: Create Your Account
Here you need to enter your details, such as email ID, username, password, pin code, identity proof (such as Voter ID, Aadhaar, PAN card, passport number), date of birth, and phone number. After entering the details, click on “Accept and continue”.
Step 3: Verify Your Identity
After entering the details, you must verify your identity through a one-time password (OTP). You will receive this OTP on your registered mobile number while opening an account. Next, enter the OTP and click on “Continue”.
Step 4: Visit the Dashboard
Next, you will be redirected to a new window after being enrolled. You will also receive a confirmation mail regarding the same. Click on the “Go to dashboard” option to check your CIBIL score.
Step 5: Check Your CIBIL Score
You will be redirected to the https://www.cibil.com/choose-subscription site. Here, you can view your free CIBIL Score and CIBIL Report.
After creating an account, you can view your CIBIL Score from https://myscore.cibil.com/ and select 'Member Login'. Next, enter your email address and password to log in. If you would like a new copy of your CIBIL Score within the same calendar year, you must subscribe to CIBIL, pay according to the plans' pricing, and then request your report.
You can also check your score by using your Permanent Account Number (PAN) on the official CIBIL website. To do so, follow these eight simple steps:
Step 1: Go to the official website of CIBIL.
Step 2: Click on the "Get your CIBIL score” button.
Step 3: Fill in the required details on the page, such as name and email address.
Step 4: Under the “ID Type”, select the Income Tax ID number (PAN).
Step 5: Enter your Permanent Account Number in the next section called the “ID Number”.
Step 6: Next, fill out the type of income and monthly salary segments. In addition, you must also enter your contact details, such as your mobile number and email id.
Step 7: Now, check the details carefully and confirm.
Step 8: Following confirmation of your details, click on “Accept & Continue”.
After your ID has been successfully verified, you will receive your credit score via email within 24 hours.
What are the Factors Affecting Your CIBIL Score?
Here are five important factors that affect your CIBIL score:
Credit Record Duration
The age of your credit report provides a clear picture of your financial health. Therefore, lenders will find it difficult to assess your repayment behaviour if you do not have an established credit history. In that case, lenders may refrain from offering loans.
Credit Repayment
Your repayment history indicates your capacity to consistently fulfil your financial responsibilities. Therefore, when you miss paying an EMI or do not repay loans within the allotted time, your credit score is reduced significantly.
Credit Utilisation Ratio
A high credit utilisation ratio indicates poor financial management and spending skills. In addition, if you utilise a high percentage of your credit card, lenders will consider that you constantly need financing. Thus, your credibility as a potential customer decreases with your CIBIL score.
Outstanding Debt
Unpaid debt significantly harms your credit score. Therefore, ensure paying back both large and small amounts as early as possible.
Multiple Loan Applications
Every time you apply for a loan, the lender checks your credit record, referred to as a hard inquiry. When you send out multiple applications, your account receives more hard inquiries. Hard inquiries impact your score and show how desperate you are for credit. Therefore, take your time with multiple applications, especially after one is rejected.
An excellent way to convince lenders of your solid financial standing is to have a good CIBIL score. It makes your profile appear creditworthy and ensures that you obtain great offers when asking for a loan. In addition, online credit score checks are a great way to understand your financial standing as a borrower. It gives you an idea of your credit eligibility, which you can improve with the above-mentioned tips.
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