- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
If you are planning to take a loan or credit card, the very first step you need to follow is to check your CIBIL Score. Generally, a CIBIL Score ranges from 300 to 900. It is usually seen that 79% of loans that have been approved belong to those individuals who have a credit score greater than 750. The higher the credit score, the higher are the chances for your loan approval.
Why Is It Needed to Check Your CIBIL Score and Report?
Basically, it so happens that your CIBIL Score changes as and when lenders update new information of your credit accounts. Banks also check your CIBIL Score before approving your credit applications. If you monitor your CIBIL Score, it will be helpful in maintaining your score and raise it above 750. This will, in turn, help you get prepared for any loans that you may need at present or at a future date.
Creditseva is your financial companion that will help you in understanding and take instant decisions on improving credit score. You can get your free CIBIL Score and upload their CIBIL report on Creditseva. By visiting Creditseva.com and logging in, you will receive a free Experian Credit Report. This will enable you to get an in-depth analysis and guidance to improve the credit score. With the advanced tool and app provided by Creditseva, an individual can analyze their credit score, close their bad loans and rectify the errors in their credit report as well as settle their credit related disputes. By maintaining a good credit score, an individual will get eligible for new loans.
Can I Get My CIBIL Report For Free?
Yes, you can get your CIBIL Score and Report For Free. Recently it has been announced that every individual can get a free credit report once a year. You can get your free CIBIL Report by logging onto the website of CIBIL and following few steps.
How Can I Get My Free CIBIL Score?
You can get your free credit score by logging onto https://www.cibil.com/freecibilscore. After logging in, you will able to see two options to get the free score and report. Here are the two options that you will be able to see after you log in.
- Monitor Now: By clicking on this, you will get an option to get a report through a paid subscription.
- Not Convinced: By clicking on this link beside the words “Not Convinced” Click here to try your Free Annual CIBIL Score & Report – https://www.cibil.com/freecreditscore/, you will get an option to get the free credit score and report.
Steps to Be Followed for Getting a Free CIBIL Report: These are the series of steps to be followed in order to get your Credit Score.
Complete the Given Form: This is an Online Free CIBIL Score and Credit Report Order Form. Filling up this form will lead you to the next step. Following are the steps to be followed at this stage.
- Select the option “I Want My Free Credit Score and Report”
- Fill up your’s personal as well as credit related details.
- Click On Submit.
- You will be asked some authentication questions. These questions will be 5 in numbers. These questions are about your Loans & Credit Cards
- After answering these questions, you will get a mail from CIBIL. This mail will include a Control Number that can be used whenever you have any further queries.
- You will again receive an email from CIBIL. This email will consist of a link and an OTP (One Time Password) for login. You need to log in using the email id that has been registered at CIBIL while applying for the free credit score and report. Using this link, you can see your report in a PDF Format.
Credit Report with a Paid Subscription
If you are looking for a detailed credit report every month or once in three months on a regular basis, you need to subscribe to it. Following are the steps to be followed.
Steps to Be Followed for a Paid Subscription
1. Tell us about yourself: Primarily you will be given options so that you can subscribe to your CIBIL Score. You are required to select any one option out of the following
- CIBIL Score and Report (Rs 550/-)
- Bi-Annual Subscription – 2 Score Reports ( Rs 800/-)
- Quarterly Subscription – 4 Score Reports (Rs 1200/-)
The next process in this step is that you need to fill in your basic details which are as follows
- Email Address
- Date Of Birth
- PAN Card Number
- If you do not have a PAN, you will need to fill up a form by clicking on this: “click here”
- There are some characters to be entered in a box given right below the above option
- The last thing to be done in this step is to put a tick mark on the box that is right beside this: I acknowledge and accept the Terms and Conditions (https://www.cibil.com/terms-and-conditions) applicable and available on the site.
2. The payment has to be made through Net Banking or Debit Credit or Credit Card.
3. The next step is to answer the authentication questions which are 5 in number. These questions are about your Loans & Credit Cards.
4. After answering these questions, you will get a mail from CIBIL. This mail will include a Control Number that can be used whenever you have any further queries.
5. You will again receive an email from CIBIL. This email will consist of a link and an OTP (One Time Password) for login. You need to log in using the email id that has been registered at CIBIL while applying for the credit score and report. Using this link, you can see your report in a PDF Format.
Few Important Terms That Will Help You Understand Your CIBIL Score Better
1. What is the meaning of CIBIL Score?
The CIBIL Score is a 3 digit numeric summary of your credit history. The CIBIL Score can be derived by using the details found in the “Accounts” and “Enquiries” sections on your Credit Information Report (CIR). It ranges from 300 to 900. The more closer your CIBIL Score is to 900, the more favourable your loan application will be considered. Thus a CIBIL Score plays a prominent role in the process of loan approval.
2. What does my Credit Score mean?
In simple terms, an individual’s Credit Score provides a detailed analysis that depicts the capability of an individual to repay the loan.
3. What are the most crucial factors that affect my Score?
There are 4 most crucial factors that affect your Score.
- Higher percentage of Credit Cards or Personal Loans
- Taking Credit Excessively
- Making late payments or defaults
- Higher utilization of Credit Limits
How to Read Your CIBIL Report?
The CIBIL (Credit Information Report) is a record of an individual’s credit payment history that has been compiled from the information that is received from banks and financial institutions. The main idea is to aid the loan providers in making informed lending decisions on the basis of your credit history in a quick and objective manner. If you have a healthy Credit Report, your loans will get approved at a faster pace and that too at better terms.
This section describes your credit score in a detailed manner. CIBIL Score is basically referred by loan providers so that they can evaluate the loan applications they receive. An individual’s CIBIL Score ranges between 300 to 900. It is usually determined by the information that is provided in the “Accounts” and “Enquiry” section of the credit report. If you have a credit score that is closer to 900, your loan provider will be more confident of your ability to repay the loan and hence there will better chances of the approval of your loan application.
The numbers in the report specify the percentage of consumers, who have sanctioned loans during last 1 year and they also signify the score they have while their loan application is being processed.
For example-58 % of loan applications were approved during the last 1 year. These applications were for those consumers who had a credit score greater than or equal to 800.
What does it mean when my Score is “NA” or “NH”?
A Score of “NA” or “NH” is an abbreviation for Not Applicable or No History. These scores mean one of the following things.
- You do not have any credit history or you do not have enough of a credit history that you can be scored.
- You haven’t performed any credit activity in the last few years.
- You do not have a credit exposure.
This section consists of the following particulars.
- Personal Details: These details include particulars like Name, Date of Birth and Gender as reported to CIBIL by the members.
- Identification: This will list your identification details as reported by the members.
- ID Proof Documents: Your Income Tax ID (PAN), Passport, Drivers Licence and Voter ID, which have been reported by the lenders, will appear in this section.
Data Received Through an Enquiry
The symbol’ (e)’ is present very next to any of the details in your report. It indicates that the value is provided by a lender when you applied for a credit facility.
The addresses, telephone, mobile numbers and email addresses as reported by lenders appear here. The address category explains whether the address is a residential address, official address, permanent address or temporary address as reported by the lender. Up to 4 addresses and email addresses are provided.
Information Related To Your Employment
This section consists of the information related to your occupation and income as reported by the lender for a particular credit account while you had opened the credit facility.
It is highly recommended that every individual collects a copy of their credit report on an annual basis so that they can view their CIBIL score. It is always better to review as well as understand your credit report, CIBIL Score and resolve your credit issues on time so that you save a lot of time and money and also avoid troubles.
Some Important Terms You Need to Know
1. How do you check your credit rating?
You can also check your credit rating through CIBIL by logging on to its website. By doing this, you can have a view at your credit score once per year. Every person is entitled to get a free credit report once per year from any of the major credit bureaus like Experian, CIBIL and Equifax.
2. How do you check your credit score?
If you want to check your credit score, you need to spend some time and some money as well. Equifax, CIBIL, Experian provide a real-time online access to credit score at some charges that are applicable at the discretion of these credit bureaus.
3. What is CIBIL record?
A CIBIL records nothing but the Credit Score or the CIBIL Score. It is actually a quantitative representation of the credit history mentioned in the credit report. In technical terms credit score is the probability of default.
4. What is a good score in CIBIL?
An individual’s CIBIL Score ranges between “300-900”. The credit score above 750 is a good CIBIL Score.
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