A credit score is also known as the CIBIL score, which is basically the financial report card of an individual. It is a numerical representation of the repayment history of an individual. CIBIL stands for Credit Information Bureau (India) Limited. It is the first credit information company in India, which was established in the month of August of the year 2000. The company is responsible for collecting and maintaining credit records of individuals as well as commercial entities, which includes borrowing and payments related to credit card or loans.
A CIBIL credit score is a three-digit numeric summary of an individual’s entire credit history, which is prepared based on the information provided in one’s credit information report. For checking ” my credit score “, the range can be from 300 to 900.
Steps to Find Out Credit Score
The Reserve Bank of India has mandated all the four licensed credit information companies to enable an individual to check his/her credit score online and also provide one free credit report and credit score every year. Listed below are the steps to help you review your CIBIL report.
Step 1: Go to the official website of Credit Information Bureau (India) Limited CIBIL.
Step 2: Fill out the form provided that requires necessary information such as contact number, name, and date of birth.
Step 3: additional details about an individual, including their PAN number, email address, and gender, are to be filled next, and one must also make sure to enter their PAN details correctly to proceed to the next step.
Step 4: An individual must answer all the questions correctly regarding their loans and credit cards based on which the credit score will be calculated.
Step 5: If an individual needs more than one report a year, then he will be suggested to pay for various subscriptions. So, if one requires only a one time, free credit score and report, then one may select No Thanks at the bottom of the page and proceed to the stage where the account is created, and a confirmed message is displayed on the next page.
Step 6: An individual can now login to their account using the login and password created earlier. To proceed further, one will need to authenticate oneself by clicking on the link and entering the one time password received through an email on the registered account. Then, one will be prompted to change their own password and login again.
Step 7: Once logged in, all the personal data of the user will be auto-populated by default, and one is required to provide accurate information just in case the fields are not auto-populated.
Step 8: Once the form is submitted, the credit score will be revealed on the dashboard of the user. Additionally, one can get a credit report on the panel.
Benefits of having a Good Credit Score
- Higher eligibility to secure a loan,
- Getting access to the best credit cards,
- Lower rate of interest on loans
One can also apply for their credit score offline by mailing all their documents and a demand draft for the fee to CIBIL’s office in Mumbai. It is advised to check the credit score repeatedly to monitor the ups and downs in the report as the banks, financial institutions, and various credit agencies renew the report every month.
It would help if you underwent a regular monitoring of your credit score. Practice new ways to improve your credit score. Secure your financial life. All the best, and I wish you a secure financial journey!
