CIBIL Score: How to Check? Step-by-Step Guide

Your CIBIL score plays an important role in determining creditworthiness. It reflects repayment history and overall credit behaviour. Lenders examine this score before approving loans, credit cards, and other financial products.

Understanding how to check your CIBIL score helps you stay aware of your credit status and manage credit use carefully. You have to monitor your score online and track changes regularly to maintain better control over your credit profile.

Here is how you can check your CIBIL score for free on  Bajaj Markets:

Step 1: Tap on the ‘Get Your Score’ Button
Begin by selecting the ‘Get Your Score’ option available on this page.

Step 2: Fill in Your Basic Information
Share essential personal details like your full name, mobile number, date of birth, e-mail ID, PAN, and your area’s pincode.

Step 3: Mention Your Employment Status
Choose your employment category from the list given.

Step 4: Accept the Terms
Tick the checkbox to agree with the terms and conditions mentioned.

Step 5: Proceed to Get Your Credit Report
Click on ‘GET REPORT’.

Step 6: Enter the OTP
A one-time password will be sent to your registered mobile number. Enter it and hit ‘SUBMIT’.

Step 7: View Your Score
Once your details are successfully verified, your CIBIL score will be displayed on the screen.

For regular monitoring, it’s a good idea to track your credit score often. You can do this conveniently using the Bajaj Markets App. It provides a tailored credit report that includes insights on your credit cards, loans, and practical suggestions to help maintain or boost your score.

Many banks and NBFCs provide credit reports, with CIBIL being the most well-known in India. Here is what a credit report typically includes:

• Credit Score

A three-digit number (300–900) that reflects your creditworthiness. It is calculated based on factors such as repayment history, credit mix, and credit utilisation.

• Identification Information

Includes your name, date of birth, PAN, Aadhaar, and contact details. These details do not influence your score but need to be accurate.

• Work and Income Details

Displays your employment type and income as reported by lenders. This section helps assess your repayment capability.

• Credit Accounts

Provides a list of your loans and credit cards, including limits, balances, and payment history. You have to review this section regularly, as any errors can affect your score.

• Credit Checks

Shows all lender-initiated hard inquiries for loans or credit cards. A high number of inquiries within a short period can reduce your score.

• Legal Records

Includes records such as past bankruptcies or court judgments. These entries can remain for several years and negatively impact your chances of credit approval.

Your CIBIL score influences multiple aspects of your financial journey. Understanding its impact enables you to make more informed credit decisions. Here is the impact of a good score:

• Increases your chances of loan and credit card approval

• Enables you to secure lower interest rates on loans

• Expedites the loan approval and disbursal process

• Makes you eligible for better loan terms and higher amounts

• Improves your chances of receiving higher credit card limits

• Unlocks access to pre-approved loan and credit card offers

• Can lead to reduced processing fees and other charges

Your CIBIL score reflects your credit habits and certain actions can bring it down over time. Staying aware of these triggers can help you protect and improve your credit profile.

• Late or Missed Payments

Paying your credit card bills or loan EMIs after the due date can significantly damage your score. Lenders view this as a sign of weak repayment discipline.

• High Credit Utilisation

Using most or all of your credit limit indicates heavy reliance on credit. This can reduce your score, even when payments are made on time.

• Too Many Loan Applications

Submitting many credit card or loan applications in a short time leads to multiple hard inquiries. These make you appear credit-hungry and high-risk to lenders.

• Closing Old Credit Accounts

Closing long-standing credit cards can shorten your credit history. A reduced credit age can lower your score, especially when those accounts are well-maintained.

• Errors in Your Credit Report

Incorrect information, such as inaccurate payment records, can unfairly reduce your score. You need to check your report regularly and have errors corrected promptly.

Keeping track of your CIBIL score is a vital part of managing your financial profile. It helps you understand your current standing, identify errors early, and take timely steps to maintain a healthy score. Regular monitoring increases awareness of how credit decisions impact your overall profile.

On Bajaj Markets, you can check your CIBIL score for free in just a few taps.