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TransUnion CIBIL is an established credit information company that provides accurate credit information for each individual. The comprehensive picture enables organisations to gain a better understanding of consumer borrowing behaviour. On the other hand, consumers can be confident about their data identities while fetching the best financial opportunities.

Steps To Check Your TransUnion Credit Score

The TransUnion Credit Score can be viewed through the following simple steps:

  • Step 1: Visit the official TransUnion CIBIL website. 
  • Step 2: Choose ‘Personal’ to be redirected to the portal for individuals.
  • Step 2: Click on ‘Get Your Credit Score’.
  • Step 3: Enter the requested data that includes your name, phone number, email address, residential address, and more.
  • Step 4: Make the payment. 

Once complete, the TransUnion credit information report will be sent to your registered email address.

Features of the Transunion CIBIL Score

The Transunion CIBIL score has unique features that make it a notable reflector of your credit history. As per the CIBIL risk index, individuals or borrowers with a credit history of less than six months are reviewed on the scale range of 1 to 5. A score of 1 indicates a higher default risk whereas a score of 5 categorises borrowers with a relatively lower default risk. This system of categorising borrowers helps lenders evaluate the risk involved with offering a credit product.

Risk Index

Expected Borrower Behaviour

NA

The individual has no credit history (highest risk of default)

1

The individual carries the highest risk of turning into a defaulter

2

The individual carries a high risk of turning into a defaulter

3

The individual carries a medium risk of turning into a defaulter

4

The individual carries a low risk of turning into a defaulter

5

The individual carries the lowest risk of turning into a defaulter

How does CIBIL Transunion prepare your credit score?

The credit bureau, Transunion CIBIL, collects, maintains and stores reports pertaining to all your credit  activities, including debts incurred in the form of loans and credit card dues from financial institutions. Typically, lending companies provide these reports to Transunion CIBIL on a monthly basis. All your credit transactions, including your existing EMIs, late or missed payments, if any, outstanding loans, changes to your existing credit limit along with your new loan or credit card application is recorded in the report. Based on these variables, the bureau uses a complicated mathematical formula to arrive at your Transunion CIBIL score.

What is the Transunion CIBIL score required to receive a loan?

Your CIBIL score can range from a minimum of 300 to a maximum of 900. Although every financial institution has a different set of rules for assessing your creditworthiness through the CIBIL score, a score of 750 and above is generally considered as good for accepting any application for disbursal of loans. As many financial institutions look at a variety of other factors also, it can still be possible - albeit difficult - to get a loan with Credit Score of less than 750.

How does Transunion CIBIL score affect individual borrowers?

As an individual borrower, you are greatly impacted by your Transunion CIBIL score. Having a poor score might come across as a warning signal, and the financial institution will have reasons to believe that you have not behaved responsibly in fulfilling your credit obligations. This might result in a scenario, where your loan application is rejected. Even if your loan is approved, it can entail strict provisions, including a higher interest rate.

What are the key variables that affect your Transunion CIBIL score? 

  1. Credit repayment history: This simply means that if you have not missed or defaulted on your EMIs and credit card bills, you will have a good CIBIL score.
  2. Credit utilization ratio : This is calculated by assessing the amount of credit availed within your total credit limit. If you have a high credit utilization ratio, it reflects higher credit, and consequently a poor CIBIL score.
  3. Applications for multiple loans or credit cards : Making multiple applications will result in several ‘hard enquiries’ from the respective financial institutions, resulting in a poor score.
  4. Credit mix : According to market experts, having a judicious balance between both secured and unsecured loans will enable you to have a good Transunion CIBIL score.
  5. Frequent requests for increasing credit card limit: If you frequently ask your financial institution to increase your credit card limit, it can negatively impact your Transunion CIBIL score. This happens because each such request triggers another ‘hard enquiry’, and consequently reflects in your CIBIL report.

How to get access to  Transunion CIBIL score free?

To receive Transunion CIBIL score free, you can visit the credit bureau’s website, and download the report. You just have to provide your personal details, including name, date of birth, contact number, ID type and ID number. An OTP will be sent to your authorised number. After your ID is verified, you can download the Transunion CIBIL score free. You must, however, remember that you can check your Transunion CIBIL score free by using your PAN card/driving license/passport only once in a year.

Alternatively, you can check your CIBIL score without any cost on Finserv MARKETS.

Thus, having a good CIBIL score will allow you to receive any type of loan from a financial institution. On Finserv MARKETS, you can get access to a free CIBIL score along with a Credit Health Report - comprising the  best insights and advice to fulfill your financial goals. What’s more you can apply for hassle-free loans here- be it personal loan, home loan or business loan. These loans have simple eligibility conditions and require minimal documentation. 

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Ever considered quantifying your financial health in specific parameters, with the Credit Health Report on Finserv MARKETS?

FAQs

  • ✔️Are TransUnion and CIBIL the same?

    TransUnion CIBIL Limited was formerly known as Credit Information Bureau Limited (CIBIL). The bureau or agency offers credit ratings by maintaining the credit records of individuals and companies.

  • ✔️Is CIBIL part of TransUnion?

    TransUnion CIBIL was formerly known as Credit Information Bureau (India) Limited. It is a leading credit information company with over 2,400 financial members. It provides lenders with an understanding of an individual’s creditworthiness.

  • ✔️What is the TransUnion CIBIL score?

    The TransUnion CIBIL score is a very reliable score that reflects the creditworthiness of an individual. The bureau collects and maintains credit-related records that include activities with banks, credit companies, credit card institutions, and more.

  • ✔️How can I download my CIBIL report from TransUnion?

    To download the CIBIL report from TransUnion, you must visit the TransUnion CIBIL website. Click on ‘Get Yours Now’, enter personal information and click on ‘Accept & Continue’. Once done, an OTP will be sent to verify your details. Upon verification, you will receive your CIBIL report.

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