TransUnion CIBIL Limited is one of the major credit bureaus in India that collects all the loan-related information of individual customers and compiles them in their credit reports. Based on these reports, the agency also gives individuals credit scores which function as one of the preliminary eligibility standards for unsecured loans.
Here are some of the aspects you should know about this TransUnion CIBIL score:
It is a three-digit number, ranging from 300 to 900, that indicates your creditworthiness. 900 is the maximum score. You should ideally have a fair score to get a loan at attractive terms.
The credit bureau takes into account your past repayment history, variety of debts, frequency in applying for a new loan, etc., while evaluating the score. It collects all these details from the financial institutions where you take or apply for the loan.
As a borrower, you should ideally be aware of how you can read and understand your credit report and all the details available in it. Here are different parameters you can find in the credit report generated by TransUnion CIBIL:
Personal information: It contains your name, date of birth, PAN number, passport number, etc.
Contact information: It includes details of your address, mobile number, email ID.
Employment information: You can find your loan type, occupation, income, income type, etc.
Account information: It is one of the important parameters which contain details of your loans, including loan account number, financial institution’s name, debt category, current loan balance, amount overdue, EMI amount, payment frequency, etc. You can also get the payment status of all your loans in this section.
Enquiry information: This section will help you know which financial institution has asked for your credit report, along with the date and purpose of the action.
Based on these parameters, TransUnion CIBIL evaluates the credit score.
TransUnion CIBIL examines different pointers and evaluates them according to a predetermined weightage while calculating the credit score, as stated below:
The credit rating agency checks your past repayment history by compiling the data collected from all the financial institutions. Delays in paying instalments can drastically impact your overall credit score.
This ratio reflects the total amount you have utilised against your given credit limit. In this regard, you should ideally try to maintain a credit utilisation ratio below 10% if it is viable. With such a ratio, you can get a high TransUnion CIBIL score.
Your credit portfolio should ideally have a sound balance between both the secured and unsecured loan types. A healthy credit mix indicates that you can manage all kinds of debt efficiently.
When you apply for a loan, the financial institution makes enquiries about your credit report from TransUnion CIBIL. Their attempts to check your credit report get registered as hard enquiries. Multiple hard enquiries within a short interval can significantly reduce your TransUnion CIBIL score.
The credit agency also checks the average age of all your debt accounts while assessing your credit report. This is why you must not close your loan account even if it is not active for a long time.
Here is the step-by-step process to check the TransUnion CIBIL score free of cost:
Step 1: Visit the official website of TransUnion CIBIL
Step 2: Navigate to the ‘Personal Section’
Step 3: Click on the ‘Get Free CIBIL Score & Report’ button
Step 4: Fill in the application form with your personal details, including name, email ID, date of birth, and mobile number
Step 5: Select a government ID type and enter its number
After this, you will be able to see your TransUnion CIBIL score and report. Alternatively, you can also log in to the TransUnion CIBIL account if you have already signed up earlier to get your score.
As mentioned earlier, the range of the TransUnion CIBIL score is between 300 and 900. A credit score between 700 and 750 is considered ‘good’. Such a score indicates that the risk of loan default from the end of the assessed individual is medium.
Check the Detailed CIBIL Score Ranges Here
When borrowers apply for an unsecured loan, financial institutions ensure that those customers have a fair and healthy credit score. It helps lenders confirm that they are creditworthy borrowers and will repay debts positively on time. This way, such borrowers can get their loans and thereby meet their credit shortages without much hassle. In a similar manner, if lenders fail to possess a ‘good’ credit score, they can witness the rejection of their loan requests.
TransUnion CIBIL is one of the most popular credit bureaus in India. Lending institutions make this score one of their primary eligibility standards for their unsecured credit facilities. It helps them understand how risky it will be to lend to a certain borrower. Therefore, lenders approve loan requests easily if you succeed in meeting the standard CIBIL score.
This is why financial institutions can offer you a sizable credit at attractive interest rates and other loan terms. You can also negotiate for a higher repayment period.
Here are some of the reasons that can leave a negative impact on your CIBIL score:
Repayment after the stipulated date is over
Payment of only the minimum amount due
Request for credit multiple times within a short period
Improper credit mix
Termination of older credit accounts
You can take the following measures to enhance your credit score:
Repaying debts on time
Getting different types of loans to maintain the credit mix
Maintaining a low credit balance
Keeping the credit utilisation ratio low
Besides getting the credit score and report, you can avail several business solutions and products from TransUnion. With proper analysis and insights from the agency, you can excel in your business by taking proper commercial decisions. Following are all the solutions and products of TransUnion CIBIL:
Analytics and Consulting
Credit Reporting
Collections Management
Fraud and ID Management
Customer Acquisition
CIBIL Microfinance Report
Portfolio Management
CIBIL Commercial Report
CIBIL Consumer Report
CreditVision Debt Management Model
Field Investigation Waiver Policy
CreditVision Score
Portfolio Review Report
You can contact the credit bureau in the following ways:
Contact number: +91 - 22 - 6140 4300
Email: to nodalofficer@transunion.com
Address: at One World Centre, Tower 2A, Floor - 19, Elphinstone Road, Mumbai - 400 013
You can visit ‘Contact Us’ page of TransUnion CIBIL and get answers to your queries.
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TransUnion CIBIL is a credit bureau that evaluates personal credit reports/scores and provides business analytics and consulting services.
You need to visit the official portal of TransUnion CIBIL and create your user account. After logging in to your user account, you can check your TranUnion score.
To get your credit report on demand, you need to take a CIBIL subscription which comes at a monthly cost of Rs. 550. However, the annual fee is only Rs. 1200.
CIBIL and TransUnion were two different entities operating jointly as one of the leading credit bureaus in India until 2016. In 2016, TransUnion acquired 92.1% shares of CIBIL and incorporated the name ‘TransUnion CIBIL’.
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