TransUnion CIBIL

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.

Features of the TransUnion CIBIL Score

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.

Evaluation of TransUnion Credit Report

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.

How is the TransUnion Score Calculated

TransUnion CIBIL examines different pointers and evaluates them according to a predetermined weightage while calculating the credit score, as stated below:

• Credit history (30% weightage)

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.

• Credit utilisation ratio (25% weightage)

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.

• Credit mix (25% weightage)

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.

• New credit enquiries(10% weightage)

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.

• Average of loan account (10% weightage)

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.

How to Check TransUnion CIBIL Score for Free

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.

What is a Good CIBIL TransUnion 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

How can the TransUnion CIBIL Score Affect Individual’s Borrowing?

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.

What is the Role of TransUnion CIBIL Score in the Lending Process

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.

What Reasons Could Lead to a Low CIBIL TransUnion Score

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

How to Improve Your CIBIL TransUnion Score

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

TransUnion CIBIL Solutions and Products

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

How to Contact TransUnion

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.