Your CIBIL Score is an evaluation of your credit history and determines your eligibility for a loan. A good credit score can help you get a loan at a relatively better rate of interest.
Thus, getting a CIBIL Score check is important to get a better grasp on your financial status, both current and the future. So, we at Finserv MARKETS decided to bring your entire financial analysis in one report. Because you’re not just a customer for us but a part of our extended family! At Finserv MARKETS, you can get a free CIBIL report on your credit. The Financial Health Check Report (FHCR) is more than just your credit score. It provides you with an analysis of your financial health and helps to improve and maintain your financial health.
Financial Health Check Report includes your personalised CIBIL Score as well as your performance across various parameters. This report will increase your financial awareness & help you make informed decisions.
We simplify complex financial reports for you and help pave way for a better future. The report also provides insights on protecting your financial stability for fulfilling your investments & aspirational objectives. It'll help you intaking prudent decisions towards maintaining your financial well-being.
Completely secure transactions and years of trust have, we have 100 million+ happy customers across India have chosen Bajaj Finserv as their trusted financial partner. It's your time now!
In simple terms, Credit Score is represented by a three-digit number given by CIBIL that defines your reliability as a borrower. It's measured by, analyzing your debts and repayment history collected from banks and financial institutions.
A good credit score indicates that you plan well for your financial needs; pay your debt on time. It also benefits you in easing your journey to avail credit from financial lenders.
There are multiple factors that impact your CIBIL score. These are as follows:
If you have made timely repayments in the past, you will have a high credit score and will be considered creditworthy. On the other hand, delays in repayments will lower your credit score and make availing a loan difficult. Late payment fees, penalties, and legal costs might be charged on the loan, increasing the total amount that is to be paid. In order to avoid such consequences, you must repay the loan amount within the stipulated time so as to maintain a good CIBIL Score.
Some people tend to apply for several loan applications to compare terms and see which lender will offer the highest loan amount and the best interest rate. However, this will be considered a hard inquiry and can have a negative impact on your CIBIL score..
Availing multiple unsecured loans in the past is viewed negatively. If you have applied for many loans within a short period or have too many credit cards, this behaviour can make you seem like a ‘credit hungry’ individual.
Any kind of write-offs can lower your credit score. Moreover, recent write-offs can hurt the CIBIL score more negatively as compared to older ones. The Write-offs documented by lenders on former debts can also lower the credit score significantly.
It is advisable that you check your CIBIL score before applying for a loan. This can give you a fair idea as to whether or not your loan application will be approved by the lender.
The CIBIL score is a numeric value that ranges from 300 to 900. Your CIBIL score plays a crucial role in determining your loan eligibility. Higher the CIBIL score, the better are the chances of your loan approval. It is advisable to check CIBIL score before applying for a loan. This will reduce the rejection chances of your loan application.
Below are the different ranges of a CIBIL score.
NA/NH: If you don’t have a credit card or have never availed a loan, your CIBIL score will be NA. This means that you have no credit history.
350 – 549(Poor): If you have a credit score in this range, that means you have defaulted on your loans or delayed your repayments. Availing a loan with a credit score in this range can be difficult. Thus, you must try to improve your credit score by making timely repayments and reducing your credit utilization rate.
550 – 699(Average): CIBIL score in this range is considered to be average. You might have to improve your credit score to improve your loan eligibility. This is because only a few lenders would grant you a loan with a credit score in this range. Moreover, they would consider you a high-risk borrower and charge a high-interest rate.
700 – 749(Good): This is a good credit score and several lenders will offer you loans at competitive interest rates if you satisfy their other eligibility parameters.
CIBIL 750 – 900(Excellent): CIBIL score in this range is considered to be excellent. Banks and other financial institutions will consider you a low-risk borrower and offer you loans at attractive interest rates. Moreover, if you have a credit score in this range, you can also negotiate on the interest rate levied by the lender.
CIBIL score is the numerical value that ranges from 300-900 and is calculated from the information in your credit file. It determines your creditworthiness and repayment capacity. Your credit score is primarily based on your CIBIL report, information typically sourced from the credit bureaus.
CIBIL report is created by CIBIL with details of your debt accounts along with your credit payments. It contains details such as the loans that you might have taken in the past, how you repaid them and credit card dues, etc. Every time you apply for a loan or credit card, the lender informs CIBIL about the same and all such information is recorded in your CIBIL report.
There are various factors that impact your credit score. Some of these factors are mentioned below:
Whenever you avail credit, ensure that you make its repayment within a stipulated time limit. Delaying your repayments or defaulting on your loans will have a negative impact on your credit score. Therefore, it is advisable to be prompt with your loan repayment and credit card bill payments.
Credit utilization is the ratio of your outstanding credit card balances to the credit limit of your card. Credit reporting agencies consider the credit utilization ratio when calculating the borrower’s credit score. It is a calculation that represents the total debt that is being utilized in comparison to the total revolving credit that has been approved to you. A high credit utilization indicates that you're spending a lot of your income on debt payments which puts you at a higher risk of defaulting on your payments. Hence it's best to have a low credit utilization ratio that will help improve your credit score.
If you have a long credit history with good repayment behavior, it will help you have a high credit score. Moreover, a healthy credit mix with a good balance of secured loans and unsecured loans will help you improve your credit score.
Applying multiple times for credit in the recent past can impact your CIBIL Score negatively. It helps to be prudent while applying for credit and ensuring that you do not apply to multiple credit providers at the same time.
You can improve your CIBIL score gradually by being financially disciplined and managing your credit in a better way. It is always advisable that you check your CIBIL score before applying for any form of credit.
You can check CIBIL score by using your PAN card in the following way:
Visit CIBIL’s official website - https://www.cibil.com/
Click on ‘Get Your Credit Score’ option
Choose a subscription plan
Enter necessary contact details, i.e. birth date, email ID, residence address and mobile number
Create your login password
Enter your PAN Card number
Agree to the terms and condition
Click on “Proceed to Payment’
Login to your account through email or OTP authentication
Enter the details in the form
Submit the form to check your CIBIL score
You can check your CIBIL score for free by using your PAN card. Moreover, you can also use your passport or driving license to check your CIBIL score.
The process to check CIBIL score at Finserv MARKETS is mentioned below:
Step 1: Visit Finserv MARKETS official website, click on “check CIBIL score”, and enter the required details.
Step 2: You will receive an OTP on your registered email ID and mobile number. Verify your identity by confirming the OTP.
Step 3: On verifying your identity, you will be able to view your detailed financial health report consisting of your CIBIL score.
Step 4: One of the major benefits of checking CIBIL score at Finserv MARKETS won’t affect credit score as it would be a soft inquiry.
The list of Credit Bureaus in India registered under RBI are as follows:
CIBIL is probably one of the most popular credit bureaus in India and is associated with a large number of NBFCs and Banks. If you apply for a loan or Credit Cards in India, CIBIL comes handy in asserting your creditworthiness.
The Experian credit information report helps in determining the individual’s credit history. Companies can acquire a customer acquisition report, collection and money recovery report, customer targeting and engagement report, and data and analytics report too.
This is a global analytical company that rates companies, conducts detailed market research and provides policy and risk advisory services. The company has expanded its breadth of operation to many countries abroad apart from India.
Equifax granted a fully functional license in 2010 and scores individuals from 1 to 999, with 999 being the highest. As a consumer, you can acquire a credit information report, Equifax risk score, and Equifax portfolio score.
The ICRA agency is also responsible for grading and providing the ranking to mutual funds, corporate governance ratings, and performance ratings to real estate companies and hospitals.
Banks that issue Credit Cards are also covered by CRIF High Mark to evaluate their current position in the market. CRIF also provides geo-analytics consulting, credit reports, portfolio management, etc.
The Consumer CIBIL report provides extensive data on the credit histories of the potential and existing borrowers. This report provides insights into a consumer’s borrowings across various lending institutions, helping the lenders to identify risk areas and disburse loan amounts quickly and efficiently.
The Commercial CIBIL report provides the lender with a complete credit information of the commercial borrowers. This report helps in determining the eligibility of the commercial business for a credit. The report contains all the data of the business wealth, ranging from rich credit data sets based on business.
Financial well-being involves implementing prudent strategies for managing your money. Finserv MARKETS’ Financial Health Check Report was developed as part of our mission to educate and create financial awareness among our valued customers. It is intended to highlight your credit profile and the positive steps required to achieve your financial goals.
Finserv MARKETS Financial Health Check Report gets your CIBIL score and shows your performance across factors such as repayment history, the length of credit history, credit utilization and the type of credit you have taken. You will also find personalised advice regarding improving your credit standing in order to get better offers from banks and lending institutions.
We believe that protecting your financial stability and continuity is as important as fulfilling your investment and aspirational objectives. Therefore, in this report, we have also included our recommendations to find a balance between precaution and ambition based on your individual profile.
Being educated about your credit health and savings potential helps you in taking prudent decisions towards maintaining your financial well-being. We are sure that you will find this report informative and that it will lead you to the road ‘wealth’ travelled.
It’s crucial that you keep a close eye on your Credit Score. It is the best way to gauge your chances to get a line of credit. Another reason why you should track your score is to know if it dips, or if an error has been made by financial institutions in reporting your credit data to the credit bureau. This will help you make timely amends.
There are two types of credit score enquiries – hard enquiry and soft enquiry. Hard enquiries are usually conducted by financial institutions to take a decision about your credit application which can have an impact on your Credit Score. Soft enquiries do not impact your Credit Score. An enquiry made by an individual is called a soft enquiry. Finserv MARKETS will make a soft enquiry on your behalf when getting your Credit Score from CIBIL. Hence, your credit score will not get impacted in any manner. Moreover, checking your Credit Score on our website is absolutely free.
Credit Score is not the only deciding factor for decision on your credit application, but it is one of the critical parameters which financial institutions consider while providing credit to an individual. All Credit Information Companies, including CIBIL, create your Credit Reports which tell banks about your financial credibility. Your Credit Score also determines the interest rate banks chalk up for you. So make sure that you score big on this one!
Yes, checking your CIBIL Score at Finserv MARKETS is absolutely free.
On applying for your free CIBIL score if you do not get the report or see a failure message it could be due to a mismatch of data like your Mobile number, email id, PAN number or date of birth which you have entered while applying for your free CIBIL score report with your data with CIBIL. Another reason could be that you have never applied for or availed any kind of credit product due to which your data is not available with CIBIL.
CIBIL Score is a three-digit numeric summary of your credit history. The score is given using the credit history found in your CIBIL Report (also known as CIR i.e Credit Information Report). CIBIL Score is very important as it is one of the deciding factors whether you will be given a loan or not.
My friend advised me to check CIBIL score when I was planning to apply for a loan. There are many free online tools available out there but I found one from Finserv MARKETS as the most useful one.
Posted on 04 January 2020
I have heard from many financial experts that one should check CIBIL score before applying for any kind of loan as CIBIL is the one of the most important factors considered by any loan provider. So I researched and happen to come across the Financial Health Check Report from Finserv MARKETS. I found it very comprehensive and useful.
Posted on 08 January 2020
Finserv MARKETS provides Financial Health Check Report which very detailed report and it covers CIBIL score as well. Here, one can check CIBIL score for free in just 3 simple steps. I found it very easy and convenient and it also guided me well on what kind of loan to go for. Must recommended for anyone planning to opt for loans.
Posted on 10 January 2020