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Check CIBIL Score or Credit Score

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CIBIL Score

  • Overview

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.

Why Check Credit Score at Finerv MARKETS

Personalised Report

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.

More than CIBIL Score

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.

Trusted Companion

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!

What is a CIBIL Score?

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.

How CIBIL Score is Calculated?

There are multiple factors that impact your CIBIL score. These are as follows:

  • Your repayment history

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.

  • Multiple loan applications

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..

  • Type of loan availed in the past

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.

  • Write-offs

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.

Why Credit Score is Important?

Why Credit Score is Important?

What are the Different Credit Score Ranges?

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. 

Difference Between CIBIL Score & CIBIL Report

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.

Factors That Affect CIBIL Score

CIBIL Score reflects a person’s credit behaviour which includes frequency of applying for loans/credit cards, credit repayment history, mix of secured and unsecured credit, etc. Some factors that affect an individual's CIBIL score are given below:

Repayment History

  • Loan repayment history like timely payment of your credit card bills and EMIs affects your CIBIL score.

  • Missing timely payments of your credit card bills or EMIs will have an adverse affect on your score and thereby your ability to secure new credit in the future.

Credit Utilization Ratio

  • Credit Utilization Ratio is calculated by dividing the amount of credit availed by the available credit limit.

  • A high credit utilization ratio indicates a heavy repayment burden that negatively impacts your CIBIL score.

  • A person with a low credit utilization ratio has higher credit worthiness and can avail additional credit with greater ease.

Simultaneous Loan/Credit Card Applications

  • Applications for new credit cards/loans trigger hard enquiries from prospective lenders.

  • These enquiries show up on your CIBIL report which adversely affects your CIBIL score if multiple hard inquiries show up on your report simultaneously.

Credit Mix 

  • It is good to have a balanced mix of secured and unsecured loans.

  • Too much unsecured debt in the form of credit card debt and outstanding personal loans adversely affects your CIBIL score.

  • Having a mix of secured loans and unsecured loans, can help you maintain a high CIBIL score.

Increasing Credit Card Limit Frequently

  • Frequent requests to increase the credit limit on your credit cards may increase the number of hard inquiries.

  • This may adversely affect your CIBIL score as it might be perceived as high dependence on credit by potential lenders leading to an increased chance of default in the future.

Errors in Credit Report

  • CIBIL reports errors such as an incorrect mention of default in repayments, wrongly assigned loans/credit cards, errors in personal information, etc. may adversely affect your CIBIL score.

  • Incorrect or delayed reporting by banks may also negatively impact your score.

Lack of Credit History

  • Absence of credit history makes it difficult for the lender to determine the risk category the individual falls into in case he/she has never taken a loan or never had a credit card.

Inability to fulfill your role as a loan guarantor

  • A guarantor is liable to pay the loan in case the primary borrower fails to do so.

  • The guarantor’s CIBIL score is impacted in case of loan default.

How to Check Credit Score by Pan Card

CIBIL Score is checked by using various documents, but one of the most used documents while checking CIBIL Score and also asked by many credit bureau agencies is Pan card. By just providing your pan card details and other general information you can get your credit score easily. To know more on how to check CIBIL Score by pan card click here. You can also directly check your CIBIL Score for free through Finserv MARKETS.

Steps to Check CIBIL Score at Finserv MARKETS

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.

List of Credit Bureaus in India

The list of Credit Bureaus in India registered under RBI are as follows:

  • CIBIL

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.

  • Experian

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.

  • CRISIL

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

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.

  • ICRA

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.

  • CRIF High Mark

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.

Consumer CIBIL Report vs Commercial CIBIL Report

  • Consumer CIBIL Report:

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.

  • Commercial CIBIL Report:

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.

Key terms that feature on your report

SF/WD/WO/SETTLED

Credit Accounts that are Suit Filed/Wilful Default/Written Off/Settled

Closed

Credit accounts that have 'Date Closed' populated

ACTIVE**

Credit accounts which are not closed

DPD

Days Past Due. Number of days that have elapsed from the agreed payment due date of EMI

DPD ‘0’

The number '0' in the circle indicates that the Payment is made as agreed and the credit account is up to date

DPD>0

The number in the circle indicates the "Days Past Due" reported by the respective lender

In case the below mentioned alphabets are shown in the DPD table, it means the lender is reporting Asset Classification and indicates the following:

STD: Standard

As per RBI guidelines, an account which is overdue for less than 90 days is considered as a Standard asset

SUB: Substandard

According to RBI guidelines, an account which is overdue by 90 days for a period of less than or equal to 12 months is classified as Substandard asset

SMA: Special Mention

These accounts are “Standard” asset but are monitored closely by the lending organisation due to some discrepancy

DBT: Doubtful

As per RBI guidelines, an account which is overdue by 90 days for more than 12 months is categorized as doubtful asset

LSS: Loss

According to RBI guidelines, an account where loss has been identified but the amount has not been written off -wholly or partially, is categorized as Loss asset

How to Download CIBIL Report?

You can download your CIBIL report by following the steps given below:

Step 1: Visit https://www.CIBIL.com/freeCIBILscore.

Step 2: Click on ‘Get Yours Now’.

Step 3: Fill in your personal information like your name, date of birth, contact number, select the ID type and ID number, etc. and create your own username and password.

Step 4: An OTP is sent to you to verify your identity or additional details may be asked to confirm your identity.

Step 5: Once your identification is verified, you can check your CIBIL score and download the CIBIL report.

Components of Credit Report

A CIBIL report or a Credit Information Report (CIR) is used to derive the CIBIL score. The key components of CIBIL report are given below:

  • CIBIL Score:

The CIBIL report reflects an individual's credit history which is used to calculate the CIBIL score. The CIBIL score ranges between 300-900. 

  • Personal Information:

The CIBIL report contains personal information such as your name, gender, date of birth and identification numbers like passport number, PAN and voter’s number.

  • Contact Information:

This section contains your contact numbers and addresses. Maximum 4 addresses can be mentioned.

  • Account Information:

This section contains details of your credit facilities like name of lenders, kind of credit facilities (overdraft, personal, home, etc.), account numbers, loan amount, month on month record of your payments, etc. are there in this section.

  • Enquiry Information:

When you apply for a loan or credit card, the respective financial institution or bank accesses your CIBIL report. These enquiries are listed in the report and contain the vendor’s name, amount of credit applied, date of application of credit and credit type.

Financial Health Credit Report (FHCR) Advantages

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.

Check Your CIBIL Score at Finserv MARKETS With Few Easy Steps

Check CIBIL Score

CIBIL Score FAQ's

  • ✔️Why should you monitor your Credit Score regularly?

    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.

  • ✔️Does my credit score get impacted if I enquire about it?

    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.
  • ✔️Is your CIBIL Score the deciding factor in a loan?

    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!
  • ✔️Is this Credit Report from Finserv MARKETS free?

    Yes, checking your CIBIL Score at Finserv MARKETS is absolutely free.
  • ✔️I am unable to get my free CIBIL Score Report

    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.
  • ✔️What is the meaning of CIBIL Score?

    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.

Credit Report Reviews

Credit Score Reviews

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19 reviews

Suggestions to improve score

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