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Introduction

CIBIL score is an important factor to be considered when a person applies for a credit card or loan. The applicant with a decent CIBIL score is deemed appropriate for most credit facilities and also for the best ones. People who have a credit history are aware of the effect of their payment actions on the credit score, but many are still unaware of basic things such as checking the credit score. Here’s a look at what CIBIL scores  are and how you can check your CIBIL score.

What is a CIBIL score

A CIBIL score is a three-digit numeric overview of the customer’s credit history and a representation of their credit profile. The score is focused on past credit practises such as borrowing and repayment patterns shared by banks and lenders with CIBIL , which are mentioned in detail in the credit report.

The CIBIL score falls between 300 and 900. A higher CIBIL score indicates a decent credit history and a prudent repayment behaviour. The CIBIL scores are determined on the basis of at least 6 months of the individual's historical financial records.

Credit Information Report versus Credit Score

Credit Record Report is an overview of your credit history on the basis of the past 5-7 years of credit and loan accounts. It includes personal and credit / loan account information, including enquiries made by lenders for your credit / loan application. The CIR is a record of your EMI payments and/or credit card payments. The CIBIL score is part of the CIR score. The score is an indicator of your credit / financial health that is measured on the basis of the different variables that make up the CIR.

How to check CIBIL score

1. Via CIBIL website

  • On the official website of CIBIL, click “Get Your Credit Score”
  • Fill up the form with relevant details (name, dob, ID proof, loan history)
  • Submission of the form will lead to the payments page. CIBIL levies a charge to issue the credit report
  • After payment, you will be led to the authentication page. At least 3 of the 5 questions on your credit history must be answered correctly for authentication. Once verified, the report will be delivered to your inbox within 24 hours.

2. Check CIBIL score by PAN Card

  • Go to the TransUnion CIBIL website free credit score page
  • Fill up the form with relevant details (name, DOB)
  • Select ‘Income Tax ID Number (PAN).’ for ID proof and enter the relevant information.
  • Choose the income type and monthly income.
  • Enter address and contact details such as telephone number and email address and submit
  • The free report will be delivered to your inbox within 24 hours.

Read more on how to check CIBIL Score by Pan card only at Finserv MARKETS

1 .Check CIBIL score by Aadhar Card

Aadhar Card is required for address proof. The address entered must match the address mentioned in the Aadhar Card for all the aforementioned ways to check CIBIL score online

2. Check CIBIL Score by Mobile Number

For CIBIL score check, mobile number has to be mentioned, whether it's via form on the official CIBIL website or using PAN card on TransUnion CIBIL website free credit score page .

Factors that affect CIBIL score

1. Repayment behaviour

Be timely about your monthly credit card bill payments as well as EMI loans in order to retain a high score. If you miss your payments or default on EMIs, your score will be affected for the worse. Irregular payment behaviour also suggests that your credit management is poor.

2. Credit Utilisation Ratio

A higher rate of use of credit means that you have increased your debt and are likely to become the defaulter. It is also recommended that you keep a watch on your credit expenses to make sure that you do not surpass your limits.

3. Type of Credit and Duration

CIBIL takes into account the total number of years in which you have kept a credit account. Maintaining a balanced mix of secured loans as well as unsecured loans helps raise the score. A balanced credit mix implies a good deal of expertise in managing various types of accounts. A long credit history of strong repayment conduct makes you a low-risk borrower. It's best to start building your credit history at the earliest, as it will be useful when applying for a loan or credit card.

4. Credit Inquiries

Credit inquiry is another aspect that is utilized to assess your ranking. The lender can review your credit report every time you apply for a loan or a credit card.   If you make several requests for credit within a brief amount of time, your score will fall. It is thus recommended that your credit applications be spaced over the year instead of having them all at once.

Financial Health Check Report

Financial health check is an evaluation of your financial health. It is based on different criteria of personal finance and includes tracking of income , expenditure, investments, assets, debts, etc., and helps identify the discrepancies in your finances and illustrates the measures to close the gap. A comprehensive financial health check is needed on a regular basis as our income, standard of living and priorities continue to evolve. Periodic review of your personal finances will help you evaluate your current asset or debt status and, in turn , help you establish plans for savings and investment decisions.

Conclusion

When evaluating loan / credit applications, it is important for banks to consider the individual's ability to repay. The credit score and the report allow lenders to assess the individual's ability to repay. By referring to the credit score, banks may classify the applicant's repayment patterns and determine whether to accept or deny the application. The Credit Score may be one of the main factors for this. Therefore, it is important to maintain a high score.

Checking CIBIL score on Finserv MARKETS.

CIBIL Score can be checked, free of cost, on Finserv MARKETS. The steps to check the score on Finserv MARKETS are as follows:

1. Click “check CIBIL score”on the Finserv MARKETS official website.

2. Enter the relevant details asked for, such as name, DOB and ID proof.

3. An OTP will be sent to your mobile number and email address for verification of identity.

4. You will be able to access your Financial Health Check Report consisting of your CIBIL score once your identity is verified. 

Credit Score Video

CIBIL Report

Ever considered quantifying your financial health in specific parameters? With the Financial Health Check Report (FHCR) on Finserv MARKETS.

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