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Transunion CIBIL

If you are trying to avail credit in the form of any type of loan from a financial institution, then one of the key eligibility conditions is your credit report or CIBIL score. A CIBIL credit score is a three-digit number, which reflects your creditworthiness. It provides a picture of your financial health to financial institutions, like banks and Non-Banking Financial Companies (NBFCs). A good CIBIL score can allow you to get a loan at a comparatively better rate of interest.  The Reserve Bank of India (RBI) has licensed three credit bureaus in India to provide credit reports of individuals. These are: Transunion Credit Information Bureau (India) Ltd (CIBIL), Experian and Equifax. Being licensed by the RBI, the credit reports of all the three credit bureaus are equally valid. But most financial institutions generally ask for a Transunion CIBIL score. 

How does Transunion CIBIL prepare your credit score?

The credit bureau, Transunion CIBIL, collects, maintains and stores reports pertaining to all your credit  activities, including debts incurred in the form of loans and credit card dues from financial institutions. Typically, lending companies provide these reports to Transunion CIBIL on a monthly basis. All your credit transactions, including your existing EMIs, late or missed payments, if any, outstanding loans, changes to your existing credit limit along with your new loan or credit card application is recorded in the report. Based on these variables, the bureau uses a complicated mathematical formula to arrive at your Transunion CIBIL score.

What is the Transunion CIBIL score required to receive a loan?

Your CIBIL score can range from a minimum of 300 to a maximum of 900. Although every financial institution has a different set of rules for assessing your creditworthiness through the CIBIL score, a score of 750 and above is generally considered as good for accepting any application for disbursal of loans. As many financial institutions look at a variety of other factors also, it can still be possible - albeit difficult - to get a loan with CIBIL score of less than 750.

How does Transunion CIBIL score affect individual borrowers?

As an individual borrower, you are greatly impacted by your Transunion CIBIL score. Having a poor score might come across as a warning signal, and the financial institution will have reasons to believe that you have not behaved responsibly in fulfilling your credit obligations. This might result in a scenario, where your loan application is rejected. Even if your loan is approved, it can entail strict provisions, including a higher interest rate.

What are the key variables that affect your Transunion CIBIL score? 

  1. Credit repayment history: This simply means that if you have not missed or defaulted on your EMIs and credit card bills, you will have a good CIBIL score.
  2. Credit utilization ratio : This is calculated by assessing the amount of credit availed within your total credit limit. If you have a high credit utilization ratio, it reflects higher credit, and consequently a poor CIBIL score.
  3. Applications for multiple loans or credit cards : Making multiple applications will result in several ‘hard enquiries’ from the respective financial institutions, resulting in a poor score.
  4. Credit mix : According to market experts, having a judicious balance between both secured and unsecured loans will enable you to have a good Transunion CIBIL score.
  5. Frequent requests for increasing credit card limit: If you frequently ask your financial institution to increase your credit card limit, it can negatively impact your Transunion CIBIL score. This happens because each such request triggers another ‘hard enquiry’, and consequently reflects in your CIBIL report.

How to get access to  Transunion CIBIL score free?

To receive Transunion CIBIL score free, you can visit the credit bureau’s website, and download the report. You just have to provide your personal details, including name, date of birth, contact number, ID type and ID number. An OTP will be sent to your authorised number. After your ID is verified, you can download the Transunion CIBIL score free. You must, however, remember that you can check your Transunion CIBIL score free by using your PAN card/driving license/passport only once in a year.

Alternatively, you can check your CIBIL score without any cost on Finserv MARKETS.

Thus, having a good CIBIL score will allow you to receive any type of loan from a financial institution. On Finserv MARKETS, you can get access to a free CIBIL score along with a Financial Health Check Report - comprising the  best insights and advice to fulfill your financial goals. What’s more you can apply for hassle-free loans here- be it personal loan, home loan or business loan. These loans have simple eligibility conditions and require minimal documentation. 

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