Bajaj Markets Credit Score App

Introduction

Your CIBIL score is an extremely important parameter that plays a key role in determining how easily you can access credit facilities. The CIBIL score is generated by TransUnion CIBIL Limited, which is India’s first Credit Information Company. This credit score is represented by a three-digit numerical expression that’s derived by analysing your credit history and your past credit behaviour.

Knowing your CIBIL score can help you get a better idea of where you stand financially. It also lets you know whether you can get loans or credit-based products like credit cards easily. There are many ways to get a free CIBIL score online and offline. The Bajaj Markets app allows you to check the CIBIL score and obtain your credit report as well. When you check your CIBIL score using the Bajaj Markets app, an email is sent to you containing a link to download the report as a PDF. This report is a one-time view document.

If you’re keen on finding how to perform a CIBIL score check free of charge using the Bajaj Markets app, here’s a step-by-step walkthrough of the process.

The Bajaj Markets app has many interesting and user-centric features that can help you manage your credit and finances. Here’s how you can get your free CIBIL score check done using the Bajaj Markets app.

• Tap the ‘Explore’ icon at the bottom right of the screen.

• Select ‘Credit Report’ option under ‘Our Services’

• Enter your personal details, including your name, PAN, date of birth, email ID etc

• Click on ‘Get Score’.

• View your updated CIBIL score.

A paid report is also available that offers personalised recommendations and deeper analysis based on your score.

The ‘Account Details’ section of the credit report is divided into ‘Open Accounts’ and ‘Closed Accounts’, and it includes detailed information about each credit facility you have. Here’s an elaboration:

Open Accounts

This section provides details of all active credit accounts, which could include loans and credit cards. Each entry typically includes:

1. Account Type: Indicates whether it's a personal loan, credit card, consumer loan, or other types of credit.

2. Account Number: Unique identifier for the account.

3. Ownership: Specifies whether the account is individual or joint.

4. Credit Limit/Sanctioned Amount: The maximum amount of credit available to the borrower.

5. High Credit: The highest balance ever owed on the account.

6. Current Balance: The outstanding balance on the account as of the reporting date.

7. Amount Overdue: Any overdue amount that has not been paid by the due date.

8. Rate of Interest: The annual interest rate charged on the account.

9. Repayment Tenure: The duration for repayment, often given in months or years.

10. EMI Amount: The monthly installment amount required to repay the loan.

11. Payment Frequency: Indicates how often payments need to be made (e.g., monthly).

12. Actual Payment Amount: The actual amount paid during the last payment.

13. Payment Start and End Date: The dates between which payments should be made.

14. Payment History: A month-by-month record of the payments made, showing whether the payment was made on time, late, or missed.

15. Payment Status: This indicates the account’s payment status, with terms like "Standard" (STD), "Doubtful" (DBT), "Substandard" (SUB), etc.

 Closed Accounts

This section lists accounts that have been closed or settled, including:

1. Account Type: Identifies whether the closed account was a loan, credit card, or another type of credit facility.

2. Sanctioned Amount: The total amount that was approved for the credit facility.

3. Current Balance: Shows the balance on the account when it was closed.

4. Amount Overdue: If any, the overdue amount at the time of account closure.

5. Rate of Interest: The rate charged on the account until closure.

6. Repayment Tenure: The original duration of the loan or credit facility.

7. Payment History: A record of payments made until the account closure.

8. Payment Status: Indicates whether the account was in good standing at the time of closure or if there were any issues (e.g., ‘Standard’ or ‘Written off’).

 

In summary, the ‘Account Details’ section provides a comprehensive breakdown of your credit usage, payments, and outstanding debts, helping lenders assess your creditworthiness and financial behaviour.

 

Additionally, the app provides credit factors sourced from CRIF, which are available only within the app interface.

It is super easy to check your CIBIL score for free using the Bajaj Markets App. Remember to check your score at regular intervals and intimate the credit agency of any lags in updates, so your score always reflects your credit history accurately.