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  • How to Check CIBIL Score

    CIBIL stands for Credit Information Bureau (India) Limited. It is the first credit information company in India, established in August 2000. The company collects and maintains credit records of individuals as well as commercial entities. This includes borrowing and payments related to loans and credit cards.

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  • CIBIL obtains this information with the help of its associate partners which include members of banks and credit institutions. Information is provided to CIBIL on a monthly basis based on which CIBIL prepares a Credit Information Report (CIR) and CIBIL credit score of an individual. This report is then provided to credit institutions, when requested, to help them evaluate and approve loan/credit applications.

    CIBIL plays a major role in India’s financial system by helping banking institutions better manage their business and be helping customers secure credit on fair terms. CIBIL is also referred to as the Credit Bureau. It is licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005.

    A CIBIL credit score is a three digit numeric summary of your entire credit history. It is prepared based on the information provided in your Credit Information Report. The credit score normally ranges between 300 to 900.

    Why is knowing CIBIL Credit score important?

    CIBIL plays a major role in loan application and approval processes. Without a satisfactory CIBIL score, you may not be eligible for many loans.

    After you fill and submit your loan application form, a bank will first check your credit score and credit report. If you have a bad credit history and a low credit score, the bank may outrightly reject your loan application. Only if your credit score is good will a bank consider your loan application and pass it through for approval.

    CIBIL credit scores are the deciding factor for many banks when it comes to considering your application. The higher the score, the higher the chance your loan application will be reviewed and approved. However, the decision to approve your loan application is completely dependent on the bank; CIBIL as an institution does not play any role here.

    How to find your CIBIL Credit Score?

    Find your CIBIL credit score within a few minutes in three simple steps!

    To get your CIBIL Credit Report, you will need to fill the ‘CIBIL online credit score request form’

    Step 1: select from the following subscription plans:

    Bi-Annual Subscription - 2 Score Reports (Rs.800)

    Quarterly Subscription - 4 Score Reports (Rs.1200)

    Step 2: Enter your PAN, email address, date of birth and select your gender.

    Step 3: Input the displayed characters in the given box.

    Step 4: Tick on the box before ‘I acknowledge and accept the Terms and Conditions applicable and available on the site.

    Step 5: Click on ‘Proceed to Payment.

    Once the payment is made, you will be redirected to an authentication page. Here, you will need to answer 5 questions related to your credit history. Answering at least 3 correctly will authenticate your identity. You will receive the credit report within 24 hours in your email address.

    If authentication fails, you can send a hard copy of the application duly filled out along with your address proof and the id generated by CIBIL. You will then receive the credit report by post at the address provided by you.

    Note: Be advised to obtain your credit reports and credit score personally rather than getting it done through a bank. Enquiries from bankers and other financiers will negatively impact your credit score.

    Advantages of a Good CIBIL Score

    Ideally, a CIBIL score of 750 and above is good enough to make you eligible for a credit card or a loan. Here are some of the benefits of having a good CIBIL score:

    1. Eligible for loan: A higher CIBIL score makes you eligible for getting a loan from lenders like banks and non-banking finance companies (NBFC).
    2. Discount on interest rate: With a high CIBIL score, you are in a position to negotiate for better interest rate for your loan. In some cases, the lenders will also come forward and offer your a discount on interest rates.
    3. Faster loan approval: A healthy CIBIL score paves the way for quicker loan approvals from lenders as your score speaks volume of your financial status. Lenders might also offer you a pre-approved loan or a credit card without annual fees.
    4. Position to negotiate for better deal: A high credit score means you have a low credit risk and therefore you are less likely to default payments. Banks also offer preferential pricing to consumers who have a high CIBIL score.
    5. Higher credit limit on credit cards: CIBIL scores of 750 and above suggest that you have been a responsible borrower and have been managing credit in a consistent way. Therefore, you become eligible to get credit cards with higher credit limit. Lenders will be willing to offer your credit cards with a higher limit owing to a high CIBIL score.
    6. Credit card with better benefits and rewards: Along with a higher credit limit, you can also get credit cards with better benefits and reward points. You can get access to premium credit cards that offer benefits ranging from lounge access to travel miles.
    7. Loans with longer tenure: Another advantage of a high CIBIL score is that you are in a position to request for a loan tenure that is for a longer period. With a high credit score you can bargain for a 7-year car loan or a 25-year home loan

    How to maintain a good CIBIL score?

    To maintain a good CIBIL score, it is a good idea to implement some of the following:

    • Maintain your credit utilisation ratio at 30%: Limiting your spending to within 30% of the credit limit. Avoid spending over the credit limit.
    • Pay EMIs or credit card dues on time: Set payment reminders every month or set standing instructions to deduct the monthly amount directly from your bank account so that your EMIs or credit card bills get paid on time.
    • Make part-prepayments when possible: Make prepayments whenever possible, keeping the terms and conditions in mind, so that your dues get reduced.
    • Take one loan at a time: Avoid taking multiple loans at a time. Apply for a new loan only after repaying the existing loans in full.
    • Maintain old credit cards: Do not cancel your old credit cards if they have been paid in full even if you are not using them anymore as they will contribute to maintaining and increasing your credit score.

    Full Form of CIBIL

    CIBIL is a word that is commonly used nowadays, whether you talk about credit cards or loans of any kind. What is the full form of CIBIL? This stands for Credit Information Bureau India Limited.

    CIBIL is a score that helps banks identify an applicant's credit-worthiness through a record of their credit history. An individual's CIBIL score helps lenders determine the applicant's eligibility to avail a loan and hence, is an important term for both loan applicants and financial institutions.

    The range of a CIBIL score can fall anywhere between 300 and 900. The higher the CIBIL score, the easier it will be to get approvals for any kind of loan which requires a credit score as a qualifying factor. The lower the score, the more likely it is for a loan application to get rejected.

    It helps to keep track of your CIBIL score on a regular basis in order to maintain a high score and also take the necessary steps to restore it to a good number if it falls below the acceptable score.

    Does frequently checking your CIBIL score affect it negatively?

    Frequently checking your CIBIL score does not have a negative impact on it. However, each time you make a loan application, a credit score enquiry goes out to the credit rating agencies from the lenders that you have applied to. Frequent enquires such as this can lower your credit score.

    What can affect your CIBIL Credit score?

    Mentioned below are a number of factors that may affect your CIBIL score.

    • Payment history: Your payment history plays a major role in developing a good CIBIL record. Making late payments on credit cards or delaying/defaulting on your EMIs regularly can negatively affect your credit score, indicating that you are not serious about or capable of clearing your existing debts.

    • Increased credit limit: Increasing the current balance of your credit card may negatively affect your credit score since it is considered to enhance your repayment burden. However, increased spending on your credit card does not affect your credit score as long as you’re credit utilisation is in proportion to your credit limit.

    • Unsecured loans: A high percentage of unsecured loans such as personal loans and credit cards may affect your credit score. A balanced combination of secured and unsecured loans adds positively to your credit score.

    • Multiple loans & Credit Cards: If you have multiple loans, credits cards and new accounts, this may affect your credit score, and banks may review your loan application more carefully.

    What is the minimum CIBIL score to get a loan?

    To get your loan approved on favorable terms as well as low interest rates, it helps to have a credit score than is above 700. A CIBIL score that ranges between 600 and 700 may still get approved, though interest rates may be on the higher side and the quantum of loan may be on the lower side.

    Why do lenders check your CIBIL score before loan approval?

    Lenders check your CIBIL score before loan approval to evaluate your credit worthiness based on your repayment history. A disciplined and regulary repayment history on previous loans or credit cards will result in a high CIBIL score which improves your credit worthiness and ensures that repayments on future loans or credit cards will also be done on time.

    In the cut throat financial world of today, maintaining a solid credit score is absolutely essential if you are on the lookout for credit - whether it is in the form of credit cards or loans. But, some people fall into bad financial habits, and due to little or no guidance, they let their score fall, and suffer the consequences. No longer, though. These tips can help them get their credit score back on track in about six months to a year.

    1. Good Score:
    2. A Credit Score of 750 and above is considered a good score. It’s not that you won’t get loans or Credit Cards with a lower score, but the terms might not be as favourable.

    3. Understand what it is
    4. Before you go on to do work on something, you need to know the hand you're dealt. Same is the case with improving your credit score. To start off, read up on credit score, that it is, how it is calculated, and how you can change your habits to make incremental growth happen with your score. This is the first and the simplest step you need to embark on. Go online, read some materials, and improve your understanding so that you can improve your credit score.

    5. Keep your debtor happy
    6. What we mean by this is, keep paying your loan or credit card EMIs on time. Never miss a payment, or don’t delay it for a later date. It is absolutely essential to be prompt with your EMIs, as it makes up up to 30% of your overall credit score. So, watch out and always be quick with making payments.

    7. Clear off bills on time
    8. Your credit card bills keep rolling in each month and you need to roll with it too and make regular payments and clear off a major chunk of it as soon as possible. The more to delay paying your bills, and the more you find your comfort with minimum payments, the harder your credit score falls. So, set a payment plan and stick to it. Always!

    9. Don’t take credit if you don’t need it
    10. The number of new loan accounts will have a bearing on how your credit score goes. So, next time if you hear some bank trying to entice you with an instant loan offer, step back and say no. These loans, while easy to avail, paints a poor picture of yourself to the credit information company. In that, you just jumped into a loan because it was offered to you. What you should do instead is only take a loan when it is essential.

    11. Say no to cash advance
    12. Cash advances are right there beckoning for you, Put in your credit card, type the pin, and voila! You’ve got it, right? Not so simple. Yes. Cash advances are way too easy to reach, but that doesn’t mean you have to avail it. Sure, you can do so if you think it is absolutely necessary and you have no other choice. But, there are better alternatives that going for a cash advance, as it can have a ripple effect on your credit score and can even affect it in the long run.

    13. Keep your oldest credit card alive
    14. You have an old credit card, but a bank offers you a brand new one with unbelievable benefits, so what do you do, close the old one and grab the new one? Wrong. The duration of your credit is also a major factor which determines your credit score. It actually makes up up to 20%, or so, of your credit score. So, keep the old accounts live and kicking.

    Keep these things in mind and work through it and you will have your credit score back on track within a year, and soon you will have banks lining up to offer you their credit facilities.

    How to Improve your CIBIL Credit score?

    Building your CIBIL credit score is not really hard, but it does require systematic planning and execution. Some of the best ways to improve your CIBIL score are mentioned below.

    • Know where you stand – The first step towards building your score is to know where you stand. Having an idea about your current position and preparing a target can help you work towards it. Checking this score can also help you determine if it is factual and identify any errors, if any. Immediate correction of errors could help in a quick increase of score.
    • Never delay payments – Procrastination is one of the harshest truths of our current world, with most of us falling prey to it. Delaying your bill payments, be it credit card or loan EMIs could see your score dipping, which makes timely payments a key role in maintaining a decent score. While a bank may be OK with ignore the first delayed payment, repeated delays could bring unwanted attention from their part.
    • Mix your credit – Just like variety adds spice to your life, variety in terms of credit can do a world of good to your credit score. A mix of secured and unsecured loans can reflect favourably on the score, with a varied portfolio preferred by most lending organisations. A skewed portfolio in favour of a particular type of loan (unsecured loan) could see your score taking a negative route.
    • Don’t max out your credit – In times where we want to enjoy things to the maximum, there is a high possibility for us to go overboard when it comes to our credit limit. Staying within the limit is bound to build your score, while exceeding it could come at a price. This shows lending agencies that you are not carried away and are a responsible individual who knows his/her limit.
    • Limit your cards/loans – A quick look at our wallets will show that a number of us have more cards than we need. While a problem of plenty is good in a few cases, owning too many credit cards can have its own drawbacks. Not only does it complicate credit repayment, but it also pushes us to spend more than we need, leading to debt in our life.

    Credit cards and other similar tools were designed to be an added benefit in our lives, but misusing any provision can throw things out of gear. Keeping a few simple pointers in your mind could ensure that you stay on the right financial track.

    FAQ's Regarding Checking CIBIL Credit Score

    1. Does being a guarantor for someone affect CIBIL credit scores?
    2. Yes, if you agree to be the guarantor for someone and they fail to pay the loan back in time, you become liable for it. This means that you might have to pay it back which will put an undue strain on your finances and may even cause you to default on it.

    3. I paid my credit card off but the report shows outstanding balance. Why is that?
    4. CIBIL credit reports reflect only data that has been received by them from your creditors. If they have not been updated about your recent activity, it won’t show on your report.

    5. I have a dispute regarding my CIBIL credit report. What do I do?
    6. If you have a dispute regarding your CIBIL credit report, you need to notify CIBIL about it in writing. Once they receive the grievance they will contact the creditors to confirm and redress the problem.

    7. I have informed CIBIL about inaccuracies in my credit report. Will they correct it?
    8. No, CIBIL does not make any changes to the data they have on you. What they will do is to approach your creditors to get the latest information. If the creditors provide them with said information, they will update it else, they will take no action.

    9. What happens if there is a problem with the payment gateway and I am charged twice?
    10. If you are charged twice while making payments using cards or net banking, then you should write to CIBIL. They will confirm the error and refund any extra amount that you may have been charged.

    11. What do I have to keep in mind if I am paying via DD?
    12. The main thing to keep in mind is that there should be no mistakes on the demand draft and that it should be payable in Mumbai. If there are mistakes on the DD then the DD may be rejected and your application not processes till they receive the relevant payment.

    13. Can I pay by cheque?
    14. No. You cannot pay by cheque. You can only pay via DD or online banking.

    15. When should the payment reach CIBIL?
    16. The payment for your application must reach CIBIL within 30 days of applying for the report or you’ll have to apply again.

    TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.

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