There are four major companies for credit information – CIBIL, Highmark, Experian, and Equifax. Among them, CIBIL or Credit Information Bureau India Limited is the most popular company which maintains credit files on 600 million individuals and 32 million businesses. The CIBIL provides a score called the CIBIL score, which is a prominent factor in the approval of your loan or credit card request. Continue reading further to learn more about what is a CIBIL score and how to check it.
What is a CIBIL score?
CIBIL Score is a 3-digit numeric summary calculated via your credit debit transaction history, the previous loan, and credit card usage ranging from 300 to 900. For a better credit rating, your CIBIL score has to be as close as possible to 900. Generally, above 700 CIBIL scores are considered good.
What is the importance of the CIBIL score?
CIBIL score is an important criterion for accepting your loan or credit card application. For credit transactions, it is the qualification of your application. Financial agencies use CIBIL scores to track down your past credit-debit transactions to check your ability to pay a new loan and reliability.
How does one check their CIBIL score?
You can get a CIBIL login credential by creating a new account on the official CIBIL website. CIBIL score can be checked yearly from the official CIBIL website in simple steps. If you demand another CIBIL score in the same fiscal year, you must buy a premium subscription to get your credit report. To get your CIBIL credit score.
- Go to the internet browser and search for the official CIBIL website. Click on the “Get Your CIBIL Score” on the CIBIL website, then click on the “member login”. It will take you to the CIBIL score login page.
- When you are on the CIBIL score login page, click on the “sign up” to create a new account. If you already have a CIBIL login account, just log in to your CIBIL score login account using your CIBIL username and password.
- For a new login, you must provide your email ID, username, password, ID proof (such as Aadhar, PAN card, voter ID, etc.), date of birth, pin code, and phone number.
- The next step is to verify your identity by entering a one-time password sent to your mobile and confirming your email id.
- After the above steps, “click on the dashboard” and get your CIBIL score.
How to maintain and improve your CIBIL score?
You can maintain and improve your credit score by Planning your credit-debit transactions. One of the main causes of your credit score fall is poorly planned transactions. Always try not to apply for multiple credit cards; you must not take unnecessary loans or purchase unnecessary items on EMI. You have to pay your credit card bills and loan EMIs on time and keep your credit utilisation below 35% to Lower your dependence on credit money.
Do multiple enquiries about the CIBIL score hamper the score?
Well, this depends upon the type of enquiry. When you check your CIBIL score, it is termed a soft enquiry, and a soft enquiry does not affect your credit report. But when you apply for a loan or credit card, if the lender checks your CIBIL score, it is termed a hard enquiry, which is counted in your credit report.
The CIBIL score is essential for loan or credit card application acceptance. It is the qualification of your application for credit transactions used by financial institutions. You can track down your CIBIL score by using CIBIL score login credentials on the official CIBIL website and carry necessary steps for its improvement.