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How to check cibil score

HOW TO CHECK CIBIL SCORE_ -(1)

CIBIL score Is the most important factor when any individual or company applies for a loan with any Bank or Non-Banking Financial Institutions or Credit Agencies. The Banks or financial institutions thus offering loans analyze the credibility of the individual or company in terms of its capacity and the intention of paying back the availed loan within the stipulated period basis the past track record. CIBIL score is thus an important factor that influences the financial institution’s decision to grant the loan. Banks analyze the risk that may be involved in sanctioning or granting a loan to any individual or company prior to sanctioning the loan basis for their CIBIL score. It is therefore very important for the consumer of such loans to check their CIBIL score before proceeding for any loan application.

There are various methodologies to check your CIBIL score and get your credit report. You can find out your civil score in quick and easy steps by login directly into the Cibil website. Login to the cibil.com website, click on Get Your Cibil Score. Once on the page, choose the plan according to your budget and desired time period, and click continue. There are three plans available on the website:

  1. Basic Plan: It comes with unlimited access for a month and credit monitoring service, instant loan offers and score simulators that identify the reason for the low score ratings. This plan would cost Rs. 550/- only.
  2. Standard Plan: The second plan includes the same features of that of the basic plan, plus Alerts. The duration of the plan is 6 months and would cost Rs. 800/- only.
  3. Premium Plan: The services offered In this plan is the same as the standard plan and would cost Rs. 1200/- for a period of 1 year.

Once the appropriate plan is selected, the rest of the information needs to be completed in 3 basic steps.

  1. The first step would include filling in the basic information such as your name, email id, login password, ID Type, ID Number, date of birth. Once the information is completed, click on accept and continue.
  2. The second step would include filling in the OTP that is sent to your email id and mobile number.
  3. Click on proceed to payment and enter the method of payment. Once the transaction is complete.
  4. Now login into through Member Login. The CIBIL score would be mentioned on the login page. The credit report can be viewed from the credit report section of the page.

A credit report gives details such as personal information, contact information, employment information, account information, and inquiry information.

The credit score is decided based on account information and inquiry information. Account information shows the details of all the loans and credit cards applied for them to date.  The inquiry information includes how many times the user has applied or enquired about a loan. Usually, too many enquire impact the total CIBIL score negatively.

Some banks like HDFC, ICICI Bank Ltd, etc offer the facility for checking the CIBIL score on their website. Directly login to the website of the Bank and type CIBIL in the search column. By navigating through the result pages of the search, you will see options like getting a Credit Report or Check Your Credit Score or CIBIL Report. Click on these options. Some banks offer this as paid service and directly redirect you to the CIBIL website from their site.

CIBIL score is rated on the scale of 1000 points and any score above 750 points is a good credit score. For those individuals or companies who have not availed a loan or paid any installment in the last few years, and/or have applied for a credit card for the first time, the CIBIL score will be NA which means no credit activity. Another term that is used is NH which means no credit history, this is reflected in cases wherein the user has never applied for a loan or credit card.

It is important to note that in order to avail of instant loan from a bank or NBFC, the user should have a valid PAN card.

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