TransUnion CIBIL is a credit rating agency that provides individuals and financial institutions credit scores and reports. These are known as CIBIL scores and CIBIL reports and testify to your financial credentials. Typically, when you apply for a loan, your lender consults your CIBIL report and score to gain insights into your past performance with debt and gauge your creditworthiness. Since CIBIL scores are a major determinant when you wish to secure credit, especially unsecured offerings, you should take steps to know your CIBIL score and improve it. In fact, you can get a free CIBIL report online via the official website.
Read on to know how to check your CIBIL report and score.
What is a CIBIL score?
A CIBIL score is a number ranging from 300 to 900, which summarises how well you have handled debt in the past. Therefore, the higher your score is, the better are your chances of getting approved for credit. Usually, scores ranging from 300 to 549 are considered to be bad, from 500 to 649 are considered to be average, from 650 to 749 are considered to be good, and from 750 to 900 are considered to be excellent.
Your score may also be NA/NH (not applicable/no history) if you have no credit history yet, or a figure ranging from 1 to 5, if you have a credit history of less than 6 months. In case of the latter, the lower the number, the higher is the lending risk.
Now that you know what a CIBIL score is, read on to know how you can get a free CIBIL report and score.
How can I check my CIBIL score and report for free?
Below are the steps you need to follow in order to check a CIBIL score free of charge.
- Visit https://www.cibil.com/freecibilscore and click on the orange button that reads ‘Get Yours Now’
- Create your CIBIL account by providing personal information such as your email address, name, date of birth, pin code, and mobile number. You will also have to create a password, choose an ID type ID (PAN/ passport number/ration card number/voter ID/driver’s license number) and enter the correct ID number
- Click on the ‘Accept & Continue’ button
- Verify your identity in the next step and answer questions correctly, if any
- Login to your account using your username (email ID) and password
- Authenticate yourself via the OTP
- Enter your contact number upon logging in and click ‘Submit’ to access your dashboard
- View your free CIBIL report and score via the dashboard
You can check your credit score online and view your CIBIL report at no charge once every year. If you want to access your CIBIL score and report more than once in the same year, you will have to pay a fee. Also note that when you check your score, a soft inquiry is incited and this does not affect your credit score.
How can I improve my CIBIL score?
If your score is below 750 or you wish to improve it in order to get quick loan approval, follow these steps.
- Pay your EMIs and credit card dues diligently to build a healthy track record
- Keep your credit utilisation ratio low to indicate that you are not overly dependent on credit
- Consider a longer loan tenor to make EMIs manageable and have a long history of repayment
- Avoid multiple loan applications at once to limit hard inquiries that reduce your score by 3–4 points each
- Rectify errors in your CIBIL report, if any, to avoid being penalised unnecessarily
Now that you know how to check free credit score online and boost your CIBIL score, note that once you improve your financial credentials you can benefit from multiple offerings such as the Bajaj Finserv Personal Loan. With a good score you get quick access to a loan of up to Rs.25 lakh on a collateral-free basis, which you can repay over a tenor of up to 60 months. You can also opt for the Flexi Loan facility to borrow from your sanction on the go, in parts, multiple times, without having to make fresh loan applications.
Also, in addition to accessing your free CIBIL report, remember to check your pre-approved offer from Bajaj Finserv should you require instant funds. You can use it to enjoy instant approval through a customised personal loan deal.