The Credit Information Bureau of India Limited (CIBIL) maintains the financial records of every Indian citizen. Banks everywhere in India, rely on the credit information report that CIBIL generates to understand the creditworthiness of an individual before they grant a loan.
What is a CIBIL Score?
The crux of this credit information report is contained in a 3-digit numeric summary called the CIBIL Score. The CIBIL Score ranges from 300 to 900, the closer your CIBIL Score is to 900 – the stronger your credit profile.
You can now get free CIBIL Score on the official CIBIL website before applying for a bank loan. Get your CIBIL Score free online to know your creditworthiness by following the steps given below. You can know your eligibility for a loan better if you check CIBIL Score free of cost, beforehand.
The Difference between A CIBIL Score & A CIBIL Report
Both the CIBIL Score and CIBIL Report play an important role in loan approval for an individual. However, it is important to understand the difference between the two before applying for a loan
|CIBIL Score||CIBIL Credit Information Report|
|The CIBIL Score is a 3-digit numeric summary of your credit information report. It reflects an individual’s creditworthiness based on credit history and payment behavior.||The CIBIL Credit Information Report is a detailed report of an individual’s credit history. It comprises your contact details, personal information, loan account information, credit card details, employment information, etc.|
|The CIBIL Score only reflects your credit behavior of the last 24 months.||The CIBIL report provides details of the last 36 months of your credit history. This is a more comprehensive outlook of your skills with managing your personal finances.|
How to Check Your CIBIL Score for Free
STEP 1: Visit the official website of CIBIL.
You could Google ‘CIBIL website’ or Click HERE to reach the home page of the official CIBIL website. Click on the hamburger menu icon on the upper right corner to find the main menu. In the main menu click on ‘Get your CIBIL Report & Score.’
STEP 2: Create an account.
You will be required to fill a form to sign up. Enter your name, mobile number, and e-mail ID. You will also need to choose a username and password at this stage.
STEP 3: Personal Details.
At this stage, you will be asked to enter your personal details such as date of birth, identity proof (PAN Card & Aadhaar Number), and address.
STEP 4: One-Time-Password
You will receive an OTP on the mobile number you entered in STEP 2. Enter the OTP to verify your identity.
STEP 5: Get Report & Score.
As soon as you enter the OTP, you will receive your Credit Report & CIBIL Score.
Financial experts at MoneyTap always advise you to check your free CIBIL Score before applying for a bank loan. This will help you understand your creditworthiness in the eyes of the bank and will give you a chance to improve your credit score if it is lower than the required number to avail funds. It is better to know your score beforehand rather than applying for the loan first and then worrying about rejection.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters, and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at email@example.com