How to Check CIBIL Score For Free?
The Credit Information Bureau (India) Ltd, known as CIBIL, tracks and records the financial scores/reports for all PAN-registered individuals. An individual’s credit history and credit score the significant metrics credit institutions refer to when granting a loan. The credit data gets displayed in the form of a CIBIL report, also known as a Credit Information Report (CIR). If you’re applying for a loan, healthy credit history and CIBIL score will ensure a smooth loan approval, negotiable interest rates, and access to a higher loan amount.
What is a CIBIL Score?
A CIBIL score is generated based on an individual’s credit information and falls in the range of 300-900. A score above 750 is excellent and can get you the best deals, while that between 650-750 is good and qualifies you for availing credit, subject to the lender’s terms and conditions. However, individuals with a poor credit score might find it difficult to qualify for a loan, and their application is likely to be rejected.
● A score above 750 is considered an excellent credit score
● A score above 700 is viewed as a good score
● A score above 650 signifies as a fair credit score
How to Improve CIBIL Score?
An excellent CIBIL score makes it easier for you to avail credit. It is best to check your credit score well in advance, and if it’s low, you can have enough time to improve it. It can take anywhere from 4-12 months to improve your score if it is very low.
Let’s have a look at a few points to know how to improve CIBIL score.
● Check your CIBIL Report
To ensure that your credit score is accurate, you need to have an error-free CIBIL report. It is advisable to check your credit score and report once every 06 months to ensure there are no mistakes or inaccurate credit statements. If you find any errors, you can file a dispute with the CIBIL bureau and get it rectified as soon as possible.
● Ensure Timely Debt Repayments
All your credit transactions get reflected on your CIBIL report. If you are delayed on numerous payments and/or defaulted on your loans, your score will get affected. So, making timely repayments of all your debts will significantly help improve your score. Always, make it a habit to make minimum repayments towards your EMIs. Doing so will help you maintain a good score history record and protect you from paying late fees.
● Avoid Multiple Loan Applications
Multiple loan inquiries will be reflected as hard inquiries on your credit report. Hard inquiries harm your credit score. If you plan on availing a loan, an alarming number of loan inquiries will also make you look credit-hungry in the eyes of the lender, which may lead to loan rejection. Hence, it is best not to apply for multiple loans or credit cards simultaneously and maintain your score.
How to Check Your CIBIL Score?
To check your CIBIL score, you can also review your credit profile on banking service aggregator portals or the CIBIL website. You need to pay a sum of Rs. 500 to obtain this report, and the application process applies to both individuals and institutions. To get a report via the CIBIL platform, you might have to purchase a subscription package. However, some lending institutions such as Finserv MARKETS offer free CIBIL check services online.
At Finserv MARKETS, when you avail a personal loan you also get access to added services like “free CIBIL score check” and a Financial Health Check. This report helps the borrower understand his credit standing and overall financial health. If you require financial assistance, you can apply for a loan with the Finserv MARKETS app, where you can easily avail a Bajaj Finserv Personal Loan of up to Rs. 25 lakhs at attractive interest rates.
The personal loan application process is simple and completely online. Moreover, the documents required for a personal loan are minimal with instant approval and disbursal of the loan amount. At Finserv MARKETS, the repayment tenure on the loan is quite flexible and usually ranges from 1 to 5 years. The loan amount can be used to fulfil all kinds of financial requirements such as home renovation expense, financing higher education, travel expenses, and even for unannounced medical emergencies.