Before opting for loans or any other credit product, applicants must be aware of their credit reports and scores. The Credit Information Bureau (India) Ltd. provides this report based on an individual’s financial data and credit information.
There are several ways through which one can check their CIBIL scores online. One can either by visiting the official website of TransUnion CIBIL or via a financial institution’s online portal. This 3-digit credit score varies between 300 and 900. A higher score indicates an individual’s high repayment capacity and default-free credit history. Therefore, a high score increases the chances of approval from a lender’s end.
Here are a few ways in which one can check their credit score.
How to check CIBIL score online?
Checking CIBIL score is easy and convenient if one follows the given steps:
- Visit the official website of CIBIL.
- On the landing page, you have to select the option “Get your CIBIL score.”
- After this, find the “Click here” option to check your free annual CIBIL score. Click on it to proceed.
- Now submit your name, email ID, and password, attach a valid ID proof like passport, PAN, or Aadhaar card, and enter Date of Birth, PIN, and phone number.
- Upon filling up the essential details, check the information and click on “Accept and continue.”
- After continuing, you will receive an OTP on the registered mobile number. Enter this password and select “Continue.”
- Alternatively, after successful enrolment, you can click on “Go to dashboard” and view the score.
- Upon clicking this option, an individual will be redirected to the website.
- Log in to this website to view your CIBIL score.
In addition to this, you can get paid CIBIL reports by initiating payment of a certain amount. It will likely reach your address within 24 hours.
Apart from this, one can check the CIBIL score for free on a reputed financial institution’s official website. They only need to enter a few essential details.
How to check credit score by using a PAN card?
Other than the above procedure, one can also check CIBIL score online for free by using a PAN card in the following manner:
- Visit the official website of CIBIL to check the CIBIL score.
- Fill up PAN card details like permanent account number, name, and DOB.
- Enter details like gender, email address, residential address, and phone number to get your CIBIL score.
- Upon submitting the details, one can either choose to receive the soft copy of this report via mail or its hard copy via post within 24 hours.
Further, certain platforms also allow individuals to check their CIBIL score via WhatsApp. All they need to do is give a missed call to +91-8287151151. Upon doing so, they will receive a message asking few questions regarding their name, PAN details, residential address, and email ID. Once these questions are answered, they will receive their CIBIL score details on WhatsApp.
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Now that the ways to check credit scores online have been discussed, one should also possess clarity on the importance of knowing about CIBIL scores.
Why is it important to know about CIBIL scores?
Here are the reasons why an individual must know about their CIBIL score:
- Improved chances of loan approval
As discussed in the beginning, lenders foremost check CIBIL scores of applicants to determine their eligibility for a loan or credit cards. Those who maintain a score above 750 are more likely to receive loan approvals. Furthermore, the closer an individual’s score is to 900, the higher are their chances of instant approval.
2. Interest rate negotiation
Individuals with a high credit score can leverage it to obtain loans at affordable interest rates. Lenders perceive such borrowers as low-risk and thus, allow prospective borrowers to negotiate their rates and also terms of the loan.
- Higher loan amount
One can secure a sizeable loan amount if he/she possesses a healthy score. Since a high credit score reflects acute financial responsibility, lending institutions assume less risk in extending high-value loans to such individuals.
Therefore, one must check CIBIL scores periodically and rectify any discrepancy or take measures to improve the same. Disciplined planning and monitoring can help individuals secure the aforementioned benefits.