TransUnion CIBIL Limited is India’s first credit information company and is known to collect and maintain credit reports. All information about your Online Personal loan, home loan, credit card and other credit activities is regularly obtained and monitored by CIBIL through its affiliated partners in financial institutions.
CIBIL’s key role is to provide a database to all lenders that helps decide the credit worthiness of a credit applicant or borrower. So, checking your CIBIL score can help you determine your eligibility for credit beforehand and reduce chances of your application being rejected.
Moreover, having a high credit score of 700 and above ensures that you will not only get your loan application processed fast, but also get a loan amount on your terms and pay a nominal interest rate.
How to Check Your CIBIL Score for Free
There are several ways that you can access your credit score for free:
Check Your Credit Score with CIBIL’s Official Website
CIBIL allows you to check your credit score for free once in a year. Following are the steps to check CIBIL score Free
#Step 1: Log on to https://www.cibil.com/freecibilscore.
#Step 2: Click on ‘Get yours now’.
#Step 3: Fill out following Personal Information and click on ‘Accept and Continue’.
- Email Address
- Create a Password
- First Name
- Last Name
- ID Type ( Following IDs are valid):
- Income Tax ID No.
- Passport Number
- Voter ID Number
- Driver's License Number
- Ration Card Number
- ID Number
- Date of Birth
- Mobile Number
#Step 4: Verify your Identity – CIBIL will send you an OTP or it may ask you more details to verify it is you.
#Step 5: Get your Free CIBIL Score with Free CIBIL Report
Additional Read: What is the Minimum CIBIL Score Required for a Personal Loan?
Check Your Credit Score for Free with Bajaj Finserv
Bajaj Finserv, one of India’s leading NBFCs, also allows you to perform a free CIBIL check. Simply visit the Bajaj Finserv website and enter your basic details to check CIBIL score for free.
What Is Credit Report and What Is Its Importance?
Your CIBIL credit report contains your entire financial history. It catalogues the previous loans you have taken, and records your repayment of them. If you missed an EMI, or defaulted on a loan, it will be recorded in your credit report. Your credit report also records your usage of credit cards, and whether you have been paying their bills in a timely manner.
A record of a missed payment or default in your credit report indicates that you do not have a reliable history of repaying the credit you borrow. When lenders evaluate your report, a record like this, coupled with a CIBIL score below 750, can mean that your loan application will get rejected. Even if you get a loan, you may be charged a high interest rate on it to reduce risk to the lender.
On the other hand, a credit report that indicates that you have a steady repayment history, and have a credit score over 750, will make a favourable impression on lenders, and enable you to get a loan at a nominal interest rate.
Easy Tips to Boost Your CIBIL Score
If you find that your CIBIL score is less than ideal, you can take measures to improve it. Here are some easy ways to increase your CIBIL score.
Pay your EMIs on time to ensure you seem financially responsible
Don’t max out your credit cards as you may seem credit dependant
Balance out your credit mix with secured and unsecured loans
Check your CIBIL report once you finish repaying a loan to ensure that any closed loan accounts are not listed as still unpaid
Now that you are better informed about your CIBIL score and report, focus on maintaining your financial health. This will help you borrow funds when you need them most and fulfil your personal and professional goals with ease.
Additional Read: How to Get Personal Loan with Low CIBIL Score
Apart from offering loans with easier eligibility criteria and Bajaj Finserv also brings you pre-approved offers on both secured and unsecured loans . Save time and have a hassle-free financing experience with Bajaj Finserv. Check out your pre-approved offer today.
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