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, credit card, secured loans such as home loan 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 creditworthiness of a credit applicant or borrower. So, checking your CIBIL score can help you determine your eligibility for credit beforehand and reduce the chances of your application being rejected.
Moreover, having a high credit score of 750 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
You can check your credit score and report online as well as offline.
Check your credit score for free with Bajaj Finserv
Step 1: Click on "Check Online" at the top of this page.
Step 2: Enter your registered mobile number and verify with an OTP.
Step 3: Enter a few basic details.
Step 4: Upon verification of details, you will be able to view your free
CIBIL Score.
Steps to check CIBIL Score offline
- Download the form from the CIBIL website
- Fill in your details accurately
- Attach a demand draft in favour of TransUnion CIBIL. The amount of the demand draft is as follows:
• Rs. 550 for CIBIL Score and CIBIL report
OR
• Rs. 164 for CIBIL report only - Mail the form with the demand draft to the following address: TransUnion CIBIL Limited,
One Indiabulls Centre,
Tower 2A, 19thFloor, Senapati Bapat Marg,
Elphinstone Road, Mumbai - 400013 - Your detailed CIBIL report and score will be mailed to your address
What is a 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 on time.
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. It will 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
- Do not 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.
Bajaj Finserv Credit Pass is your go-to assistance for everything credit-related. Its real-time dashboard not only gives you a total overview of all your credit accounts, but also helps you track the factors that influence your credit score. The Credit Health Report and monthly CIBIL Score checks allow you to keep a close eye on your financial well-being, and pivot as required to maintain it. Interactive tools like the Credit Score Simulator and EMI Calculator help you make informed financial decisions by outlining the potential impact of your choices so you can plan better.
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