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Get answers to commonly asked questions related to credit bureaus
Have you ever needed a loan to buy a new house or for starting a business? Are you worried about being rejected a loan because you may not qualify? When it comes to loans and any other credit form, it is not just the application process that is important.
Many other important factors affect your ability to source a loan easily. One of them is your credit score. If you want to borrow a loan from a bank or a financial institution you must ensure to check your credit score and it should be in the acceptable range.
If you’re not sure how to go about checking your CIBIL™ credit score , we have all the answers here. Read on to find out.
Additional Reading: Get A Free Credit Health Check
A credit score is a number used to reflect the creditworthiness of an individual. A good CIBIL™ score is between 700 and 900. Having a good credit score has many benefits such as faster loan approval, reasonable interest rates, higher credit amount, longer repayment tenure, and more. Additionally, multiple lenders would be willing to approve your loan so you will have a choice on the lender you want to borrow credit from.
Additional Reading: What is a Good Credit Score?
CIBIL™ is a leading credit rating agency in India that helps borrowers know about their creditworthiness and lenders verify the same before granting a credit facility. CIBIL™ has helped the financial markets to become more transparent, reliable and organised. It has also helped in spreading awareness among financial institutions and businesses as far as managing risks and controlling bad loans is concerned.
Banks and financial institutions check every applicant’s CIBIL™ score before granting any loan. A CIBIL™ check gives a credit score, which is a 3-digit number that ranges between 300 and 900. A credit score below 300 is considered poor whereas a score of 900 is the best score.
Since January 2017, the Reserve Bank of India has issued a mandate stating that all the four licensed credit information companies must allow borrowers to check credit score online. They also need to provide one free credit score and credit report annually to borrowers.
A CIBIL™ credit score check can be performed online. Here is a step-by-step guide of how to check CIBIL™ credit score:
As a continuation of the above steps, the below-mentioned steps have to be performed to further check your CIBIL™ score:
It is not advisable to limit yourself to only checking your credit score once. It is important to regularly monitor your credit score movements as banks, financial institutions and other credit agencies may renew the report every month.
Banks and NBFCs submit their reports to credit rating agencies and check the CIBIL™ score of individuals and businesses. This helps them in granting credit to the appropriate customers and regularly monitor their repayment patterns after granting credit. Hence, applicants must monitor their credit scores to ensure that their credit applications are not rejected due to low scores.
1. How can I check my CIBIL™ score for free?
You can log in to the CIBIL™ website to check your score free annually. Additionally, you can also look up your basic credit health check on CreditMantri.com.
2. How can I check my CIBIL™ score using a PAN card?
For checking your CIBIL™ score on the official website, you will need to enter basic details including your PAN number.
3. Which is the best website to check CIBIL™ score?
You can check your credit score on CreditMantri.com. We also provide you with a free basic credit health check-up which will help you in being better prepared before applying for fresh credit.
4. Is it safe to check the CIBIL™ score online?
It is safe if you check your CIBIL™ score on the official CIBIL™ website. Alternatively, you can also check it through other safe options such as CreditMantri.com
5. What is the minimum CIBIL™ score required for a loan?
You must have a minimum CIBIL™ score of 700 to be easily granted a loan or other form of credit. This will allow you to get easy access to loans with better interest rates and flexible terms.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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