CIBIL score, which ranges from 300 to 900, signifies borrowers’ creditworthiness. Banks and other financial institutions use these scores as one of the factors to determine their eligibility for loans. It is, therefore, considered important to check the score which can help you monitor your financial health.
One can check their CIBIL score on the CIBIL website once a year without having to pay any charge. In order to do this, one has to follow these steps.
Check your CIBIL score by following these steps:
1. At the outset, one has to visit the CIBIL website at www.cibil.com.
2. Here one has to navigate to the section: “Get Free CIBIL Score & Report” as shown in the image below. This is given at the website’s home page.
3. Once you reach the page, you may fill in the required details. You will be asked to enter details such as email ID, name, last name, ID type such as passport number, voter ID, driver’s license, ration card number, date of birth and mobile number.
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4. There is usually a verification step to ensure that you are the person requesting the score. This usually requires an OTP verification on mobile phone or answering security questions.
5 Once the verification process is complete, you should be able to view your CIBIL score along with a credit report.
CIBIL provides the score and report which refreshes once in a calendar year. One can also get access to tailored loan offers based on this report.
ALSO READ: Five factors that greatly affect your credit score
Additionally, there are other credit bureaus in India such as Experian, Equifax, and CRIF High Mark.
You may also be eligible to receive a free credit report from these bureaus annually. Checking your score regularly can help you monitor your financial health and take steps to improve it if necessary.
Frequently Asked Questions (FAQs):
What is a CIBIL score?
A CIBIL score is a numeric representation of creditworthiness of borrower or investor.
How is it important?
A good score means higher credit limits on credit cards, overdraft limits and other lines of credit and also leads to faster loan approvals, attractive rates of interest and more.
What is the purpose of checking the CIBIL score?
It is considered important to check the score which can help you monitor your financial health.
How frequently can one see the free score?
There is an option to check the score and report on CIBIL site which refreshes once in a year.
Are there paid options as well?
There are multiple paid plans given on the CIBIL’s website based on the tenure i.e. monthly, every six months and once a year.
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Published: 04 Mar 2024, 05:24 PM IST