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How to get a Free CIBIL Score Check? What is CIBIL Credit Score? What is Credit Information Report? How to improve CIBIL Score? Well, before getting answers to these questions let’ go through one real life example. My friend had applied for a Home loan. His home loan application was rejected due to his low credit score. From this example, you can say that credit score is important from credit history perspective. So, let’s take a look at what is credit score? and how to get free CIBIL score check?
How to get Free CIBIL Score Check?
In order to get Free CIBIL score follow the steps given below.
- Visit Free CIBIL Score option on CIBIL website.
- Provide basic information such as PAN card, E-mail Id, Date of Birth, Gender, Monthly income etc.
- Once you press submit button system will register and send you one-time credential on specified email address.
- You can login to mycibil portal using this credential.
- You will be able to see your CIBIL Score along with credit information report.
What is CIBIL Credit Score?
A credit score is 3 digit numeric number that shows a summary of credit history. The credit score plays a significant role in the approval of any loan. Higher the credit score means a better chance of getting loan approval. Every bank or organization check CIBIL credit score report before giving loan approval. The report that mention information about credit score is known as a credit information report.
What is Credit Information Report?
The Credit information report (CIR) is report that shows historical information about your loan repayment, credit card bill payment etc. This report includes following information.
- What types of loans were taken by you till date?
- Sanction amount, bank and pending amount.
- Details of loan where you were a guarantor.
- Loan repayment history, delay, and default.
- How many time inquiry is made about your CIR.
How to Improve CIBIL Score?
Your credit score should be 750 or above. If your credit score is less you can improve it by taking following actions.
- Make all your payments on even a single missed delayed payment can affect your credit score adversely.
- Never take multiple loans at the same time. Avoid applying for multiple loans at same time.
- Maintain a healthy mix of credit such as home loan, auto loan and unsecured loans.
- Never utilize your credit limit above 50%.
- Review your credit history regularly throughout the year
Use facility of free CIBIL score report and know your credit score in order to avoid any unpleasant surprises and loan rejection.