If you are planning on getting a credit card or loan, you must first check your credit score to know your standing. Credit score or CIBIL score is a numeric representation of a borrower’s creditworthiness. It is measured on a scale of 300 to 900 and is generated by the credit rating agency – TransUnion CIBIL (Credit Information Bureau India Limited) after taking into account one’s credit history. A score closer to 900 implies a staying updated on your CIBIL report is crucial to upscale your creditworthiness beforehand. Read on to know how to check my credit score instantly for free.
What Is a Credit Report?
A credit report is a summary of your credit history. It features all the details related to your previous loans and repayment records. Whether you have been consistent or have delayed or defaulted on your loan EMIs and credit card bills – everything is recorded in the credit report and you should check credit report regularly. Based on this information, the credit bureau generates the CIBIL score, which is later reviewed by the lending institutions.
Why Is Your Credit Report Important?
Your Credit or CIBIL report plays a vital role in determining your credit score and loan eligibility. A record of payment defaults in the report implies that you are incapable of repaying the borrowed credit on time. Furthermore, while evaluating your report, if the lender finds your credit score to fall below the 750-900 range, your loan or credit application is likely to get rejected right away. If not, you may have to pay exorbitant charges on the rate of interest levied by the lender due to the high risk involved.
On the other hand, a credit report showing a timely, steady repayment history coupled with a score above 750 projects you as a responsible borrower and thus, is likely to fetch you cheaper interest rates and faster approvals from the lender.
5 Reasons for a Low CIBIL Score
A low CIBIL score can be due to the following factors –
- Missed/irregular payments – not being able to pay off your dues and existing debts in a timely manner
- Lack of credit history – not having a credit history to show creditworthiness
- Multiple credit inquiries – applying for too much credit or raising multiple queries at once that indicate a negative credit behaviour
- Increasing exposure to unsecured debt – having a history of unsecured loans that do not require any collateral
- High credit utilization ratio – having a high credit utilization ratio of over 30%
Steps for Credit Score Check Online
There are several CIBIL score check free facilities available, which customers can make use of to monitor their scores in less than two minutes. The different ways of credit score check online are explained below.
CIBIL Score Check Free Through CIBIL Website
In case you are wondering how to check my credit score, you should head to the CIBIL official website. The Credit Information Bureau (India) Limited allows customers to review their credit scores without having to pay any charges in a calendar year. The steps to follow are –
- Log in to the CIBIL official website
- Select the ‘Get Free CIBIL Score’ option
- Provide some essential information –
- Name
- Email ID
- ID proof type
- ID number
- Mobile number
- Date of birth
- Verify your identity with the OTP sent on your mobile number
- Get free CIBIL score and download the credit report
CIBIL Score Check Free Through Lender’s Website
Alternatively, individuals can also track their CIBIL score using a credit score calculator on the lender’s website. The step-by-step guide to credit score check online is as follows –
- Choose a lender and visit the official website
- Click on the ‘Get CIBIL Score’ tab on the homepage
- Enter your mobile number and wait for the OTP (One-Time Password)
- Once received, enter the OTP to log in
Access the online page asking for your details –
- Name
- Employment type
- Date of birth
- Mobile number
- PAN card
- City name
- Pin code
- Monthly income
- Email address
- Type of loan/EMI card applying for
- Tick the checkbox at the bottom and hit the ‘Proceed’ button
- Check free credit score on the screen
- Take a screenshot of the score
CIBIL Score Check Free with PAN Card Number
You can also opt for a credit score check online using your PAN card number and following the steps below –
- Log in to the CIBIL official website
- Hit the ‘Get CIBIL Score’ button
- Enter your date of birth, email address, and mobile number
- Generate your login ID and password
- Select the ‘Income Tax ID (PAN)’ option as your preferred ID type and key in your PAN card details
- Click on the ‘Verify Your Identity’ option and answer the necessary questions accurately
- Finally, submit the form to know your CIBIL score
With the increasing online presence of various lenders and third-party websites, credit score check online has become a convenient option for all. You need not wait for any authorization as you can instantly check your score using the free online tool. However, for frequent updates on CIBIL score, you may consider opting for a customized plan.
Summary
An impressive credit report and a high CIBIL score, preferably over 750, is all you need to get your loan and credit application sanctioned by the lender. Therefore, before applying, it is always a good idea to opt for the CIBIL score check free facility that allows you to review your credit score and download the annual report generated by credit agencies free of cost under two minutes.
