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What is CIBIL?
CIBIL stands for TransUnion CIBIL (Credit Information Bureau (India) Limited) is India’s first most trusted and oldest credit information company (CIC) established in August 2000. This company provides the credit-related services to its customers nationwide by collecting and maintaining credit information provided by bank and NBFCs. This includes the payment-related information to loans and credit cards of Indian residents.
As per the latest records, the Credit Information Bureau India Limited consists of 2800 entities which include non-banking companies, housing finance, financial institution, private and public sector banks. As per the data the CIBIL company generate the score and reports. It plays a major role in managing a business by helping financial institute.
What is the CIBIL Score?
A CIBIL Score, Credit Score is also known as the TransUnion CIBIL score is a three digit number or mathematical expression ranging from 300 to 900. In other words, your credit score is a numerical representation of the repayment history.
This score used when you apply for credit facilities such as credit cards or any loans the lender check your recent credit history and CIBIL score. Basically the higher your credit score it will increase the chance of getting load and credit card application approved in future.
What is Credit Report?
A credit report contains information like your credit history with all the different lenders is made by Credit Information Company. A credit report includes lots of information is given below:
- Credit score (of course): As mentioned above the credit score is based on your credit behavior. It ranges between 300-900 and score above 750 is considered as good.
- Demographical details of the applicant: The report contains your demographical information such as name, gender, date of birth and identification numbers such as Income Tax ID Number (PAN), Aadhaar card number, passport number, and EPIC number.
- Contact information: You can find contact information such as a permanent address, communication address and mobile number.
- Employment and earning information: Employment information such as account type, reported date, occupation, income, and income indicator.
- Account information: In this section, you can find the details of your credit facilities such as name, type of credit facilities, account number, loan amount, date opened, date of last payment and current balance.
Importance of CIBIL Score
- As mentioned above credit score plays a major role when you are applying for a loan application and approval process. In case if your score is not satisfactory then you may not be eligible to apply for loans.
- If your credit score is higher then most of the banks in india offer a lower interest rate to its customers.
- You are eligible to get a wider range of offers on credit card if you have a good credit score. Also, you will get different types of cards from various banks.
- Keep in mind having a credit score of more than 800 have a good chance of approval of load application.
- In case if you have zero credit history then you can start paying EMIs and credit card to build up a good credit history.
Procedure to Check CIBIL Credit Score:
Now you can easily check credit score online through BankBazaar website. You simply follow the below steps to check online within a few seconds.
Step 1: First, go to the Free Credit Score & CIBIL Score – CIBIL.com from any web browser.
Step 2: It will ask you to enter your personal details such as first name, last name and tap on get your free credit report option.
Step 3: Next, enter your contact information such as the mobile number and email id. You will get a one-time password on your mobile for verification.
Step 4: You will see a message like your mobile number has been verified via secret code and wait for 60 seconds to set up things for you.
Step 5: Now enter details like date of birth, gender, pan card number and it will start fetching your credit score for you. That’s it on next screen you will see the final report and you will receive it on your email.
Conclusion: Finally it is very important to check your credit score history regularly to identifying possible cases of identity theft or fraud even if you don’t have a credit card or loan. In this guide, we’ve shown you a complete guide on credit score. If you have any questions regarding this article then feel free to leave a comment below.