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Finance

How to Check CIBIL Score Online

Overview

You can check, as with everything else these days, your CIBIL/credit score online in the current world of tech-savviness. Moreover, you can do this free of cost. This should prompt you to track your CIBIL score as it is an indication of how financially sound you are. How can this help you? Well, in the event you are required to apply for a loan, CIBIL scores of individuals are used as benchmarks to decide whether lenders may give you a loan. While tracking your score, you may find it has fallen. In such a scenario, it helps to check CIBIL scores online regularly and consider  how to increase CIBIL score.

CIBIL Score 

To get a grip on how to check a CIBIL score online, you must know what it is in the first place. A CIBIL score is a number, in a range from 300 to 900, informing you about your financial health. The Credit Information Bureau of India (the Indian arm of CIBIL score information which is backed by the American TransUnion and Dun & Bradstreet) is an agency that provides reports and scores based on an individual’s financial history/data. CIBIL can source your loan and credit card information from banks and finance companies collating your information into a calculated CIBIL score.

The Relevance of CIBIL Scores 

A satisfactory to good CIBIL score lies anywhere between 750 to 900. How to increase CIBIL score is always on the minds of people as this score mainly helps in getting loan approvals and the like. When lenders are convinced of your good credit score, they are ever ready to issue loans as they have a guarantee of sorts that you can see your loan repayments through. Apart from getting the actual loan easily, a good CIBIL score helps you in the loan application procedure itself in these ways:

  • Faster Processes – The speed of your loan application process is enhanced with a high credit score.
  • Loan Documentation – Your loan documentation submission is easier.
  • Higher Loan – You may be eligible for higher loan amounts with a good CIBIL score.
  • Longer Repayment Tenure – It’s almost certain that lenders will offer you higher tenors of loan repayment if CIBIL scores are good.

Checking CIBIL Scores Online 

The following are the steps involved in checking your CIBIL score, absolutely free, online:

  • Log on to cibil.com
  • You will see a page with “Credit Education” on the top right corner. Click on this.
  • Now scroll down the page and click on FAQs.
  • You will reach a page and in the left column you have to click on “Free CIBIL Score and Report”.
  • You will land on a page that lets you “Click here” for your free report.
  • You will reach a page that requests your details and lets you create an account.
  • After this, the process is menu-driven and you can fill in details to check your CIBIL score.

Briefly Speaking 

A CIBIL score tells you a lot about your financial potential to take a loan. Although you can check your status online through the CIBIL website, this check is only free once. After that, you must opt for a subscription plan for ongoing checks. CIBIL recommends that checking a single time isn’t enough to know about your finances, since changes may occur. You can discover more in the way of how to check online CIBIL scores through Finserv MARKETS, a credible source.