A CIBIL report is a document that shows all the money you have borrowed and how well you have paid it back. It also takes into account other factors that affect your financial situation to determine your CIBIL score. In India, CIBIL scores are used as a measure of how trustworthy you are with credit. The report includes your credit score, which is a three-digit number between 300 and 900, along with other information about your credit transactions.
The following table shows the credit score range and rating:
| Credit Score | Rating |
|---|---|
| 800 to 900 | Excellent |
| 750 to 800 | Very Good |
| 625 to 750 | Fair |
| 625 and below | Low |
CIBIL score is one of the crucial parameters that determine an individual’s Home Loan eligibility. Financial literacy is extremely important for smart debt management; thus, improving your knowledge about CIBIL score and its importance are a necessity in today’s digital world. Knowing how to check your CIBIL score online can be helpful in this regard.
To check your credit score online, create an account on the CIBIL website to become a member. We suggest you check your CIBIL score with your PAN card credentials once every year by following the steps below:
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Log in to the CIBIL portal
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Click on ‘Get your CIBIL score’
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Select a subscription plan
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Create a login password
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Enter PAN and ID type and verify your identity
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Pay the subscription fee and then authenticate yourself via OTP/email
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Enter personal details to check credit score
You can check your credit details offline as well, before applying for a housing loan. Follow the steps given below to check your CIBIL score offline:
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Visit the CIBIL website and download the consumer request form
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Fill up the form with essential details
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A demand draft made out in favour of TransUnion CIBIL has to be attached
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Mail the form and demand draft to TransUnion CIBIL's office in Mumbai
On receiving the mail, the concerned body will carry out the required formalities. Subsequently, the CIBIL report will be mailed to the individual’s address.
A credit report is a statement that comprises credit details such as an individual's credit activity, number of active credit accounts, loan repayment, and inquiries. Collectively, these details help determine a borrower’s financial stability and creditworthiness.
The details are compiled by credit bureaus from creditors such as financial institutions and credit card companies. This credit report enables the lender to decide whether a loan applicant matches the housing loan eligibility criteria or not.
The report also helps lenders decide the eligible loan amount and interest rate for the individual. Since a lot depends on the credit report, individuals need to make an effort to review it frequently. By doing so, they will be able to identify inaccuracies and get them rectified at the earliest to avoid erosion of credit score.
Individuals also have the option to access credit details via PAN card or via mail. Reviewing credit score and report timely can help eliminate errors and improve credit score.
Also Read: Why Is Credit Report Important?
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Although lenders take various factors into consideration when evaluating loan or credit card applications, having a high credit score can offer several advantages, such as:
Improved Chances of Approval
A high credit score indicates responsible credit behaviour, including a clean repayment record, which decreases the risk of default for the lender and increases the chances of approval for a loan or credit card.
Lower Interest Rates
Borrowers with higher credit scores are often granted lower interest rates for various credit products, including personal loans, Home Loans, and credit cards.
Access to Pre-Approved Loans
A high credit score may increase the likelihood of accessing pre-approved loan and credit card offers.
Qualification for Premium Credit Cards
Credit card companies may provide access to premium credit cards that offer better rewards, such as cashback, reward points, and exclusive services, to applicants with a high credit score.
Approval for Higher Loan Amounts and Credit Limits
A high credit score can also increase the chances of being approved for higher loan amounts and credit limits, as it typically indicates responsible credit behaviour and a lower risk of default.
Possibility of Longer Repayment Tenors
Although longer repayment tenors usually carry a higher degree of risk for the lender, a high credit score may still help borrowers qualify for longer repayment tenors than those with lower scores. This can result in smaller EMIs, lower monthly credit burdens, and better management of monthly expenses.CIBIL Score: FAQs
You can easily check your credit score online with the help of credit reporting companies in India, namely TransUnion CIBIL, Experian and Equifax. You can get a free copy of your credit report every 12 months from the official websites of credit information bureaus. You will just have to create an account on the website and log in to check your credit score.
To check the CIBIL report, visit the official website of TransUnion CIBIL. You have to provide your personal details such as PAN, name, date of birth and gender for verification purposes. You have to pay a fee as well to access your credit report. To get the CIBIL report, you will need to create an account on the official website and use the ‘Member login’. You will see the full CIBIL report on the dashboard.
CIBIL 2.0 is the new scoring model used by TransUnion CIBIL Limited to evaluate an individual’s credit report. The new CIBIL score has been designed to be more accurate in identifying high-risk borrowers. It uses more credit history data and changing credit profiles to come up with a precise score. People who have a credit history of 6 months or less get assigned a score depending on the risk factors.
A control number is a unique 9-digit number used by CIBIL to track an individual’s credit report. It’s also referred to as an Enquiry Control Number and is available on the top right corner of one’s credit report. It can be used by lenders to check a potential borrower’s credit report.
A Credit Information Report (CIR) is the summary of an individual’s credit history based on the previous 5 to 7 years of all loan and credit accounts. The CIBIL score is an important component of a CIR and indicates an individual’s creditworthiness. The score is calculated based on various factors that go into the preparation of CIR.
Each financial institution will have its own requirement for the minimum CIBIL score for different types of loans. Usually, lenders consider 750 to be a good CIBIL score for all types of loans. It indicates that the applicant has a high creditworthiness. Note that some lenders may approve applications of people with lower CIBIL scores. But that usually comes with higher interest rates and other unfavourable terms.
You can check your CIBIL score with Aadhaar number. All you have to do is visit CIBIL’s website, select the credit score check tool, enter all the required details including your Aadhaar number and click on the ‘submit’ button. Then, you will get to view your CIBIL score report.
A PAN card is a valid Proof of Identity (PoI) which can be used to identify people in the database. This helps credit information bureaus obtain the financial and banking details of individuals. However, PAN card is not a mandatory document required to check the credit score. You can use your basic personal details like name, phone number or another POI document like an Aadhaar card or a voter ID card.
An individual’s repayment history, credit mix and credit utilisation ratio are some of the factors that determine the calculation of a credit score. For instance, if you have repaid your loans in time, your credit score will improve significantly. Lending institutions share your repayment and debt history with various credit information bureaus. The information determines your credit score.
While a credit report mentions an individual’s borrowing and repayment history, a CIBIL score is a 3-digit number derived from the CIBIL report. You can get a credit report from any of the four credit information companies in India (TransUnion CIBIL, Equifax, High Mark and Experian).
