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How to Check Your CIBIL Score for a Housing Loan?

Know How to Check CIBIL Score

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, and improving your knowledge about credit score and its importance are a necessity in today’s digital world. Knowing how to check credit score can be helpful in this regard.

Step-by-Step Guide: How to Check CIBIL Score Online? 

You can check your credit score online from CIBIL’s website by creating an account and becoming a member.  Check CIBIL score free online by PAN once every year by following the below steps.

Step 1: Log in to the CIBIL portal

Step 2: Click on ‘Get your CIBIL score’

Step 3: Select a subscription plan

Step 4: Create a login password

Step 5: Enter PAN and ID type and verify your identity

Step 6: Pay the subscription fee and then authenticate yourself via OTP/email

Step 7: Enter personal details to check credit score 

Step-by-Step Guide: How to Check My CIBIL Score Offline?

Individuals can also opt for the offline process to access credit details before applying for a housing loan.

Read on to know how to check credit score offline.

Step 1: Visit the CIBIL website and download the consumer request form

Step 2: Fill up the form with essential details

Step 3: A demand draft made out in favour of TransUnion CIBIL has to be attached

Step 4: 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.

What is a Credit Report, and Why is it Important? 

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 standing and creditworthiness. The details are compiled by credit bureaus that creditors such as financial institutions and credit card companies share. This credit report helps determine whether a loan applicant matches the housing loan eligibility criteria or not.

The report also helps lenders decide on the 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 can check credit score online via CIBIL’s website. They also have the option to access credit details via PAN card or through the mail.  Reviewing credit score and report timely can help to eliminate errors and improve credit score.