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.
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
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.
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.
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Last update on 11-Mar-2021
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