How to Check CIBIL Score Online - Everything You Need to Know

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How to Check, Calculate, and Improve CIBIL Score_WC

2 min 11 Jan 2024

Highlights:

Steps to Check Your CIBIL Score Online
Understanding How CIBIL Score is Calculated
Ways to Improve CIBIL Score

The CIBIL score of a borrower is one of the important factors that lenders check when extending a loan. The three-digit CIBIL score represents the borrower’s creditworthiness. CIBIL score ranges between 300 and 900 – the closer the score is to 900, the easier it can be to get approved for a loan. Read on to learn how to check your CIBIL score and what factors affect it.

Step-by-Step Guide to Check CIBIL Score Online

You can check your CIBIL score online using the official website of CIBIL. Here’s how:

Visit the official CIBIL website.
Then, click on ‘Member Login’.
Go to 'My Account' and click on 'Get your Free Report' to check your CIBIL score.
If you are a new member, you will have to register first. Click on 'New Member' and enter all the required details. Click on 'Accept and Continue' to proceed.
Then, to verify your identity, you will receive an OTP on the registered mobile number. Enter the OTP in the field and click ‘Continue’.
Click 'Get Free CIBIL Score & Report’. You will be asked to log in to the CIBIL account.

You will then be able to view your CIBIL score.

How is Your CIBIL Score Calculated?

CIBIL or credit score is usually calculated based on several important factors. Let us look at some of them.

Repayment History

Lenders go through one’s repayment history to check if the borrower is likely to miss out on timely payments. Defaulting on EMIs or making late payments can have a negative impact on your credit score. That is why one’s repayment history is considered one of the significant factors when calculating the CIBIL score.

Credit Utilisation

Lenders prefer a low credit utilisation, ideally below 30% during the CIBIL score check. A high credit utilisation suggests that the borrower relies heavily on credit and may struggle to repay the loan in the event of unexpected circumstances.

Multiple Hard Enquiries

When you apply for a loan, your preferred lender assesses your credit report, know as a hard inquiry. Multiple hard enquiries often give away the impression that the borrower is desperate for credit. Lenders usually withhold loan approvals in such cases. Therefore, it is recommended to apply for a loan only when necessary. However, making soft enquiries, such as checking your CIBIL score, does not affect it.

Multiple Loans

Credit bureaus monitor the number of loan applications made and approved in the past. Multiple loan applications or rejections can lower the CIBIL score.

Credit Mix

Another important factor to keep in mind when checking CIBIL scores is a mixture of credit. Borrowers should ideally have a mix of both unsecured and secured credits to build and maintain a robust credit history.

Additional Read: What is a Good CIBIL Score for a Home Loan

How to Improve Credit Score?

Borrowers with a low CIBIL score may want to increase the score to avail of a Home Loan, Loan Against Property, or a Top-up Loan. Here are a few tips on how to increase your CIBIL score:

Ensure paying the dues on time since late payments are often viewed negatively by lenders.
Keep a healthy balance of secured and unsecured loans.
Apply for a loan only when necessary.
Keep track of the co-owned or joint account regularly.
Regularly review the credit history and report to avoid loan application rejections.
Check your credit report frequently for any discrepancies or probable errors and dispute them with CIBIL immediately.

Maintaining a good credit score is important when availing of a loan. Ensure that you have an ideal CIBIL score specified by your lender to increase the chances of loan approval.

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