Fundamentally, credit or CIBIL score helps to determine an individual’s creditworthiness. It comes in handy for financial institutions and helps them to gauge the risk level of lending to an applicant. Typically, such a score ranges from 300 to 900 and financiers prefer applicants who have a score higher than 750.
It is recommended to keep track of the CIBIL score to improve one’s chances of availing a personal loan. Also, acquiring such information is beneficial for credit report correction and helps prevent credit score from decreasing.
Steps to check CIBIL score online
These following steps elucidate how to check CIBIL score online -
Step 1 - Visit CIBIL’s official website.
Step 2 - Create an account by providing name, email ID, mobile number, etc.
Step 3 - Fill up the form with details like PAN, Aadhaar, address, date of birth, etc.
Step 4 - An OTP will be sent to the registered mobile number or email ID to complete the verification
For authentication, individuals may require to provide additional details like - details of personal loan account, identity, etc. Once all these steps are completed, users can view their CIBIL score on the dashboard.
How to check CIBIL reports online?
Leading financial institutions and fintech companies allow individuals to access their credit report online. To do so, one needs to share details like -
Name on PAN card and PAN
Mobile number and Email ID
Date of birth, address, etc.
Once these details are shared, and the checkbox of terms and conditions are checked, users can access their credit report. Experts suggest that in case of any error, individuals must initiate credit report correction at the earliest to improve credit score.
Importance of checking CIBIL score
Individuals must make it a point to check their CIBIL score and credit report frequently to identify and eliminate irregularities. They must also keep track of the factors that influence the same and maintain them to absolve negative influence. For instance, one’s repayment history, credit utilisation ratio, frequency of inquiries and credit mix tend to impact his/her CIBIL score.