What Is CIBIL Score And How To Check CIBIL Score?

There are four credit information companies licensed by the Reserve Bank of India and Credit Information Bureau (India) Limited (CIBIL) is the most popular among the four. CIBIL Limited maintains credit files on around 600 million individuals and 32 million businesses. CIBIL India is part of TransUnion which is an American multinational group and that is why credit scores are known in India as the CIBIL Transunion score. This is one of the most important topic and is often asked in examination. In this article, we will be discussing this in detail.

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What Is CIBIL Score?

CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. If someone’s CIBIL Score is near to 900, the better your credit rating is. A CIR is an individual’s credit payment history across loan types and credit institutions over a period of time. A CIBIL Score does not contain details of your savings, investments or fixed deposits. Whenever you want to avail the loan facility, your bank will check your credit-worthiness through your credit history and make a credit report.

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How to Check CIBIL Score?

CIBIL Score is a way through which one’s credit history is checked by their individual banks to avail the loan facility to its customer. Given below are the steps through which you can check your CIBIL Score:

Step 1: Applicants are first advised to share some basic information about yourself
Step 2: Next step is to verify your identity by confirming the OTP sent to your mobile number and email ID
Step 3: Finally, your CIBIL report along with the score will be available.

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How To Improve Your CIBIL score?

There is not much hassle when it comes to improving one’s CIBIL Score. By practicing the right approach, you can easily imporve your CIBIL Score. One of the practice is to pay your credit bills on time. Make sure that you don’t miss your loan EMIs, never default on debts, use credit wisely. Do not take too much credit all at the same time, this might result in delaying your timely repayment of the EMIs. Only apply for credit which is within your limit or which you can pay. Set timers to repay your credit timely and to avoid any late charge fee etc.

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