Know what is CIBIL score is to be prepared suitably before you apply for any loan. This score is a crucial part of the approval process for loans across multiple banks and financial institutions. Here’s a look at the ways to check scores below.
What is CIBIL Score– A Basic Guide
CIBIL scores are your credit scores, which the eponymous credit bureau gives them. So, they help indicate the overall creditworthiness of loan applicants. Also, the awareness of the score is a must before loan applications are submitted. But what’s the score range? It is from 300 to 900, with experts recommending a score of 750 or higher to get your loan approved seamlessly. How do you check this score and that too without paying anything? Get a free chance to do this on the official CIBIL website by following the steps below.
The Steps to Check CIBIL Score Online
Here are the key steps that you should follow in order to check your score on the official CIBIL website.
- First, visit the credit bureau’s official site, cibil.com.
- There is a Get Free CIBIL Score & Report section on the official home page.
- Once the page comes, the next step is entering some crucial details. These include the date of birth, email ID, type of ID, and mobile phone number, along with the last name and name.
- When this process is done, OTP verification is the next step that you have to implement.
- You will then receive your credit report and score.
There are several other credit bureaus in India aside from CIBIL. These include CRIF High Mark, Equifax, and Experian. These are a few prominent bureaus that offer users free credit reports and scores once annually. Another option is CIBIL’s paid version.
How Can You Boost Your Score?
Periodic checking of the credit score is an important aspect before any loan application is submitted. You should also look to maintain a good CIBIL score all throughout or even take strategic steps to boost your score. This will considerably scale up your chances of obtaining loans. Here are some of the ways in which you can ensure the same.
- If there are any inconsistencies in your credit report, report and fix them immediately (after checking your report and score).
- Make the payments for your loan EMIs and all other bills well before the due date. Make sure you bypass defaults since even one missed payment may hurt your CIBIL score.
- Try to have a lower portion of unsecured debt in your loan portfolio, i.e. personal loans and credit cards.
- Always clear off credit card dues in full without opting for the minimum monthly payments.
- Maintain a lower DTI (debt to income) ratio consistently.
These steps will help you increase your CIBIL score and maintain it at healthy levels throughout your working life.
