CIBIL is India’s prime and oldest credit information company. The job of credit information companies is to evaluate the credit standing of individuals/consumers and corporates. Credit Information Bureau of India Limited (CIBIL) assigns individuals a credit score, which is a representation of their repayment history. These scores are provided on the basis of the data accumulated from CIBIL Members, which are Banks and Non-Banking Financial Companies (NBFCs). CIBIL report plays a significant role in the lives of both the parties (members and individuals). With a good credit score, individuals can easily get loan approvals. While on the other hand, the bank gets saved from the risk of default payments.
The score ranges from 300-900, with 300 being bad and anything around 750 and above would be seen good. A score within this range will help you avail easy loans from banks. According to research by CIBIL, 79% of the loans are approved for individuals with a score greater than 750. First thing that people should do before applying for a loan is to check their CIBIL score. To your surprise, getting a CIBIL report is absolutely free once a year.
Step-by-Step Procedure to Get your Free CIBIL Report for New Users:
- Log on to CIBIL’s official website.
- Then, you need to create your account on CIBIL. Create your own username and password. This id will be used for all future communication with CIBIl also. Also, enter your name, email id and phone number.
- The next step is to fill in other important details like Date of Birth, Address, PAN and Aadhar number.
- CIBIL will send you an OTP on your registered mobile number for verification purposes. It might also ask for other details so as to make sure that it’s you.
- Once the verification process is over, the Credit Bureau will send the credit report to your email address.
However, the catch is that you can avail the free report by CIBIL only once a year. For more frequent reports, you have to subscribe to the packages designed by CIBIL. According to your needs and requirements, you can opt from the bi-annual and quarterly packages. Apart from CIBIL score report, you have access to other products by Credit Information Bureau, like free access to CIBIL MarketPlace, if you hold subscription.
So, how does the Free CIBIL Report Help Me?
The free CIBIL score report is only to get you acquainted with what CIBIL does and how important is CIBIL score in the financial sector. Checking the CIBIL score only once is not enough. This is because your present score becomes irrelevant over time. For instance, if you credit score is 700 now and due to good progress in servicing your debt, your score might shoot up to 760. Thus, you should check your credit score every once in a while. However, there are some few financial technology companies who let you check your CIBIL score report for free at any point in time. If you are not willing to spend, you can definitely check out these companies. They offer CIBIL score report for free without any lengthy documentation procedure. Infact, only PAN details are enough.
Is there a way to Check CIBIL Score Repeatedly for Free?
It is absolutely necessary to state here that if you keep checking your credit score at frequent intervals on CIBIL’s website, chances are your score might come down. Regularly checking your score can turn you into a suspicious character in the eyes of CIBIL. But, there’s one way you can check your CIBIL for ‘n’ number of times for free without having to take a toll on your score. You can do so by checking it on the websites of some financial technology companies.