Credit

Sep 2 2019

CIBIL Score Advice: How to Check CIBIL Score?

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Credit Score / CIBIL Report Advice

The Credit Score / CIBIL Report section is aimed at addressing frequently asked question on credit score/rating, CIBIL reports and how it impacts your loan and credit card eligibility. It is aimed at helping you understand your credit history and any issues which impact your credit score.

What is a Credit Score or Credit Rating?

A Credit Rating is a number computed by an approved credit rating agency and it provides a hint of the credit worthiness of an individual. An individual’s Credit Score provides

Who issues a credit score or credit rating?

Credit Information Bureau India Ltd (CIBIL) is India’s premier credit information bureau. Experian and Equifax are the other large players operating in India. Know More 3

What is considered a good credit score? How is my score computed?

The CIBIL credit score ranges from 300 to 900. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan

If I have a good credit score, will I surely get a loan or credit card?

A good credit score alone does not mean a person will get the loan he wants. Lenders additionally look at the status of previous loans and the repayment history on such loans. A previously

What is a Credit Information Report or CIR?

A Credit Information Report (CIR) is a report on past repayment performance reported by various member banks and financial institutions about an individual.

Can errors in reporting cause a bad credit score?

At times, as a result of an error, your credit card / loan details may be inadvertently linked to another person with a similar profile.

What if I never had a credit card or loan before? Will I have a credit score?

When you have not borrowed in the past or have never had a Credit Card or a loan, there will be no updates about you with the credit bureau.

How can I get my CIBIL report and Transunion Score?

You can apply for a CIBIL report and your credit score online, or we can help you these, when you subscribe to our “JUST A REPORT” service. Just click here to subscribe to our services.

How soon can I get my CIBIL report and Transunion Score?

If you are able to successfully answer 3 to 5 random validation questions, during the online application process, your CIR / Credit Report will be emailed to you by CIBIL within 2-3 days

Can I get my CIBIL report for free from anywhere?

There are no credit reports available for free from CIBIL. CIBIL provides you with the CIR and TU score for Rs.500/-.

Try our free credit score predictor.

Try our free credit score estimator to check your likely score. This is a simple simulation score and may not be the exact score. Your score is calculated based on a number of parameters and the performance of your past loans.

What is Defaulter or Negative List?

There is nothing called a Defaulter List or Negative List. Banks and credit institutions report repayment performance on loans and credit card dues to the Credit Information Companies

Can I remove my name from Defaulter or Negative List?

There is no negative list or defaulter list which a Credit Bureau (CIBIL etc.) maintains. Your credit score may be impacted by poor repayment behaviour and there are actions you can take to help re-build your credit score

What causes negative or bad credit history?

Irregular Payment history, Write-offs and Settlements, High Current Balances and High number of Enquiries are the causes of negative or bad credit history. For detailed information click on Know More.

Will a default from many years ago impact me even today?

Your credit history will reflect for at least 7 years from the date of the maturity of your loan, and perhaps for even longer.

Is it possible to improve my Credit Score?

Yes. It is definitely possible to improve your Credit Score. However, it is dependent on your ability to make timely repayments on your loans and fully close any issues / payments due on your past loans or credit cards to the full satisfaction of your lenders.

How long will it take to improve my Credit Score?

There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement.

If I close all my old issues by paying in full to my banks, will my Credit Score increase immediately?

Unlikely. Merely repaying overdue debt will not immediately improve your credit score. You must maintain a sustained clean track record and disciplined financial behaviour for the score to improve.

Why to read the Credit Score / CIBIL Report Advice

YOUR CIBIL REPORT DIRECTLY IMPACTS YOUR ABILITY TO OBTAIN a credit card, buy a car or home, rent an apartment, or even get a new job. Knowing how to read CIBIL Report, correcting falsely reported information and ensuring accuracy of your CIBIL report are in your best interests.

If you are applying for a loan or a credit card. banks check your CIBIL score to view your credit worthiness. It is better that you check your credit score (score (be it CIBIL score, Equifax Score or Experian score) before you approach a bank for a loan. Make sure that you check your CIBIL score before approaching banks to avoid the risk of rejection. You can check your CIBIL score often to avoid having a low CIBIL score, and maintain a good CIBIL score.

CreditMantri helps you understand the status of your credit health. You can upload a CIBIL report and we provide an online analysis real-time. If you don’t have your CIBIL report handy, we have tied up with Equifax to offer you a credit score online. Usually, you have to pay a fee to get your Credit report. However, at CreditMantri, we offer a free credit health check – we get your score and credit history and provide an online analysis. CreditMantri helps you get a detailed credit assessment explained in simple terms so that you know where you stand.

This credit report analysis by CreditMantri helps you improve your credit score and history, discover loans and credit cards best matched for your credit profile and also helps reduce EMI and borrowing costs.

A FEW SIMPLE THINGS YOU CAN DO NOW TO IMPROVE YOUR CREDIT SCORE:

If you have a low CIBIL score, banks and NBFC’s will not approve your loans or credit cards. So, in order to get a loan approved, you must improve your CIBIL score.

Stop Applying for Credit: If you apply for a loan with a low CIBIL score, you will either be rejected by lenders or might get an approval but at a higher interest rate. Each rejection will cause your CIBIL score to drop further. Therefore it is advisable to improve your CIBIL score to 750 before you apply for a loan or a credit card.

Make payment on time: Avoid late payments on loans and credit cards. Not repaying dues on time will lead to a negative effect on your credit score. If you don’t repay your loans on time, it impacts your credit score and hence your application might get rejected.

Don’t use too much of your credit limit offered: Always keep your credit utilisation at a level which is really required. Avoid using more than 50% of the total credit card limit consistently. Lower your credit balance, the easier it is for you to repay them. If you use much of your credit limit, it becomes difficult to repay them.

Written by CREDIT