What is a CIBIL Score? How to check and get report?

Whenever somebody applies for a loan or a credit card, one of the first things that the lender does is to check CIBIL score. The CIBIL score and CIBIL report are one of the main determinants to decided if the application is further processed or declined. Therefore it is important for every one to know the following things – what is CIBIL credit report, how is the CIBIL report made, what is a CIBIL score and how to check CIBIL score. These are important to know even if you do not want to apply for loans or credit cards today. A good CIBIL score will ensure that you have access to loans and cards from banks when you require them

How to Check CIBIL Score?

First off the rules ensure that any person can get their free credit report from the credit agency by going to the website of the agency and requesting for report. The normal process involves logging in to the website of the agency and uploading the documents required by the agency to provide credit report. Once this is done the documents will be verified and you will be sent the report in a few days.

Just follow the simple steps mentioned below:

How to check CIBIL score only with PAN details?

To do this just go to the form and fill out the following details. Name as per pan Card, date of birth, phone number , address and pan number. Yes it is that simple to get your Credit score and Credit report in less than 1 min.
What is a CIBIL report?

CIBIL report is the report made by CIBIL that contains your credit history with all the different lenders. It is a report that provides the details of an individual’s borrowing history and repayment record that then shows the prospective lenders what the odds are that you will pay your money back.

The CIBIL report includes the following information:

  • CIBIL Credit score
  • Demographic details of an applicant (name, age, gender and address)
  • Employment and earning details
  • Details of hard inquiries made by potential lenders when they receive your loan/credit card application
  • Records of all previous and current loans along with your track record on payment
  • Details on any unpaid defaulted loans and loans settled with the bank
  • Total credit limit on your credit cards and the amount spent monthly

The CIBIL report hence provides the future lenders with Data points on the applicant’s creditworthiness on the basis of previous and current credit behavior. That is why the the lenders take the lending decision based on the CIBIL report.

How is the CIBIL report made?

CIBIL collects the records of your loans and credit cards. These records are made available to CIBIL by the banks and lenders on a regular monthly basis as that is mandated by RBI. Based on this data that CIBIL collects it runs its algorithms to provide a CIBIL score to each individual and a detailed CIBIL report based that predicts a borrowers credit worthiness and track record.

What are CIBIL score and CREDIT SCORE?

A CIBIL score and in general a credit score, is a 3 digit number that distills the credit worthiness of the borrower. A higher CIBIL score means that the borrower is more likely to repay and lower score means that they are less likely to repay. However it is important to note that score is the final output and a lot of factors go into creating that output and can be found in the CIBIL report. There are three credit score in India CIBIL score , Equifax score and Experience Score.

How is credit score calculated?

These process of calculating these scores begins once CIBIL receives the data from the banks and other financial companies for the month. This data is detailed at account level and captures all customer activities such as repayments, interest rates, new applications, closures of loans, defaults, settlements etc. This data is then run through complex algorithms that as a result provide the CIBIL score and CIBIL report.

How to get a good CIBIL score?

A good CIBIL score in India will be the basic determinant of our access to credit. This is because all lenders require a good CIBIL score as a legibility criteria. You can get a good CIBIL score by paying your loans on time, Not shopping for loans with multiple lenders. Details on how to improve your CIBIL score are helpful to read.