What exactly is CIBIL? CIBIL means credit information bureau India limited. The company was established in 2000, which collects all the information and maintains the records of an individual. The information includes all related information to loans and credit cards.
A major role of CIBIL is to help banking institutions to manage their business and help customer secure credit on fair terms.
CIBIL Credit Score
It is a 3 digit numeric summary of an individual’s entire credit history. The report is created on the basis of the information provided.
How To Check CIBIL Score?
Finding CIBIL credit score is easy. To get your CIBIL credit score, you need to fill the CIBIL credit score request form online. Just follow the given steps mentioned below.
Step 1: select subscription plans
Step 2: enter your pan details, email address, DOB, and select your gender.
Step 3: enter the displayed character in the given box
Step 4: accept the terms and conditions and proceed to the next step.
Step 5: proceed to payment.
After the payment, you will be redirected to a page. There, you will be required to answer 5 questions related to your credit history. It is important to answer at least 3 questions correctly because only then your identity will be authenticated. Within 24 hours you will receive your credit report in your mail.
How To Check CIBIL Score Free?
To check your CIBIL score for free, follow some simple steps mentioned below.
1. Visit the official site
2. Follow the link for free credit report
3. Create your CIBIL account for free
4. Complete the form by providing details like DOB, gender, address and identity proof.
5. Accept terms and conditions
6. You will receive your CIBIL report.
How To Check CIBIL Score By PAN Card?
To get CIBIL details using PAN, follow some simple steps mentioned below.
1. Visit the official website of CIBIL.
2. Click on the link ‘ get your credit score’
3. You will be redirected to a page.
4. Choose your subscription plan, if applicable
5. Enter your PAN details
6. Enter other personal information like email address, gender, and DOB
7. Enter the captcha shown
8. Agree to the terms and conditions
9. Proceed for payment
If you are checking your credit score for the first time, then you will be redirected to the page after completing the above steps. If you have checked your credit score before, then you can use your email ID and password to access the existing information.
CIBIL Score Calculation:
Every company has its own algorithm to calculate an individual’s credit score. A major element to calculate an individual’s credit score is a person’s behavior of loan payment. Your credit score is calculated on the basis of the information provided by you in the accounts and inquiry section of your CIBIL report. An individual’s credit score is calculated on the basis of following factors mentioned below.
1. Utilisation of credit – an amount of credit a person is utilizing.
2. Defaulting – how many accounts are due and how many days.
3. Trade attributes – how old is customers line of credit.