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credit score

How to check your CIBIL Score?

What is the CIBIL score and why is it so important? The CIBIL score is used by banks and financial institutions to assess the repayment history of a borrower before taking a lending decision.

Based on certain parameters such as; the quantum of the loan, the date of repayment, the mix of loans that a particular borrower has taken, the number of loans he has applied for over a short period of time, written off/settled loans, etc., the CIBIL Score is arrived at.

It is a figure between 300 and 900; for borrowers with less than six months credit history. A higher score (usually >750) indicates a less risky borrower and increases the chances of him getting a loan approved.

In case you are interested in knowing your CIBIL score before you apply for a loan (which is advisable as that could be one of the reasons why a bank may reject your loan application), you need to keep the following steps in mind:

Steps to check your CIBIL Score online

1. Fill up an online application form on providing your personal details like name, address, date of birth, company information (for salaried employees) and income type.

2. Pay Rs. 470 as charges for obtaining your CIBIL score (including Customer Information Report).

3. Authenticate yourself by answering at least three out of the five personal questions which will be based on your credit history like loans and credit cards availed by you till date.

4. Once that is done, you will be mailed your CIBIL score immediately.

5. If, for any reason you are unable to authenticate yourself online, or are unable to remember the details, you will have to take a printout of the form, attach your identity proof (PAN Card, Passport, Voter’s ID or Driver’s License) and address proof (Bank Statement, Electricity/Telephone Bill, Passport, Credit Card Statement or Voter’s ID) and send the same to CIBIL.

On verifying the same, a hard copy of the CIBIL report will be sent at the address which you have mentioned in the address proof.

With the report, you will be able to ascertain how many loans have been reported against your name, whether there are any loans with your name in the capacity of a guarantor, whether any accounts appear as written off or settled. In case there are any discrepancies, you may also approach the bank for rectification of the same so that the CIBIL report can be improved.

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