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The credit score is an inevitable factor in everything from loans to credit cards nowadays. Most lenders check your credit score when you apply for a loan. Based on the score, they decide whether to approve or reject your application for a loan. Read ahead to know why this three-digit number plays an important role in such decisions.
What Is A Credit Score
Credit score is a three digit number ranging from 300 t0 900. It is assigned to a person by credit bureaus like TransUnion CIBIL, CRIF, or Experian. The credit score is computed based on information acquired from the financial institutions where the person has availed credit cards or applied for loans. It is a measure of a borrower’s loan repayment ability and their overall creditworthiness.
Based on the financial history of individuals, TransUnion CIBIL assigns a score which is also known as the CIBIL score. One of India’s oldest credit agencies, TransUnion CIBIL, accounts a minimum of six months’ worth of financial data before calculating the credit score. Indian credit bureaus use various factors to calculate CIBIL score. They include:
- Secured or unsecured loans that borrowers have taken in the past
- Borrower’s repayment behavior
- Borrowers’ credit utilization ratio
- Current credit obligations
- Any defaults or settlements pertaining to the borrower
Each factor has a specific weightage which the credit agencies scrutinize to generate the CIBIL score. Since the credit score is significant in the digital era, it is important you know how to check CIBIL score online. You can use your PAN card to check the credit score. The process of checking CIBIL score by PAN card is a quick and easy process.
Step By Step Guide To Check CIBIL Score Online
You can check your credit score without any fees through the CIBIL website only once annually. After one free access a year, you should pay a subscription fee ranging between Rs. 550 – Rs. 1,200 based on the package you choose for unlimited access. Follow the below-mentioned steps to check the CIBIL score online.
1. Visit the official CIBIL website.
2. On the menu bar, at the top-right position, you will find ‘GET YOUR CIBIL SCORE’. Click on that option.
3. Create your account on CIBIL by entering your email address, password, first and last name, the type of ID you are using, the ID number, mobile number, date of birth and pincode.
4. Once you have created your account, click on ‘Accept & continue’.
5. Enter the OTP sent to your mobile number on the required field.
6. Click on ‘Go to Dashboard’.
7. You can check your credit score and access the credit report from the Dashboard.
To check CIBIL score by PAN card, you can use the PAN card as the ID type while creating the CIBIL account.
You can check CIBIL score for free through Finserv MARKETS.
Along with the CIBIL score, you can also access your Credit Health Report, which provides a detailed analysis of your credit health. You can find the actions that have impacted your score and get useful tips that can be used to improve your credit score.
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