The Credit Information Bureau India Limited (CIBIL) is one of the four well-known organizations authorized by the Reserve Bank of India (RBI) to collect credit data. Besides CIBIL, there are three other organizations with RBI authorization, Experian, Equifax and Highmark, who are not as popular. Thus, credit ratings in India are usually referred to directly as the CIBIL TransUnion or simply CIBIL score. Before going further let us understand what a CIBIL score rating is.
What is a CIBIL Score Rating?
CIBIL score rating is a 3-digit numeric value that reflects your financial record, and it ranges from 300 to 900. The nearer your score is to 900, the better your credit assessment. A CIBIL credit score requires some time to develop. It is estimated that 18 months to 3 years are a sufficient time to develop a good CIBIL score.
The credit score is a reflection of various variables, including the client's instalment history, late instalments, exceptional sums borrowed, etc. Before dismissing or supporting a credit application, moneylenders, banks, and monetary establishments generally take a look at the client's CIBIL score.
A decent CIBIL score mirrors a client's good financial conduct. Individuals with a decent CIBIL score are bound to be supported for credit cards with larger credit limits.
CIBIL Score Range
A CIBIL score goes from 300 - 900, 900 being the top score. Overall, individuals with a CIBIL score of at least 750 are considered trustworthy borrowers. Given below are some CIBIL score ranges.
NA/NH: In case you have no monetary record, your CIBIL score will be NA/NH. This suggests that the borrower is "not suitable" or has “no arrangement of encounters". If you have not used a credit card or have never paid a utility bill in your name, you will have no record as a customer. In such a case you must consider getting a credit card, as it will help you in building a record and a credit history.
300-625: A CIBIL score in this range is considered low CIBIL score. It suggests you have been late in covering credit card bills and EMIs of your existing loans. With a CIBIL score in this range, you may not be able to get a loan or a credit card since CIBIL considers you a defaulter.
625 – 750: A CIBIL score in this range is considered fair. It indicates irregularities in the repayment of your credit. The initial costs on credit cards could be higher on this score but with consistency in payment, you can soon enter a better, more acceptable range.
750 – 800: Assuming your CIBIL score is in this range, you are on your way to building a good credit history. You ought to keep showing great credit conduct and increase your score further. Moneylenders will consider your credit application seriously.
800 – 900: This is an excellent CIBIL score. It proposes that you have been consistent with credit repayments and have a great repayment history. Banks will offer you credit and credit cards at a lower rate of interest since they are assured of repayment.
Also Read: Tips to Maintain Your Business CIBIL Score Above 700
Why Does the CIBIL Score Matter?
The CIBIL score gives an initial evaluation for the bank or the lending institution. The higher the score, the better are your chances of getting your credit endorsed. The choice to loan is exclusively dependent upon the bank or the lending financial institution, and CIBIL does not in any way, choose if the credit/credit card ought to be authorized or not. It only provides the bank or the lending financial institution, with a fair perspective on the repayment ability of the borrower. Thus, the CIBIL score just features as an essential part of the credit application process.
When someone comes to a bank or a financial institution, for credit, the lending institution first checks the prospective borrower’s CIBIL score and CIBIL report. In case the CIBIL score is low, the bank may not consider the application for further processing. If the CIBIL score is high, the bank will evaluate the application and consider various aspects (in addition to the CIBIL score) before approving credit.
What Does a Credit Report or CIBIL Report Mean?
- A credit report or CIBIL report is the record of a borrower's repayment capacity.
- It evaluates the prospective borrower's monetary record from different sources, including banks, credit card associations, combination workplaces, and law-making bodies.
- A borrower’s rating is the result of a mathematical computation applied to credit information.
How to Check CIBIL Score Rating?
Method 2: From the official CIBIL website
One can check the CIBIL score by signing in to the CIBIL site and paying a (nominal) fee.
To check your CIBIL score from the official website, follow these steps:
- Visit the official website of CIBIL at www.cibil.com
- Click on the 'Get Your CIBIL Score' button on the homepage.
- You will be directed to a new page where you will have to provide your personal details like name, email ID, date of birth, gender, and PAN card number.
- Once you have filled in the details, click on the 'Accept and Continue' button.
- You will be directed to the payment page where you will have to pay the required fee to check your CIBIL score.
- After the payment is completed, you will receive a confirmation message on your registered email ID.
- You will then be directed to the CIBIL score page where you can view your score and credit report.
Note: CIBIL charges a fee for checking your credit score and report. You may also be required to provide additional information to verify your identity before you can access your credit report.
Also Read: How to Check, Calculate, and Improve CIBIL Score?
Factors that Influence CIBIL Score
- Irregular Payment History: Irregular instalment payments can lead to a bad score. A new CIBIL investigation (detailed by the Monetary Express) says that 30-day misconduct can lessen your score by 100.
- Credit Use Proportion: If you use more than 30% of credit than you are allowed, at any point of time, it will cut your score down. A higher credit usage shows that you have been overspending and thus may turn into a defaulter.
- Credit inquiries: Each time you apply for an advance or a credit card, the bank or the lending financial institution will check your credit report. This is known as a hard request. Hard requests followed by non-approval of credit lead to a lowering of CIBIL score.
How to Additionally Foster CIBIL Rating?
There are a couple of essential practices that can be followed to further develop one's CIBIL rating:
- Pay your credit instalments regularly.
- Pay by the due date and try to pay in full.
- Avoid multiple hard inquiries.
- Maintain credit use proportion. Do not use more than 30% of your credit.
- Utilize your old credit cards without opening new lines of credit.
- If you open new lines of credit, make sure you use all available lines of credit regularly.
Is it Safe to Check Your CIBIL Score Online?
Yes. It is absolutely safe to check your CIBIL score online. Not only does this give you a regular update regarding your credit history, but it also brings to light any disparities that might have crept into your records. Any disparities can be reported online and should be corrected as soon as possible.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Content with tag .
Trending Articles
CIBIL CIBIL
[N][T][T][N][T]
How to Increase Your CIBIL Score Above 800: 7 Proven Methods2023-01-24 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
How Does Being A Loan Guarantor Affect Your Credit Score?2023-03-23 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What is CIBIL? Understand How It Works & Its Importance2023-01-31 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Check CIBIL Score with PAN Card for Free, in 3 Steps2023-03-28 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
What's Considered a Healthy Credit Mix?2023-08-10 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
What to Know About CIBIL TransUnion Score 2.02023-08-23 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
How can I Remove Loan Inquiry from CIBIL Credit Report2023-08-24 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
CIBIL CIBIL
[N][T][T][N][T]
What Is Credit Mix and How Can It Help Your Credit Score?2023-07-12 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
11 Common Myths about CIBIL Score2023-03-31 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
How to Get a Good Credit Mix and Boost Your Credit Score2023-07-11 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2023-07-10 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Will a Loan Settlement Ruin My CIBIL Score?2023-03-21 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Here Is How a Bounced Cheque Can Affect Your CIBIL Score2023-06-06 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Does a Name Change Affect Your Credit Score2023-06-01 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Introduction to Credit Information Bureau India Limited (CIBIL)2023-04-17 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
Why Is CIBIL Score Important for Your Financial Health?2023-04-17 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
How Can Your CIBIL Score Help in Negotiating Better Home Loan Deals2023-05-18 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What is CIBIL Score and How is it Impacted by a Missed EMI?2023-05-31 | 2 min
CIBIL CIBIL
[N][T][T][N][T]
The Role of CIBIL Score in Determining your Home Loan Disbursement Amount2023-05-31 | 2 min
CIBIL CIBIL
[N][T][T][N][T]
hat Does Your Credit Score Expose About You?2023-04-17 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Minimum CIBIL Score for Business Loans2023-04-17 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Does CIBIL Score Affect Loan Against Property Eligibility?2023-02-15 | 7 min
CIBIL CIBIL
[N][T][T][N][T]
Tips to Maintain Your Business CIBIL Score Above 7002023-02-02 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Is a Good CIBIL Score Mandatory for Home Loan Approval?2023-02-17 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What Is a Good Credit Score for a Home Loan?2022-12-28 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
What is the Role of CIBIL Score in Getting a Home Loan?2023-03-22 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Importance of CIBIL Score & Tips To Improve It2023-02-21 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
A Helpful Guide to Understanding Your Credit Report2023-01-27 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
What is the Procedure to Check your CIBIL Score Rating?2023-03-27 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Why Is a CIBIL Score Measured Between 300 and 900?2023-02-21 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What Is Credit Score And Its Impact On Loan Availability2023-03-27 |
CIBIL CIBIL
[N][T][T][N][T]
Everything You Should Know About Your CIBIL Score2023-02-09 | 7 min
CIBIL CIBIL
[N][T][T][N][T]
How to Check CIBIL Score Online?2023-03-14 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Different Types of Credit Scoring Models You Must Know2023-03-16 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How Do You Establish a Credit Score for the First Time?2023-03-22 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
How Can I Get My ECN Number in CIBIL?2023-03-14 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How is CIBIL Score Calculated - Factors That Affect CIBIL Score Calculations2023-03-22 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
Ways to Maintain a Healthy Credit Score and Profile2023-03-13 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2023-03-02 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2023-03-21 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Top Tips to Improve Credit Score Immediately to Get Your Loan Approved2023-03-30 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Reasons to Maintain a Positive Credit Profile and a High CIBIL Score2023-03-01 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How To Improve CIBIL Score After A Payment Default?2023-03-29 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Top 10 Reasons For Low CIBIL Score & How To Improve It2023-03-01 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Does Applying for Credit Affects One's CIBIL Score?2023-03-15 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
Importance of CIBIL Score for Achieving Business Goals2023-03-16 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How Does Your Digital Footprint Affect Your CIBIL Score?2023-03-23 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How Does Missing One Payment Affect Your CIBIL Score?2023-03-28 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Here’s What You Can Do to Improve Your CIBIL Score2023-03-16 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What Does Your Credit Score Reveal About You?2023-04-05 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
7 Tips to Help You Improve Your CIBIL Score2022-12-21 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Ways to Improve Your Credit Score with a Credit Card2023-02-02 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What Distinguishes CIBIL Score from CIBIL Report?2023-04-06 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
Loan Settlement And Its Effects On Your Credit Score2023-03-02 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
Ways You Can Improve your Credit Score for a Small Business2023-03-01 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Things That Can Go Wrong with Your CIBIL Report2023-03-15 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Boost Your Credit Score By Minding The Factors That Affect It2023-03-20 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
10 Effective Strategies for Boosting Your Credit Rating2023-03-24 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2023-03-24 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
What Factors Do Not Affect Credit Scores?2023-02-28 | 7 min
CIBIL CIBIL
[N][T][T][N][T]
Why Is It Important to Check Your Credit Report and How Often?2023-03-22 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
Why is Credit Score Important After Retirement?2023-03-22 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
5 Ways to Increase CIBIL Score After Job Loss2023-03-21 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What is Credit Mix and How to Boost Your Credit Score?2023-03-27 | 7 min
CIBIL CIBIL
[N][T][T][N][T]
Here’s What These Various Sections of a CIBIL Report Mean2023-03-21 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Difference Between Credit Score and CIBIL score2023-02-17 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Impact Of a Co-Applicant’s CIBIL Score On Your Home Loan Application2023-01-20 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Five Reasons Why a Bad Credit Score Could Lead to Loan Rejection2023-01-22 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
7 Easy Tips On How Chartered Accountants Can Increase Their CIBIL Score?2023-01-23 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Reasons Why Your CIBIL Score Is Going Down2023-02-03 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2023-01-11 | 2 min
CIBIL CIBIL
[N][T][T][N][T]
Easy Ways to Maintain a Good Business Credit Score2023-01-10 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Everything You Need to Know About the Ideal CIBIL Score for Business Loan2023-01-17 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
What are the Types CIBIL Errors & How to Correct Them?2023-04-19 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
High CIBIL Score Helps Low-Interest Rate Loans2023-09-20 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
Different Types of Credit Report Errors and How to Fix Them_WC2023-07-11 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
Know How Mortgage Loan Affect Your Cibil Score2022-06-22 | 5 Min
CIBIL CIBIL
[N][T][T][N][T]
Some of the Common Credit Mistakes to Avoid2023-03-21 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
CIBIL Score Charges & Services You Must Know2023-04-04 | 2 min
CIBIL CIBIL
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2023-06-05 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
How a Good CIBIL Score Can Help You Celebrate the Festive Season Better2023-03-24 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
How Business Loans Affect Your CIBIL Score & How to Improve the Same2023-03-28 | 6 min
CIBIL CIBIL
[N][T][T][N][T]
How Long Does It Take to Improve a CIBIL Score2023-03-29 | 5 min
CIBIL CIBIL
[N][T][T][N][T]
What Are Tradelines and How to Find Them On Your Credit Report?2023-03-23 | 4 min
CIBIL CIBIL
[N][T][T][N][T]
How Can Customers Check Their Credit History?2023-06-14 | 3 min
CIBIL CIBIL
[N][T][T][N][T]
What Is Credit Utilization Ratio and How Can You Improve It?