Is Online Credit Score Check Possible?

Banks and non-banking finance companies (NBFCs) are often flooded with loan and credit card applications. While some applications are accepted, some are rejected. The reason for rejection can differ on a case to case basis. Most of the time, it’s the lack of or a poor credit score that leads to rejection. However, if you do an online credit score check, you will know whether you are eligible for the credit or not. This will further prevent you from the frustration you could have while facing the rejection on the grounds of credit score. There are multiple credit bureaus that assign you the credit score based on your repayment track. These include CIBIL, Experian, Equifax, etc. However, lending institutions give weightage to CIBIL score more than the others. So, it will be better if you know the steps to check the CIBIL score. Let’s do that and more in this article.

How Can You Check Your CIBIL Score Online?

• Visit the official website of CIBIL

• Enter your personal details such as your name, date of birth, PAN, residence address, Aadhaar, etc

• You will also need to share your loan or credit card details such as a loan or credit card account number, loan amount or credit limit, etc

• The details will be verified before you are allowed to create a login

• You can see instructions to form a Username and Password on the website

• Follow the instructions carefully and set your credentials accordingly

• After the login credentials are created, you can check your CIBIL score

Let’s be told that you can check the score for free once a year. If you check more than once, you will have to pay some fees. However, you can consider several subscription models to get the cost reduced.

Check CIBIL Report Online to Detect the Reasons for a Poor Credit Score

You can check the CIBIL report online to find the exact reasons that might have pulled down your credit score. It could be either a delay or default of loan or credit card payments. You need to change that by paying your dues on time. Ensure the timely payment routine is maintained for long so that the score improves gradually. If you are utilizing a heavy chunk of your credit card limit, it’s time you bring down the utilization rate so that the dues are under control. This will help you pay on time and help you improve your score over time.

What is a Good CIBIL Score?

Well, it will depend on the kind of credit you’re looking for. If you are looking for unsecured lending products such as personal loans and credit cards, you will need to have a CIBIL score above 700, although the ideal score is 750 and above. On the other hand, credit score can be discounted in the case of secured loans such as home loans and loan against property (LAP). On a general note, credit scores are assigned in the range of 300 to 900 in India. You should aim for a credit score above 750 to enjoy a hassle-free approval.