WHAT IS CIBIL?
CIBIL is an acronym for Credit Information Bureau Limited. It is the first ever credit Information Company established in India. The company gathers and maintains the credit records of commercial entities and individuals, which includes payments and borrowing associated with credit cards and loans. CIBIL gets this information by means of its associate partners that include credit institutions and members of banks. Information is offered to CIBIL on monthly basis on which CIBIL will prepare a credit information report as well as credit score of a person. This report will then be offered to credit institutions, if requested, to assist them approve as well as evaluate credit/loan applications. CIBIL plays an important role in the financial system of India by supporting banking institutions to better handle their business and also helping customers to protect their credit on agreed terms. CIBIL can also be referred to as Credit Bureau and it is licensed by RBI and administered by Credit Information Companies Regulation Act, 2005.
CIBIL Score and its Importance
CIBIL plays an important role when it comes to loan application as well as approval processes. Without an adequate CIBIL score, an individual may not be qualified for many loans. Once you have filled and submitted the loan application form, a bank will check your credit report and credit score first. When you have a poor credit history and a lower credit score, the bank would certainly reject the loan application. Only when your credit score satisfies the particular, the bank will process your loan application and will proceed with further for approval. CIBIL scores are determining feature for many banks while it comes to processing your application. The greater the score, the more the chance your loan application will be considered for review and also achieve approval. But, the decision to approve the loan application is totally relied on the bank. CIBIL, as an organization does not hold any role over here. It is necessary that you know how to find cibil score to check whether you can apply loan with your current CIBIL score.
How to Check Your CIBIL Score Online for Free
It is easy to check cibil score online free. A form for online score requesting will be available at the official website of CIBIL. https://www.cibil.com/creditscore/
HOW TO GET YOUR CREDIT SCORE?
It is both convenient and easy and the complete process can be finished within a matter of minutes for a nominal amount. To start the process, the first thing you have to do is filling the online application form by entering personal details like your date of birth, name, income, phone number, address proof and identity proof.
You can see the below screen shot of “CIBIL Online Credit Score Request Form”
Once you have all the details and submit, you will be taken to a page, where you can find the option to do the payment. You will be charged with a certain amount of fees and the payment can be done either with debit card, credit card or by means of internet banking. Once the payment is done, you need to submit some authentication details. Soon as your authentication is completed successfully, you can obtain your CIBIL score through email in 24 hours.
If you are wondered how to get cibil report for free, you can follow the aforementioned procedure for checking the core without any effort. It is simple and quick to check your credit score online. You have to check your credit rating score time to time and when it is low, you must take the required action to increase it. You can also find the option of sending printed application to CIBIL including CIBIL transaction ID and a copy of your address proof and ID. On getting these documents and the completion of verification, CIBIL will in turn send a printed copy of your credit report to the mentioned address on your address proof. It must be noted that you always get your credit report as well as score personally instead of getting it from a financial institution of bank.
Methods to improve CIBIL Score
By maintaining a proper credit history, you can increase your credit score. In an effort to increase your credit score, you should keep in mind certain considerations. You must ensure that you pay off all your debts within the deadline. Late payments will give a negative impact. Keep checking your credit utilization as well as maintain your outstanding balanced reduced. You should also try maintaining a healthy mix of credit that includes a healthy combination of secured as well as unsecured loans. You should go for new credit cautiously. You must also check your single as well as joint accounts constantly to make sure no payment is failed either by or by your partner. You must review the credit history in a timely manner that you can perform by buying your credit information reports.
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