CIBIL is an acronym of Credit Information Bureau Limited, is the first Credit information company, developed in India. In this, they maintain all the records of the credit-related activity of individual and companies. The individual records are submitted to the CIBIL, by registered member based banks and other financial institutions, in return we will be provided with the Credit information Report (CIR). So CIBIL plays an important role in deciding your credit eligibility, when you apply for a loan or credit card.
Credit CIBIL Score:
For each and every individual this CIBIL score will vary and this CIBIL score is one of the most important parameters, that bank takes into account, while providing loan or credit-card. It is important that you review your own credit limit periodically. By doing so, you an ensure that no incorrect details are added into your report. Once you start doing this, you will be aware of the factors, that is responsible for increase or decrease of your credit score.
Procedure to Check the CIBIL Score:
Step 1: Visit the official page for checking the CIBIL score. Please find the link below: https://www.cibil.com/
Step 2: If you scroll the page down, you will find a hyperlink, to get your Annual CIBIL score for free, as given below:
Step 3: You can also visit the Free CIBIL score and Report page, to know your credit limit.
Step 4: In the bottom of the page, you will find an option called ‘GET STARTED NOW’. Click on that option. You will be redirected to another page, where you have to provide your personal details.
Step 5: Fill in your personal details including your PAN Card Number. All the fields in this page are mandatory.
Step 6: Once you complete this form, click on ‘SUBMIT’ button.
Step 7: Following this page, you will be redirected to another page, which have a set of questions regarding your loan requirement.
Step 8: Once your complete answering the questions, your CIBIL score and report will be generated for free.
Step 9: You will also be asked to generate an email id and password. Once you receive the password in your mail ID, you will be allowed to check the credit score in your personal login id, in the below page.
Steps to Improve your Credit Score:
You can also Improve your Credit score by following the below Steps:
- By paying your EMI and Credit card bills on time, without delay.
- Avoiding multiple loans and credit card, under same name
- Avoid using your credit card, to the full limit
- Don’t allow credit card to be on overdue
- Complete a loan and after one year, place for another loan
Things Found on CIBIL Report:
These are the following details, that will be found on CIBIL report. They are as follows:
- All loan Accounts
- Credit Cards
- Settled & Unsettled loan
- Closed Account Details
- Guarantor Details
- Joint loan Accounts
When you have not requested for any loans, then there will be no account or updates on your CIBIL credit report. So it will be difficult for CIBIL to understand your payment behaviour. On these cases, bank will not provide an unsecured loans or credit-card.