Before applying for a loan or a credit card, it is important to check your credit score. It allows you to ascertain your eligibility for certain financial solutions and allows you to better understand your creditworthiness. But, how can you check your CIBIL score for free? What are the various options available to you when looking to check your credit score online? Let us discuss this in further detail.
Why Should You Check Your CIBIL Score?
It is essential to keep a constant eye on your credit report and repayment history. However, with just one free credit report available each year, this can be a difficult task. Instead, you can undertake free credit score checks regularly and stay updated, as these scores are based on your credit reports. Constant monitoring can help you maintain a good credit score, which is usually considered to be 750 and above.
Your CIBIL score plays a crucial role in helping lenders determine your repayment capabilities. Hence, it allows you to get the required loans at lower interest rates. Furthermore, when looking to apply for a credit card, the service provider will also look at your CIBIL score. This enables them to ascertain whether you can repay your card dues on time. Hence, before applying for a loan or a credit card, it is advisable to check your credit score.There are various options available for you to check your CIBIL score for free.
How Can You Check Your CIBIL Score Free?
Here are three ways you can check your CIBIL score for free.
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TransUnion CIBIL Portal
There are five prominent credit bureaus in India which are tasked with keeping an accurate record of your repayment history. These include TransUnion CIBIL, Experian, CRIF High Mark, and Equifax. Your credit information is preserved and regularly updated in the form of credit reports by these bureaus.
In addition to your personal and credit-related data, your credit scores are also included in these reports. As per a recent regulation introduced by the RBI, it is mandatory for credit bureaus to provide one free credit report to Indian citizens each year. Hence, to check your CIBIL score, you need to complete your registration on CIBIL’s official website and then access the free credit report each year to check your credit score.
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Banks & Financial Institutions
In a manner similar to third-party financial portals, you can check your CIBIL score as often as you like with the help of banks. While some banks will let you check your score for free, others will charge you a small fee. Thus, be careful, when selecting a bank to get this facility.
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Third-Party Financial Platforms
You can also access your credit score online with the help of third-party financial websites. While you may not be able to access your complete credit reports, you should be able to check your CIBIL score. You are offered unlimited CIBIL score checks on such websites for free.
With just a few clicks, you can gain access to your score throughout the year. You can check your CIBIL score at any time, from anywhere, at your convenience. This is a great way to monitor your score all year round
Are Third-Party Websites a Safe Option To Check Your CIBIL Score?
Yes. Third-party financial websites are indeed safe when it comes to checking your CIBIL score. While some people might be sceptical of such websites as they fear potential fraud or identity theft, such websites are considerably safe. These usually have a tie-up with TransUnion CIBIL and provide you with the facility of checking your credit score as per your requirements.
Some people might be worried about whether constantly checking your score on such websites can lower your score. The answer to this is no. Your CIBIL scores are usually impacted when a lender conducts a ‘hard inquiry’ when you apply for a loan or a credit card. However, the checks you perform are known as ‘soft inquiries’. These do not have any effect on your CIBIL score.
What Do You Need To Submit To Check Your CIBIL Score Online?
It is essential to monitor and maintain a good credit score, an objective which can be achieved through regular score checks. Let’s delve further into this journey to understand what kind of information you may need to submit when checking your CIBIL score.
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Name – The name submitted should be as per the one registered in official documents like passport, Aadhar card, voter ID, PAN card and so on
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Birth Date – It is compulsory to provide your birth date when checking your CIBIL score online. The date should match with the details provided in your PAN card or other official documents
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PAN – Your Permanent Account Number is the most important data you need to submit when checking your CIBIL score online
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Mobile Number – To verify your profile, you may be asked to submit your mobile number. On doing so, an OTP will be sent to your phone which you must enter to complete the verification process
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Gender – When checking your credit score, you might also be asked to reveal your gender as well
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PIN Code – You will also be asked to enter the PIN code of your permanent address when checking your CIBIL score
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Employment Details – You might be asked to provide employment details when checking your CIBIL score. These details include, but are not limited to, the type of employment, information about the employer, and your monthly salary.
Now that you have discovered how to check your CIBIL score, make sure to make the most of this facility. Constantly monitor your score and keep a close eye on your credit reports to ensure that you maintain a good credit score. This is the first step to getting the loan you may need in the future at lower interest rates. Head on over to TransUnion CIBIL’s official portal, the nearest bank branch, or a third-party financial website and check your score now!
