A three-digit figure between 300 and 900 is the CIBIL Score. The better it is, the higher the score. A score of above 750 is often seen as favourable, increasing the likelihood that a loan will be approved. The CIBIL Report is the name of the document holding this score.
With the use of the CIBIL report, the bank may examine a person’s credit history and determine whether they have ever defaulted on any of their prior loans. It also reveals how many loans the individual has currently taken, along with the sum and length of the prior credits. It lowers losses by assisting banks in reducing default risks.
How to check CIBIL score online?
Once a year, CIBIL offers one Score and Report without charging any fees. You can check that online. The procedures to check your CIBIL score are as follows:
- Visit the CIBIL website, which is located at https://www.cibil.com.
- Choose “Get your CIBIL Score” in step two.
- Click the link to see your free yearly CIBIL score.
- Enter your username, password, and email address. Include identification documentation (passport number, PAN card, Aadhaar or Voter ID). then input your PIN number, birth date, and phone number.
- Select “Accept and Continue.”
- A one-time password (OTP) will be sent to the registered cellphone number in your account. Enter the OTP and then click “Continue.”
- Click “go to dashboard” to view your credit rating.
- A redirect will take you to the website myscore.cibil.com.
- After logging in, choose “member login” to view your CIBIL score.
What is the ideal CIBIL score range?
The three-digit CIBIL score for a person falls between 300 and 900. For obtaining loans and credit cards, a score of 750 or more is desirable. The CIBIL ranking for businesses is on a scale of 1 to 10, with 1 being the best and 10 being the worst. For obtaining loans from credit institutions, a rating of 4 to 1 is optimum.
How to register for the CIBIL portal?
Companies and individuals must adhere to certain procedures in order to register for a CIBIL login. Both must, however, finish the registration procedure on the official CIBIL website. Members and customers can subscribe to products and services via the CIBIL website, including dispute resolution, credit monitoring, etc. CIBIL provides subscription choices for the same on a bi-annual and quarterly basis.
CIBIL registration process for individuals
- Visit the official CIBIL website and click on the “Subscribe Now” option. Choose the subscription plan that suits your requirements. Fill in the necessary details, including your date of birth, PAN (Permanent Account Number), and email address. After providing the information, review and accept the terms and conditions.
- Proceed to make the payment for the subscription. You can choose to pay through net banking or by using your debit/credit card.
- Enter the relevant information regarding your credit cards and loans. CIBIL will verify these details to generate your credit score accurately. Ensure that the provided information is correct and up-to-date.
CIBIL registration process for companies
- Select the “Company Credit Score” option and provide the company’s details, including the name, address, legal constitution, authorised signatory’s ID and address proof. Additional information such as Company PAN, Company Identification Number, Loan Account Number, Tax Identification Number, etc., must also be provided.
- Proceed to make the payment for the registration fee using net banking or credit/debit card.
- An email will be sent to the registered address containing a unique CIBIL registration ID and transaction ID. The registration ID will be used for future CIBIL login.
- Upload the company’s Know Your Customer (KYC) documents for verification.
- Once the documents are verified, the company will receive the CIBIL Rank and Company Credit Report (CCR), providing valuable insights into the company’s creditworthiness.
Documents needed to register with CIBIL
Users are prompted to upload KYC papers by CIBIL in order to confirm that the right owner has requested the credit report. The list of KYC papers for both individual users and business users is provided below.
- Identity Proof- PAN Card, Passport, Voters Identity Card, Driver’s Licence, Aadhaar Card.
- Address Proof for Individuals– Bank statement, Electricity Bill, Telephone Bill.
Secure consumer CIBIL login process
- Go to the official CIBIL website.
- Select the ‘Get Your CIBIL Score’ button.
- Press ‘Member Login’ to go to the login page.
- Now, enter your username and password to login to your account.
Instant login to view consumer CIBIL report
- Visit cibil.com/creditscore to access the official CIBIL website for credit scores.
- Select the subscription type and input the necessary data, such as your email address, PAN, gender, and birthdate. Then click “Proceed to Pay.”
- The following step is to pay for the selected subscription using one of the available online payment methods, such as a credit card, net banking, wallets, etc.
- The customer must respond to all inquiries about his or her loans and credit cards in the next phase. CIBIL will next contact the relevant banks and financial institutions based on this information to collect data for creating the credit report.
- A customised credit score and report are provided to the customer upon successful login and may be viewed by CIBIL consumers.
How to recover CIBIL username?
If you have forgotten your CIBIL username, you can easily recover it by following these steps:
- Visit the TransUnion CIBIL website and log in.
- From the drop-down menu, select ‘Partner Login’ and then click on ‘Consumer’.
- A new tab will open, displaying the ‘Member Login’ for ‘Consumer CIR’.
- Click on ‘Reset Your Password’ for member/nodal.
- The TransUnion CIBIL Connect portal will open in a new tab.
- Navigate to the ‘Consumer Bureau’ tab and select ‘Unlock ID’.
- Follow the prompts to unlock your user ID.
Importance of CIBIL score
The CIBIL score is crucial for loan applications. Banks run CIBIL checks on you to determine your creditworthiness. Lenders examine borrowers’ credit or CIBIL scores when they apply for a loan or credit card at a bank or other financial institution to see if they are qualified for the loan. If the CIBIL score falls short of the lender’s standards or is too low, the application may be rejected. When the credit score is good, the lender will accept the application and continue to consider other factors before approving it. The CIBIL score is the lender’s initial introduction to your creditworthiness. The likelihood of receiving credit is higher with a high score.
How to download a CIBIL report?
- Go to the TransUnion CIBIL website.
- Select the ‘Get Yours Now’ and fill in your required details.
- Choose ‘Accept and Continue’ and enter the OTP required for identification. If required, provide additional information for verification.
- You can now download your CIBIL report.
What is the fee to access CIBIL records and scores?
One-time access to CIBIL records and scores costs Rs. 550 for individuals or consumers. The rates are Rs. 800 for a bi-annual subscription and Rs. 1,200 for a quarterly subscription. For a one-time fee of Rs. 3,000, a business can see its credit record and score.
How to improve CIBIL score and maintain it?
Pay Bills On Time: Your CIBIL score is greatly impacted by timely loan or credit card payments. To keep a decent CIBIL score, every loan or credit card debt must be paid off on time.
Low Credit Dependency: For a decent CIBIL score, the credit utilisation ratio should be kept to a maximum of 30%. If you are having trouble staying within the credit card’s current limit, it is recommended that you apply for one with a greater upper limit.
Diversified Loan Products: In order to achieve a high CIBIL score, it is preferable to diversify the loan portfolio with a good balance of both secured and unsecured loans. A home loan or auto loan are secured debts, but a credit card debt is unsecured.
All about: How to check KYC status online using PAN card
FAQs
How can I retrieve my CIBIL score indefinitely?
A time-based membership package allows you unlimited access to CIBIL scores. One is now able to consult their CIBIL score and report. One can update their CIBIL score and report every day while they are a subscriber. One can select a one-month (Rs. 550), six-month (Rs. 800), or twelve-month (Rs. 1200) plan.
Why is my CIBIL score hidden from me?
The likelihood is that you have already used the free access that is offered to everyone once a year if you are unable to view your CIBIL score. Beyond this, in order to view your CIBIL score, you must pay a monthly charge.