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CIBIL Score Overview
CIBIL Score is a consumer’s credit score, a 3-digit numeric summary of a consumer’s overall credit profile. This includes the details of repayment and borrowing activities, sent to CIBIL by banks and credit lenders. Before, we go further, it’s most important to understand what is CIBIL? Established in the year 2000, CIBIL is an organisation that carries the largest repertoire of consumer information.
A CIBIL Score is formed on the basis of information present in the ‘inquiries’ and ‘accounts’ section of the CIBIL report. Your CIBIL report has it all – information about outstanding bills, payment statuses, credit card information, and loan accounts. The CIBIL score can be any number between 300-900. A CIBIL Score closer to 900 is considered good for faster and smoother credit approvals
Features & Advantages of CIBIL Score
A good CIBIL score gets you the best deals on interest rates. This helps you avoid paying hefty financial charges on loans and credit cards. Overall, a distorted credit history will definitely cut down your chances of loan and credit card approval. Therefore, a good CIBIL score gives you the confidence you need to apply for loans.
How to Calculate CIBIL Score?
CIBIL Score is calculated by the TransUnion CIBIL Bureau.
Following are some factors that affect your CIBIL Score:
- Regular payments boost your CIBIL Score and vice-versa.
- Your Credit utilisation ratio also affects your CIBIL Score calculation. It’s always advised to use up to 30% of your total credit limit.
- Long history of credits shows that you are quite good at handling credits.
How to Check CIBIL Score Online?
You can easily check your CIBIL Score at the TransUnion CIBIL’s website. Write your details in “Get Yours Now” link. It includes your identification numbers and personal details. You will have to verify your details on an email. Once the verification is done, you will get your free CIBIL Score and report.
Ways to Improve CIBIL Score
Here are some ways that can help you improve your CIBIL Score:
- Firstly, make sure to check your CIBIL Score. This gives you an idea about the credit cards and loans where delayed payments are affecting your CIBIL Score.
- Do not forget to clear your all credit card balances. Talk to your lenders, repay all your unpaid balances and get the account closed.
- Never delay your EMIs. Make timely payments.
