A step-by-step guide to checking your credit score online
Lenders are more likely to offer loans on affordable terms to borrowers with low loan risk, that is, those with a low probability of default. However, you might be wondering how this can be predicted. This is where your credit score comes in. Your credit score is assigned to you by credit bureaus like TransUnion CIBIL, CRIF or Experian on the basis of information from leading financial institutions with which you have access. maybe applied for loans or borrowed credit cards. This information is compiled into a Credit Information Report (CIR) and then summarized in your score.
TransUnion CIBIL is one of the oldest and most popular credit rating agencies in India which is why your credit score is often referred to as your CIBIL score. This score is between 300 and 900 and the higher your score, the more creditworthy you are considered by credit institutions, whether it is a bank, an NBFC or a real estate finance company.
Usually, lenders consider a score of over 700 for secured loans and over 750 for unsecured loans as a good score. Having a score like this helps you get the loan amount you want with a competitive interest rate. In fact, according to TransUnion CIBIL, over 79% of loans are offered to clients who have a high CIBIL score.
All of this makes it extremely important for you to know your CIBIL score before applying for a loan. However, you don’t need to know how to calculate the CIBIL score yourself. The first thing to do is learn how to check your CIBIL score. All you need is your PAN and a few basic details – the process is online and, in most cases, free.
Steps to Check Your CIBIL Score
You can visit the CIBIL website or the Bajaj Finserv website to check your credit score. Keep in mind that you can only check your score for free on the CIBIL website once a year. After that, you will need to pay a subscription fee starting at Rs.550 and going up to Rs.1,200 depending on the plan you choose for unlimited access.
Step 1: Visit the CIBIL website
Step 2: Click on “ Get your free CIBIL score and report ”
Step 3: Create your account on CIBIL by entering the following information:
● Your e-mail address
● Your password for the account
● Your first and last name
● The type of ID you are using and the ID number
● Your date of birth
● Your PIN code
● Your mobile number
Step 4: Click on “Accept and continue”
Step 5: enter the OTP sent to your mobile number
Step 6: Click on ‘Go to Dashboard’
Check your credit score and go to the credit report.
The other way to check your CIBIL score for free is to use the Bajaj Finserv website. To do so, follow these simple steps:
Step 1: Check out the CIBIL score on the Bajaj Finserv website
Step 2: Click on “ Get your CIBIL score ”
Step 3: Enter some basic details including your PAN
Step 4: Click on “ Submit Details ” and check the OTP
You can now access your CIBIL score. That’s not all! You also have access to your credit report, a detailed analysis of your credit status, actions that affected your score, and helpful tips you can use to improve your credit score.
Checking your CIBIL score with Bajaj Finserv also gives you another advantage. Depending on your credit profile, you may be eligible for a number of offers on loans and other financial products.
For example, you can have a personal loan offer of up to Rs.25 lakh which you can use to access funds in just 24 hours. By keeping this information in mind, you can become a smarter borrower and quickly access credit when you need it.
Disclaimer: This content is distributed by Bajaj Finserv. No HT Group journalist is involved in the creation of this content.
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