All about CIBIL Score

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What is the Cibil Score?

CIBIL (Credit Information Bureau India Limited) is India’s one of the oldest and most reliable and trustable Credits Information Company (CIC) which provides all credit-related services to its members all over India. CIBIL started to provide its service since 2000. CIBIL Score or credit score is numerical expression represents a level analysis of a person’s loan repayment history.

CIBIL SCORE/ CREDIT SCORE is a 3 digit number ranges from 300 to 900. 300 are the lowest CREDIT SCORE and 900 are the highest CREDIT SCORE it represents the more financially trustworthy a person is. Lenders such as Banks, NBFCs, Credit Card companies, use credit score to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use CREDIT SCORE to take decision who qualifies for a loan, at what interest rate, and what credit limits.

 In India, there are four credit score companies licensed by Reserve Bank of India. Those companies are:-

  • CIBIL (Credit Information Bureau India Limited)
  • Experian
  • Equifax
  • Highmark

How to check CIBIL SCORE/ CREDIT SCORE online?

  •  Checking CIBIL SCORE/ CREDIT SCORE online is very easy you just have to follow these steps given below-
  •  You can go to CIBIL’S official website and can fill up a form on their official website. 
  • Enter your personal details like name, address, contact number, email address.
  • If you want a CIBIL transition score and you’re CIR (Credit Information Report), you need to pay a nominal fee.
  • Once you have submitted the form and made the payment your CREDIT SCORE and will be mailed to you.

You can also apply by mailing all your details and documents drafts and a demand draft for the fee to CIBIL’S office in Mumbai.

Who computes credit score/ Cibil Score?

Credit score/CIBIL Score is computed by Credit information companies. There are four companies licensed by RBI who calculated the credit scores. 

When you made any transaction to your lenders (banks, nbfcs) which is relevant to your credit score/ CIBIL Score. Lenders send details about it to all four credit bureaus. They keep credit information companies up to date about borrower’s monetary habits. If any lender needs to check applicants credit score they asked any of the bureaus. Because they are all same. All four are equally authoritative and on par with each other.

 When they got receive information from your lenders they started to collect information’s about your financial habits from other financial institutions. The credit bureau then processes this information to formulate what is called a credit report/Cibil Report. A credit report or cibil report is a marks card which contains a credit score. Someone must check their or credit score time to time.

CIBIL SCORE/ CREDIT SCORE range – What does your CIBIL SCORE/ CREDIT SCORE  say about you?
    CIBIL SCORE/ CREDIT SCORE        WHAT does it mean?
0 or-1CIBIL SCORE/ CREDIT SCORE of 0 says that applicant’s credit history is available less than 6 months and not sufficient to give a score of 300 to 900. The score is also referred to as “NA”.

CIBIL SCORE/ CREDIT SCORE is 1 means that no credit history is available on the applicant’s credit history. This score is also referred to as “NH”.
300 to 550CIBIL SCORE/ CREDIT SCORE of in this range considered very poor CIBIL SCORE/ CREDIT SCORE. There is not so much chance that you will get a new loan to approve. Missed and late payments result in low CIBIL SCORES/ CREDIT SCORE.
550 to 650CIBIL SCORE/ CREDIT SCORE within this range are considered not so bad. It represents that applicants hadn’t performed that bad on their repayments. With this much of CIBIL SCORE/ CREDIT SCORE has higher chance that their loan application can be canceled or they have to pay a higher interest rate.
650 to 750CIBIL SCORES/ CREDIT SCORE within this range are considered fairly well. And the request of their loan will be accepted. Since there is some risk involved maybe borrower won’t get so many loan benefits as expected.
750 to 900CIBIL SCORE/ CREDIT SCORE with this range are considered excellent. It shows that applicant is great at their loan repayment so their application for a loan will be accepted and they will get a lower interest rate and other loan benefits.

CIBIL SCORE/Credit Score calculation:

  • Last 3 year’s calculation of your loan EMIs and bills.
  • Credit card limits usage.
  • Percentage of secured and unsecured loan.
  •  What is CIBIL/CREDIT REPORT?
  • CIBIL report is a document or report card where you can see your credit history across different lenders. The CIBIL report includes these following information’s- 
  • Personal details of an applicant (name, age, gender and address.)
  • Employment details and earnings.
  • The number of hard inquiries made by potential lenders on receipt of the loan/credit card application.
  • Record of previous and current loans along with the payment record.
  • Any defaults on loan.
  • The details of settled loans, if any.
  • Total credit limit and the amount spent monthly (Credit Utilization Ratio).
  • Any credit card payment defaults.
  • Credit score.

FAQS about CIBIL SCORE/ CREDIT SCORE:

  • What is a good score in CIBIL?
    Minimum CIBIL Score is 650. It is not too bad but you won’t get loan benefits or maybe bank won’t give you the loan. A good CIBIL SCORE/ CREDIT SCORE is from 750-850
  • What is CIBIL? 
    CIBIL (Credit Information Bureau India Limited) is India’s one of the oldest and most reliable and trustable Credits Information Company (CIC) which provides all credit-related services to its members.
  • What is the minimum CIBIL score/ CREDIT SCORE to get a loan?
    Minimum CIBIL Score is 650 to get a loan. But some banks and NBFCS don’t want to give a loan in this CIBIL SCORE/ CREDIT SCORE.
  • What does CIBIL SCORE/ CREDIT SCORE 1 means?
    CIBIL SCORE/ CREDIT SCORE is 1 means that no credit history is available on the applicant’s credit history. This score is also referred to as “NH”.
  • How do I know my CIBIL SCORE/ CREDIT SCORE?
    – Checking CIBIL SCORE/ CREDIT SCORE  is very easy you just have to follow this steps given below-
    – You can go to CIBIL’S official website and can fill up a form on their official website.
    – Enter your personal details like name, address, contact number, email address.
    – If you want a CIBIL transition score and you’re CIR (Credit Information Report), you need to pay a nominal fee.
    – Once you have submitted the form and made the payment your CIBIL SCORE and will be mailed to you.

  • How is my CIBIL Score/CREDIT SCORE calculated?
    – CREDIT score is calculated using a complex statistical model, and also by those details given below- Last 3 year’s calculation of your loan emis and bills.
    – Credit card limits usage.
    – Percentage of secured and unsecured loan.

  • Can everyone access my CIBIL SCORE/ CREDIT SCORE?
    No, your cibil score is confidential and personal belongings with you and authorized entities (with your concern) are allowed to access.
  • Will the Credit Score/ Cibil Score be affected for owning multiple credit cards?
    This will depend on your credit history. If you have multiple credit cards with a higher limit and you are under-utilizing or over utilizing it, this can impact your credit score negatively.
  • Why is pan card required for checking the credit score?
    The pan card is required for obtaining an individual’s score accurately. The credit score can also be obtained by using other valid proof of identity (POL) instead of the pan card. The pol helps in identifying individuals in the database.
  • How to improve CIBIL SCORE/ CREDIT SCORE?
    CREDIT score based on your credit history you just can’t change it overnight. You have to repay your credit card bills and loan’s EMI on time to improve your CIBIL SCORE/ CREDIT SCORE and it takes a lot of time.

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