Your CIBIL Score is checked by prospective lenders every time you apply for loan or credit card. A lender is likely to reject your loan application if you have a low credit score. This is why it is imperative to check your CIBIL score regularly.
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At Paisabazaar.com, you can check your CIBIL score for free, forever. The data is fetched directly from CIBIL and provided to you with the latest CIBIL score. You can check this from CIBIL’s official website, but for a minimum payment of Rs. 550 for a one-month subscription.
How to get a CIBIL Score for Free?
If you are planning to apply for a loan, it is always good to check your credit score before applying for a loan or credit card. Doing so will help you view your mistakes and check your eligibility for the loan.
Follow the step stated below to check your CIBIL score for free at Paisabazaar.com:
1. Visit the official website of Paisabazaar.com and click on “Get Your Free Credit Report”. You can also click on the banner below.
2. Enter the details required. Verify your details with the OTP that Paisabazaar will send you for authentication.
3. Click on “Get Your Credit Score”.
4. On successful submission, you will be taken to the dashboard where your CIBIL score will be shown. You can also fetch your credit report and check your account details using the navigation options given at the left side of the page.
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What is a CIBIL Credit Report?
CIBIL credit report is a document that contains credit information of an individual. It reflects an individual’s ability to repay a loan, i.e. their creditworthiness. A credit report usually includes an individual’s personal information, contact information, employment information, account information and enquiry information.
An important thing to note here is that the credit report only shows your credit history, therefore, your net worth (bank balance) does not affect your credit score. Hence, your salary, business turnover, bank balance, investments, etc. do not constitute your credit report.
Your CIBIL credit report contains the CIBIL score. Also known as the TransUnion CIBIL score, it numerically reflects the creditworthiness of an individual. This means whether you pay your credit card bills and/or EMIs of your loans in time or not.
It is a three-digit score that falls anywhere between 300 and 900. A good credit score implies that you have paid your credit bills and loan amount on time whereas, a bad credit score implies that you had defaulted in your loan and credit card payments in the past.
Suggested Read: What are the 4 factors that affect your credit score?
Importance of CIBIL Score and Credit Report
Since there is always a risk involved in lending money especially in case of collateral-free loans (unsecured loans), banks and credit card issuers use the CIBIL or other Credit Information Company’s credit score and credit report to make an informed decision regarding loan or credit card approval. Doing so reduces the risk of loan defaults, thus, benefiting both the borrowers and the financial institutions.
Suggested Read: Difference between Credit Score and Credit Report
For the similar reasons, the Reserve Bank of India (RBI) has made it compulsory for the banks and other financial entities to check the credit report and credit score of loan or credit card applicants before lending them money. The CIBIL score and credit report reflect an individual’s financial stability. It shows the lenders whether that individual will be able to repay the loan in time or not.