Your CIBIL score may change every month depending upon your credit behaviour. It reflects in your updated credit report. CIBIL collects data from banks and NBFCs on a regular basis to calculate the credit score that represents your creditworthiness for availing credit products like a personal loan, home loan, or credit card.
CIBIL score of 750 and above is generally considered good for loan or credit card approval by most lenders. A higher score increases the chances of approval of your credit application provided you fulfill other required criteria.
You can also get free credit score with monthly updates. Read on to know how to download your CIBIL Report.
Steps to Download CIBIL Report
To check your credit score through Paisabazaar.com, follow the steps mentioned below:
Step 1: Click here to get the free credit score
Step 2: Enter your details such as full name, DOB, PAN, etc. and verify using OTP authentication
Step 3: When you click on the ‘Get Your Credit Score’ button, you will get credit scores from multiple lenders
Step 4: Select CIBIL score, choose the language and month and click on the ‘Download’ button to download your CIBIL report
Step 5:Your Date of Birth (DDMMYYYY format) is the password of your CIBIL report
Note: In case you find any discrepancy in your credit report, you can easily raise a dispute with CIBIL. However, for any other query, you can contact firstname.lastname@example.org
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Why should you Check your Credit Report Regularly?
It is imperative to check your credit report on a regular basis to stay updated with your credit score. Your credit report contains details such as payment history, active accounts, recent enquiries, etc. A lender needs this information to process your credit application.
Checking your credit report regularly can help you in detecting any inaccurate or incomplete information that may affect your creditworthiness. Moreover, if your credit score is low, you can track down the reasons and work towards maintaining a higher credit score.
To read the benefits of checking your credit report regularly, click here.
NOTE: Checking your credit report regularly is considered as a soft enquiry and has no impact on your credit score. Your credit score is impacted only when a lender/provider requests your credit report from a credit bureau. This type of enquiry is known as a hard enquiry and is mentioned in your credit report as well.
Why should you Download Credit Report through Paisabazaar?
From a time-consuming, paper-heavy and paid process, Paisabazaar has made checking credit score and downloading the credit report instant, digital and absolutely free of cost. Apart from these, let us find out why you should check your credit score from Paisabazaar:
- Multiple Bureaus – Paisabazaar has partnered with CIBIL, Equifax, CRIF Highmark and Experian. You get your credit report from multiple credit bureaus in one place and all reports are free of cost. (You may get credit report from any two or any three credit bureaus as well. You might not get the credit report from all four credit bureaus in some cases.)
- Monthly Updates – A monthly update of your credit score is sent to customers on their email & WhatsApp every month absolutely free. One can also track credit score on Amazon Alexa and Google Assistant. Checking credit scores monthly from multiple bureaus can cost a lot but you get your credit report for free at Paisabazaar.
- Credit Advisory Service – For customers with low scores, Paisabazaar.com has launched a unique credit advisory service where credit experts deep dive into customers’ credit history and advise them to improve their score significantly.
- Detailed Credit Report – Customers get a detailed credit report with components including payment history, accounts, DPD, credit score trends and more. These insights can help them in understanding their credit behaviour better and take corrective measures to improve and rebuild their credit score.
- Pre-approved offers – When you check your credit score on Paisabazaar, you become a part of the Paisabazaar ecosystem. Based on your creditworthiness, you can top credit cards and loans. As these loans are pre-approved, the disbursal can be done almost immediately.
- Other Offers – If you have an existing home loan, and you check your credit score on Paisabazaar, you may get pre-approved home loan balance transfer offers from partner banks. Home loan balance transfers can help you save big on interests in the long run.
If you are new to credit, you will not have a credit score. Some lenders may refuse to provide loans or credit cards to you. In this case, you can start building your credit score with the help of a secured credit card that is offered against a fixed deposit and is approved almost immediately. You can apply for one such secured card, namely, Step Up Credit Card and start building your credit score so that you have high creditworthiness when you actually need a credit product.
How to Maintain a Good Credit Score
A good credit score can be maintained by keeping the following important things in mind:
- Always pay your dues on time as outstanding bills can negatively affect your credit score
- Maintain a healthy credit mix i.e. secured and unsecured loans (However, no lender will deny you a loan just because you do not have both types of credit accounts)
- Regularly track your credit report to avoid any inaccuracies
- You must keep your old accounts active as it helps banks assess your previous credit behaviour for long
Also Read: What are the 4 factors that affect your credit score?
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How can I access my past reports through Paisabazaar? Can I get a copy of my report on my email?
You can login to your Paisabazaar account using your registered mobile number and OTP and download your latest credit report from various credit bureaus.
What is the default password to open the CIBIL report PDF?
The default password to open your credit report pdf containing your CIBIL score is your date of birth in DDMMYYYY format.
How many times can I download CIBIL Report?
You can download your credit report as many times as you want to. In addition to that, you get free update of your credit score every month.
Can I download my CIBIL credit report in my language?
You can download your CIBIL credit report in English, Hindi, Marathi, Tamil and Telugu.
How can I download CIBIL report from SBI?
At present, SBI does not offer CIBIL report to customers. However, you can check your CIBIL score for free through Paisabazaar and then apply for the credit product depending on your score and other eligibility parameters.
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