Credit Information Bureau India Limited collects analyses and generates CIBIL or credit scores. A three-digit score ranging between 300 to 900 is an indicator of the payment history of users. It is assessed by lenders, banks, and non-banking financial institutions before lending money. It indicates the credibility of the borrower and timely repayments.
There are multiple ways to check CIBIL score online. It can be through the official CIBIL website or through Wishfin, which further offers a multitude of options for checking. We will discuss each step below.
Via CIBIL Website
Visit the TransUnion CIBIL webpage to check CIBIL score online. Look for the free credit report option and click on it. It will prompt you to enter details like name, address, mobile number, email address, gender, and identity proof. PAN and Adhaar numbers are also required. The next step is to submit the details, and the credit score will be visible.
Via Wishfin Website
Being an official partner of CIBIL, the Wishfin webpage can also be used to know the credit score. Provide the necessary information, including your name, email address, mobile number and date of birth, along with your Adhaar or PAN number and hit the Submit button.
Wishfin provides a hassle-free method for checking CIBIL scores. Give a missed call at +91-8287151151 from your Whatsapp number. You will receive a message requesting details of your name, PAN or Adhaar number, email id and residential address. Once you have provided the details, you will receive the credit score.
Vis Wishfin App
Download the Wishfin App from Google Playstore or Apple iOS Appstore. Besides easy generation of CIBIL scores, users can track their progress. They can understand which methods are more practical and sustainable for them and to what extent to increase their credit score. The CIBIL score App from Wishfin provides the facility to download the CIBIL report.
Significance of CIBIL Score
There are numerous online methods to check CIBIL scores, but why would someone do it? How does it influence your life? CIBIL or credit score plays an important role when applying for a loan. Lenders, banks, and non-banking financial institutions dive in to check your credit score to know your financial history.
The record of timely payment, number of accounts, irregular or failed credit bills, and loans are all checked. It is to ensure that the borrower will be able to repay the loaned money.
A loan for buying a home, car, business, and other reasons will require good credit. It helps in getting better interest rates, bigger loan amounts, and better chances of loan approval.
Methods to Increase CIBIL or Credit Score
Regularly checking the CIBIL score or checking it before applying for a loan can help the user plan their actions. They can improve or maintain their score accordingly. Here are a few methods to increase it:
Timely bill payment
The credit score is positively impacted by timely payment of loans and credit card bills. If the ‘charge off’ status is applied to accounts in case of irregular payments, there are negative consequences on credit scores.
Regulate CIBIL report inquiry
Lenders make ‘hard credit inquiries’ each time one applies for a loan. Increased inquiries negatively impact the CIBIL score.
Operate old accounts
Declaring bankruptcy or inability to pay the credit card bill or closing an account that is not used are some of the big don’ts. Avoid these to maintain and improve the credit score.
It is important to balance the types of credits. 70-80% secured credits are recommended. Decreasing unsecured credits such as personal loans and others is also essential.
CIBIL’s official website, Wishfin CIBIL score App, and many other options assist in checking CIBIL score online. It is generally recommended to facilitate loan approval and grab competitive interest rates. Proper management and progress through the track record available at Wishfin App will ease the monitoring and planning to improve and maintain a good credit score.