We must have heard of terms like credit score or CIBIL score. A credit score or a CIBIL score represents your credit history. It shows your past loans and how effectively you have repaid them. It serves as a key measure of your ability to borrow from Banks/NBFCs, calculated and generated based on monthly credit information provided by lenders. This guide will provide the best way to check CIBIL score online and help you understand them better.
What does a Credit Score Indicate?
Before delving into the best way to Check CIBIL score online, we will first learn what credit score indicates. Although we know it is a 3-digit number, these numbers fall within specific ranges, each carrying a distinct meaning. Let’s explore these ranges and their significance.
300: No Score/No History
A credit score of 300 or less indicates no prior history of loans or credit cards. It indicates that you must initiate the process of building a credit score. You must consider this seriously and build a good credit score.
300-550: Very Low Credit Score
You have a damaged credit history if your credit score lies anywhere in this range. You must be aware of and maintain financial discipline to strengthen your credit score. Check your report thoroughly, identify the issues, and take corrective measures.
551-620: Low Credit Score
If you see your credit score to be anywhere in between this range, it indicates suboptimal credit behavior leading to a damaged credit history. You must immediately improve your credit score for future credit eligibility.
621-700: Fair Credit Score
A credit score in this range positions you close to achieving a strong credit score. It means that you are closer to reaching a good credit score. It is a fair credit score, and you will be considered for loan offers.
701-749: Good Credit Score
It acknowledges responsible credit behavior and a positive credit history. It indicates eligibility for credit offers from most banks and non-banking financial companies (NBFCs).
750+: Excellent Credit Score
With a CIBIL score surpassing 750, you fulfill the eligibility requirements for most banks and NBFCs. Additionally, this high score signifies an increased likelihood of securing the most favorable offers on loans and credit cards.
Ways to Check Credit Scores in India
Now, look at how you can check CIBIL score online in India.
Opt for CIBIL Score Apps:
Several online CIBIL score apps allow you to check CIBIL score online for free. They have tools that conveniently allow you to access your credit score. Also, these platforms have insights into everything you need about credit scores and guide you well. However, some platforms charge a minimal fee for this service. But you can find several free platforms that offer a reliable service.
Check Your Credit Report:
To review your credit report, take advantage of the annual free credit report provided by CIBIL, adhering to RBI guidelines. Access this report directly through the official CIBIL website or third-party platforms.
Reach Out to Your Bank:
Alternatively, you can contact your bank and inquire about the possibility of obtaining your CIBIL score upon request.
Visit CIBIL’s official website:
You can visit the official website of Credit Information Bureau of India Limited (CIBIL) website. Log in by providing your credentials and check CIBIL score online.
In conclusion, building your CIBIL score is a must as it will help you big when approaching banks for loans. Several factors affect your credit score. It is in your own hands to tackle them, plan your finances, and work towards building your credit score. One important step is to check CIBIL score online often. With several CIBIL score app, you can check CIBIL score online for free.
However, the best way to check CIBIL score online is up to you to decide. But we recommend you visit the online platforms that offer free CIBIL score checks. These platforms also allow you to learn how important credit score is and keep yourself updated on your score. Therefore, we encourage you to leverage these resources to stay well-informed and actively work towards cultivating a positive credit history.