CIBIL Score. Check Free CIBIL Score Online and More Details on Credit Score and CIBIL Report

Updated: Sep 21,2019 12:57 IST

icon icon icon icon CIBIL Score. Check Free CIBIL Score Online and More Details on Credit Score and CIBIL Report
CIBIL or CIBIL Score is one mandatory check that will be made when it comes to applying for any kind of loan. CIBIL score gives the creditworthiness of an individual and the score is given as credit report. Check CIBIL Score Online and get more information on how to improve your CIBIL Score from the article below.

What is CIBIL?

CIBIL stands for Credit Information Bureau (India) Limited formed in 2000 August and it is the first Credit Information Company in India. Credit information has become one of the major field with the growing economy and millions of transactions happening on every day basis in various sectors. Credit information of an individual or a business or a firm has become important in case of making any deals or approval of loans or any other credit related happenings. In order to calculate these credit information there are around four credit information companies in India and CIBIL stands as the oldest and top credit information company and it is functional from January 2001. The other three Credit Information Companies are Experian, Equifax and Highmark with the operational license from 2010.

What is Credit Information and How is CIBIL Calculated?

Credit Information is nothing but credit transactions of an individual or a company that is being maintained by CIBIL and the credit information records are drawn on monthly basis. Credit Information gives the ability of an individual or a company in repaying the debt and how an individual or a company maintains to pay back its credits at the right time. Credit Information record that are collected is used to generate the CIBIL Score. CIBIL Score or the Credit Score are calculated and the record is maintained by CIBIL. CIBIL Score gives the credit worthiness of an individual in getting approval of loans from banks and other financial institutions.

Overview on CIBIL Score

A CIBIL Score is nothing but the credit score of an individual given by CIBIL based on the transactions and payments made on their loans and credit cards. CIBIL is the three digit summary of an individual’s credit history. The score is calculated based on the credit history of an individual and is given along with the monthly Credit Information Report. CIBIL collects all transactions pertaining to an individual’s credit card and any loan amount if applicable from banks and financial institutions to calculate the CIBIL Score and the records are maintained on monthly basis.

What is a CIBIL Score?

CIBIL Score is the numerical notation of your credit information and your credit history. CIBIL Score is denoted in three digits and the CIBIL Score ranges from 300 to 900 with 300 being the lowest range and 900 being the highest range. CIBIL Score of an individual or a company determines the loan approval and the CIBIL Score is only connected with your credit transactions and have no records related to your savings or fixed deposits. CIBIL Score is a major checkpoint in approval of loans requested by individuals or companies.

What is a Credit Report given by CIBIL?

Credit Report is generated by CIBIL based on the credits you have acquired that is loans, your credit card, any overdrafts, etc. Credit Report is generated by acquiring all the credit information of for an individual or a company from the banks and financial institutions and the credit report is prepared by the credit bureau and the credit report is prepared on monthly basis. The credit information acquired is reflected as credit report and CIBIL Score. Credit report is the detailed credit information whereas CIBIL Score is the single denotation of your entire credit report. All the credit reports are maintained by CIBIL.

Why should you maintain a good CIBIL Score?

Apart from basic eligibility like age, occupation, etc one of the major check the banks puts forward is your CIBIL Score. For availing any kind of loan maintaining a good CIBIL Score is mandatory. Credit Score of 750-900 is considered to be good range and there are chances of instant loan approved by the bank. Lower CIBIL Score doesn’t provide you the expected loan amount in worst cases there are higher chances of loan rejection. Lower CIBIL Score means plain rejection of loan. So, it is recommended you have a good CIBIL Score before you apply for any loan and that you maintain a good credit score.

What is the good and a bad CIBIL Score?

CIBIL Score is the three digit numerical representation of your credit information and credit history. The importance of calculating CIBIL Score is to calculate the entire credit transactions made which in turn is used to approve any credits for an individual i.e. to provide any further credit the previous credit history has to be checked. CIBIL Score is based on the repayment capacity of an individual that payments made at the right time and proper repayments. 900 is the top credit score and 300 is the least CIBIL Score. For quick and instant loan approval, a CIBIL Score of above 750 is considered to be a good CIBIL score and any score below 750 ranges from fair to poor credit score where loan approval is decided upon by the banks or financial institution.

What are the ranges of CIBIL Score?

For any loan approvals or credits one should have a good CIBIL Score which is directly related to the loan approval. CIBIL Score is the one major criteria for loan approvals. CIBIL Score falls under five categories ranging from Excellent score to Very Poor score and the ranges of CIBIL score are listed below.
  • CIBIL Score of range 300-619 is the least score and it is tagged as “Poor” score and loans are rejected plainly.
  • Range of 620-659 is “Fair” score and loan approval in such cases are very minimal.
  • Range of 660-719 is “Good” CIBIL Score and for loan approval there are 75% chances of approval along other document proofs being proper.
  • Range of 720-749 is a “Great” CIBIL Score and loans are instantly approved.
  • Range of 750 above is an “Excellent” CIBIL Score and loans are approved instantly.

How to Get a free CIBIL Report?

One can easy apply to obtain a CIBIL report. It is free to obtain CIBIL report only once in a year. For if anyone is in need of their CIBIL report more than once, then they have to pay a fare of Rs.550. There are many paid plans to obtain CIBIL reports as and when required. Follow the below given steps to easily obtain a CIBIL report.
  • Visit official link of CIBIL.
  • Click the link to check the CIBIL report for free.
  • Create a CIBIL account by providing necessary details.
  • Fill the form and check the box provided for terms and accept it.
  • After which, CIBIL Information of yours is displayed.

What are the Details Available in the CIBIL Report?

The main purpose of the CIBIL is to know the creditworthiness of a person. When anyone is applying for any kind of loans, the financial institutions expect you to provide your CIBIL report. Some of the details which are available in the CIBIL report are listed below.
  • CIBIL score
  • Details related to the loans prevailing
  • Name
  • Date of birth
  • PAN number
  • Aadhar number
  • Other identification proof serial numbers
  • Current residential status
  • Previous residential status
  • Current employer and address
  • Previous employer and address
  • Income tax filing records

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