What is Cibil Score

If you do not know What is CIBIL Score and How to Check then this article is for you. In this article we will know what is CIBIL score, how can we increase CIBIL score, what should be CIBIL score, how can we check CIBIL score etc. So friends, you are requested to read this article till the end.

Whenever we take a loan from any bank or apply for a credit card , our CIBIL score is first checked by the bank. CIBIL is the name of a company whose full name is Credit Information Bureau India Limited. Earlier it was called CIBIL but now its name is TransUnion CIBIL Limited . It is the first credit information company in India that collects customer data from banks. And on the basis of those data decides your credit score. CIBIL gives you a credit score based on your data, which is between 300 and 900.

Credit score and CIBIL score are both the same thing. Whether you are taking a personal loan or home loan from any bank, your credit score matters a lot. Any lender can check the credit history of the applicant while giving Secured and Unsecured Loan and only on the basis of that loan is given to you. The better your credit score , the less time you will get a loan or credit card .

If you are not understanding the credit score correctly, then we understand it here with an example. Suppose you are playing a game and if you perform well in that game then you are given a good score and if you perform poorly then you are given a very low score. Similarly, if you take a loan from a finance company or bank or take a credit card and pay the money or pay the EMI on time, then your credit score will be good and if you do not pay on time or do not pay the EMI. If so, then you will have a bad CIBIL score .

Any bank gives you a loan or credit card based on your good credit score. There are many mobile apps on which you can check your credit score for free. Generally 750 CIBIL Score is considered as a good score. Like CIBIL, there are many companies which give you credit score like Equifax, Experian, CRIF High Mark etc. But CIBIL is an old company and is more famous than all these. The data of CIBIL is perfect as compared to the rest of the company, so all the banks and finance company CIBIL which gives more importance.

Full form of CIBIL

Credit Information Bureau India Limited

Features of CIBIL Score

CIBIL Score changes every month. If your CIBIL score is bad, it does not mean that your CIBIL score will always remain the same. You can improve your CIBIL score by giving good performance in the finance company or bank next month.
CIBIL is the name of a company that collects customer data on a monthly basis by banks and other lenders, and on the basis of this data develops the individual’s CIBIL score and report.
On the basis of this credit score report of the person, the lender decides whether to give loan to the person or not.
Credit bureaus are licensed by the RBI and regulated by the Credit Information Companies (Regulation) Act 2005.
The full form of CIBIL is Credit Information Bureau India Limited .
CIBIL is licensed by the Reserve Bank of India (RBI) and is governed by the Credit Information Companies (Regulation) Act of 2005.
The score given by CIBIL ranges from 300 to 900.
The closer your score is to 900, the higher your chances of loan approval.
All the banks check the credit score of the customers before giving loan or credit card to the customers.
A credit score of 750 is generally considered a good score.
Credit score is given to you on the basis of CIBIL report.
Banks, non-banking finance companies and other financial institutions submit the records of customers to CIBIL, after which CIBIL issues CIR (Credit Information Report) based on this information, in which the customer is given a credit score.
The CIBIL report contains complete information about your credit history such as the loan taken by you, failure or delay in repayment of loan, frequency of repayment etc.
Just as individuals get CIBIL score, similarly companies also get CIBIL rank.

How to improve your credit score?

Many people have this question in their mind that can we improve our credit score then the answer is yes. Because credit score changes every month. Credit report of customers is prepared by CIBIL on monthly basis. You can improve your CIBIL Score by having a good credit history. Here are some rules that you can follow to keep your credit score good:

After taking a credit card or loan from any bank, always pay it on time. If you delay this, your credit score may get worse.
Keep your balance low If you use excessive credit then your CIBIL score can get worse.
Keep checking your credit history from time to time.
Always keep a healthy balance of both secured loans (such as home loans, auto loans) and unsecured loans (such as personal loans, credit cards). If you take a highly unsecured loan, then it can have a bad effect on your credit score.
When applying for new credit, don’t show it as a necessity. Apply for new credit carefully.
Monitor your co-signer, guarantor and joint accounts monthly as you are treated as equal partners in case of any wrong payment. The negligence of the person to whom you have taken the guarantee can have a bad effect on your CIBIL score.

Why is credit score important?

Now let’s talk about why credit score is important. Why your CIBIL Score is checked by Banks and why this CIBIL Score has been prepared. When you apply for a loan, the first thing the lender checks is your CIBIL score. If your CIBIL score is poor, then the lender may not consider giving you the loan any further. And if your CIBIL score is good then the lender will look into the rest of the loan details and your loan may be approved. There are many such unsecured loans which are given to you on the basis of your CIBIL score. such as personal loan.

You do not have to provide security in a personal loan, but your credit score plays a very important role here. If your credit score is bad then it does not mean that you will not get the loan, it depends on the lender whether he approves your loan or not. Your credit score always works as an initial impression. CIBIL does not decide whether to give you a loan or not, CIBIL just gives you a score based on your credit history. Whether you want to give the loan or not, it completely depends on the lender.

Documents for CIBIL Registration

For Individuals :

Identity Proof (Aadhaar Card / PAN Card / Driving License / Passport / Voter ID Card)
Address Proof (Bank Passbook / Electricity Bill / Telephone Bill)

For companies:

Address Proof- Bank Account Statement, Electricity Bill and Telephone Bill

How to Create myCIBIL Account?

Now let’s talk about how we can create our myCIBIL Account. So to understand the process of creating an account, follow the steps given below:

First of all you have to visit the official website of CIBIL https://www.cibil.com/.

The option of “Get your CIBIL report & score” will appear on the home page of the website, click on it.
After clicking, a new page will open.

After coming to this page, you have to select the plan as per your wish and click on Get Started.

Enter the required information asked in the form and click on Accept & Continue.
After that verify your identity.
Then make payment. You are successfully registered on CIBIL portal to make payment, now you can take advantage of all the services by logging on to this portal.
What are the benefits of registering on CIBIL Portal?
A portal named myCIBIL has been created by CIBIL through which customers can get regular updates on their CIBIL score and their reports.
You can view your CIBIL report online with the help of your mobile phone.
The site provides a discount to the customers by logging in to myCIBIL.
Consumers can get pre-approved and customized loan offers at low rates.
This portal also gives you the option to dispute errors on the credit report.

How to do CIBIL Login?

If you have successfully registered on CIBIL Portal, then you can now login to this portal. To login, follow the steps given below:

First of all you have to visit the official website of CIBIL.
Log in now option will appear on the home page of the website, click on it.
After clicking, the login form will open in front of you on the next page.

In this login form, you have to enter username and password, after that you have to log in.

What is CIBIL TransUnion Score 2.0?

The new update of CIBIL Score is CIBIL 2.0 . CIBIL 2.0 has been designed keeping in mind the current trends and changes in consumer profile and credit data. All the banks are slowly switching to the new version. And there may be more difference in new than in old version. But it will not have any effect at the time of loan approval. Because the eligibility may be different in both these versions of CIBIL. So it depends on the lender which version he is sanctioning your loan using.

What does NA or NH mean?

If your score is showing NA or NH it does not mean that your score is bad. It can have many meanings, about which information is given here:

You may be new to the credit system i.e. you do not have a credit history to indicate your score.
You can have all add-on credit cards and not have any credit exposure.
You have not had any credit activity in the last few years.

Let us tell you that if your score shows NA or NH then it cannot be seen as negative by the lender. Many a times it happens that the lender can stop your loan by looking at your NA or NH credit score. In this situation, you can get loan by applying elsewhere.

How to Check Free CIBIL Score?

If you want to check CIBIL score online for free, then follow the steps given here:

First of all you have to create your account on CIBIL portal cibil.com.
While creating the account, you have to give your personal details and verify the identity.
Once you have successfully registered on this portal, you can check your free cibil score by logging into this portal.

How to Upload KYC Documents on CIBIL Portal?

First of all you have to visit the official website of cibil.com.
The option of uploading supporting documents will appear on the home page of the website, click on it.

On the next page you will see two options of CIBIL Score and CIR and CIBIL Rank & Company.
You have to select one of the two, after that click on submit.
A form will open in front of you on the next page. Here you have to upload your documents and click on submit.

How to login CIBIL consumer?

First of all you have to visit the official website of CIBIL Portal.
On the home page of the website, the option of Consumer will appear in the option of PARTNER LOGIN, click on it.
After clicking, the consumer login form will open in front of you.
In this you have to enter consumer user id and password and log in.

How to check SBI CIBIL Score?

First of all you have to visit the official website of SBI.
After this click on Get CIBIL. You can directly click on this link https://homeloans.sbi/getcibil .
A form will open in front of you. You can check your CIBIL score by entering the required details in this form.

How to raise a dispute in CIBIL?

First of all you have to visit the official website of CIBIL.
On the home page of the website, you will see the option of Dispute Resolution, click on it.
On the next page, you have to select an option for which you are raising the dispute.
After coming to the next page, you can do your dispute resolution process by clicking on Login.

Contact Us

Complete information about CIBIL score is given in this article. You can understand your credit score by reading this article. If your credit score is too low, then any bank can refuse you a loan. If you want to know more about CIBIL score, then you can contact on the below given contact number:

Consumer Helpline Number: +91 – 22 – 6140 4300
Timings [Mon – Fri]: 10:00 AM to 06:00 PM
Write To Us: Click Here
Office Walkin Timings: Currently unavailable due to COVID-19 restrictions. Please contact on phone or write to us.
Board Line Telephone: +91 – 22 – 6638 4600

REGISTERED CORPORATE OFFICE :

TransUnion CIBIL Limited
(Formerly: Credit Information Bureau (India) Limited)
One World Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400 013.
Fax: +91 – 22 – 6638 4666

Conclusion:

Friends, in this article we have learned that What is CIBIL Score and how to check? If you want to know more about this, then you can contact on the helpline number of CIBIL. Hope you find this article informative. If you liked this article, then please share it with your friends and stay connected to our blog for similar information.

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FAQ’s

Q. What is a bad CIBIL score?

Ans. A score between 300 and 549 is considered bad.

Q. How can I contact CIBIL?

Ans. You can contact their helpline number 022 6140 4300.

Q. Where can I file a complaint against CIBIL?

Ans. You can call on 022-61404300 to register your complaint.

Q. What is CIBIL Code?

Ans. This is a 3 digit number between 300 and 900.

Q. What is the CIBIL Score?

Ans. CIBIL collects the data of the customers and gives them a score on the basis of their credit history which is called CIBIL Score or Credit Score.

Q. How many numbers are there in CIBIL?

Ans. CIBIL is a three digit number and it ranges from 300 to 900.

Q. What is the full form of CIBIL?

Ans. The full form of CIBIL is Credit Information Bureau India Limited.

Q. Is 750 a good CIBIL score?

Ans. A CIBIL score above 750 is considered an ideal score. That’s why you should always keep your CIBIL score above 750

What is Cibil Score – How to Check