Keeping an eye on your credit score is an easy and important way to understand your financial health.
By checking your score regularly and following good financial habits, you can build a strong credit history. This can help you get approved for loans, credit cards, and secure lower interest rates.
Since January 2017, the Reserve Bank of India (RBI) has required all four licensed credit bureaus to provide one free credit report and score every year to each individual.
This rule promotes transparency and helps people keep track of their credit status and make better financial choices.
Who Provides Credit Scores in India?
India has four main credit bureaus licensed by the RBI:
TransUnion CIBIL
Experian
Equifax
CRIF High Mark
These agencies collect and analyze credit information. They generate credit scores and reports that help lenders decide whether to approve loans or credit cards.
What Is a CIBIL Score and Why Is It Important?
A CIBIL score is a three-digit number between 300 and 900, provided by the Credit Information Bureau (India) Limited.
It shows how reliable you are with credit. Lenders check this score before giving you a loan or credit card.
A score above 700 is considered good, and 900 is excellent. Checking your score regularly helps you stay informed, avoid financial risks, and improve your chances of getting loans on better terms.
How to Check Your CIBIL Score for Free: Step-by-Step Guide
You can check your CIBIL score online by following these simple steps:
Step 1: Visit the official CIBIL website
Go to the site and click on “Get Your CIBIL Score.”
Step 2: Fill out your basic details
Enter your full name, contact number, and email address. Then click “Continue to Step 2.”
Step 3: Enter your PAN number carefully
Your PAN is needed to get your credit report. Double-check your entry to avoid mistakes.
Step 4: Answer a few questions about your credit
You’ll be asked about your loans and credit cards. These help in calculating your score.
Step 5: Skip paid options
You’ll see options for paid subscriptions. To get the free report, scroll down and select “No Thanks.” You’ll then receive a confirmation message and your account will be created.
Step 6: Verify your account
Check your email for a verification link and one-time password (OTP). Click the link, enter the OTP, and reset your password.
Step 7: Log in to your account
After logging in again, your details may auto-fill. If not, enter them manually. Add your contact number and click “Submit.”
Step 8: View your CIBIL score and report
Once you’re in the dashboard, you’ll see your CIBIL score. Download the report to view your full credit history.
Why You Should Check Your CIBIL Score Regularly
Checking your score once a year is helpful, but monthly checks are better. Banks and lenders update credit data regularly. By monitoring your score, you can:
Spot and fix errors in your credit report
Track how you’re repaying loans and credit cards
Identify things that may be hurting your credit, like missed payments or using too much credit
Tips to Keep a Good CIBIL Score
Pay on time: Always pay EMIs and credit card bills by the due date.
Use less credit: Try to use less than 30% of your total credit limit.
Don’t apply too often: Too many loan or credit applications may look risky to lenders.
Check for mistakes: Review your credit report and report any errors to CIBIL right away.
