Know How Your CIBIL Score Can Be Checked

Before taking a home loan, you should get adequate information on some important things like the Credit Information Bureau India Limited (CIBIL) score. You must ask vital questions like: How do I reduce my EMIs? What is the CIBIL score? How can I check my CIBIL score? 

Getting the right answers to any of the critical questions above will help you to obtain a home loan at a low-interest rate. Your CIBIL score is always at the forefront of things that lenders consider before granting a home loan. To meet your lenders halfway and avoid unnecessary rejection, you should know everything about the CIBIL score.

What is CIBIL Score?

CIBIL is the agency that helps to provide the credit reports and scores of people in India. Credit reports often include the loan and credit card information from banks and other financial institutions.

In India’s home loans, lenders have confirmed that the CIBIL score should not be less than 725. Anything less, and you may not be eligible to take a housing loan.  

As to how your CIBIL score can be checked, consider the following mandatory steps to help you get an accurate CIBIL score.

Log In to the Website

If you are keen to know your CIBIL score, you must visit the lender’s website and further click on “know your score” to access your credit score. You may find some other vital information on their website. 

Fill the Online Form

You will likely be required to fill in basic information like your date of birth, name, address, identity proof, and past loan history, among other things. It would help if you didn’t shy away from providing this information. 

By filling the form online, you are making your interest known to the financial institution. All things being equal, the financial institution takes your record and works with it as soon as possible. 

Pick a Model of Payment

The next thing you would be doing after filling the form online is to pick the payment mode that is most suitable for you. Their payment model could be credit cards, prepaid cards, or net banking, among others. After selecting the payment mode, you need to pay to get the credit report.

Authenticate Identity

Are you thinking about the next thing after payment? Think no further! Authentication of identity comes right after payment. On the authentication page, you’ll find about five questions. To get a stamp of authenticity, you will need to answer a minimum of three questions correctly. Of course, all of these questions would relate to credit history.

If you ever get to this stage, then you won! You are at liberty to now access your credit score without any barrier. 

But, there is more. Here are some other vital factors and considerations you must know about.

•    Payment History: This deals with the monthly credit card bill payments and loan EMIs.
•    Credit Utilization Ratio: This focuses on the percentage of the money you spend from your credit card per month. 
•    Types of Credit and Duration: How long you’ve been using your credit card plays a huge role in determining the credit score. So, a trace back to the age of your credit card and the time you started using it may help to determine the credit score. 
•    Multiple Credit Requests: This is mostly about the constant inquiry on credit score. If it is too often, it may affect your credit score. 

Final Thoughts

People who intend to take a home loan must learn how to calculate their Credit score because it remains one of the most important criteria for obtaining a home loan.

Knowing how to check CIBIL score ceases to be a chore and now becomes an easy nut to crack as long as you follow these steps. 

Click here to get your answers if you have further questions on your CIBIL score.