CIBIL score, or popularly known as credit score, is one of the crucial factors that influences and determines the chances of loan approval. A high CIBIL score of 750+ is usually considered ideal by most lending institutions for the approval of loans and credit cards. Borrowers need to check their CIBIL report regularly. It allows individuals to keep track of their credit score and additional details like payment history, recent inquiries, active loan accounts, and more. Here’s a step-by-step guide to download a CIBIL report easily.
Steps to download CIBIL reports
Notably, the CIBIL score of a borrower tends to change every month based on their credit behavior. The credit score of an individual gets reflected in their CIBIL report. TransUnion CIBIL gathers data from different lending institutions regularly to calculate the credit score of borrowers.
Individuals can easily download CIBIL reports from the official website of CIBIL. Here are steps one can follow to do the same online:
Step 1: At first, visit the official website of CIBIL and click on the ‘Get Your Credit Score’ option.
Step 2: Now, create an account by providing all the necessary personal details like email, contact details, address, date of birth, income details, and more.
Step 3: Provide information about valid government ID proof. Individuals need to provide their PAN card details mandatorily.
Step 4: Choose the subscription plan and make the payment.
Step 5: CIBIL will either send an OTP or ask a few questions to verify your identity.
Step 6: Once the verification is complete, the CIBIL report will be delivered within 24 hours.
Ways to check CIBIL score
As mentioned earlier, a CIBIL score is highly instrumental while applying for different financing options. Borrowers with a high CIBIL score can enjoy faster approval and additional benefits such as a competitive interest rate, better repayment terms, and likes.
To check CIBIL score for free, borrowers can employ any of the following methods:
- CIBIL score through PAN card
To check CIBIL score using a PAN card, one can –
Step 1: Go to the TransUnion CIBIL website and click on ‘Get your CIBIL score.’
Step 2: Now, provide the necessary details on the relevant pages and complete the login.
Step 3: For ID proof, choose the ‘Select Tax ID Number (PAN)’ option and provide the necessary information.
Step 4: After that, select the income type and monthly income.
Step 5: Submit contact details such as an address, email ID, and telephone number.
Step 6: Borrowers will get the CIBIL score delivered to your inbox within 24 hours.
- CIBIL score check through Aadhaar card
Consumers wondering how to check CIBIL score with an Aadhaar card can use this identity proof as residence proof while going through the steps mentioned above. The address mentioned here must match with the address that one provides while checking this score.
Besides knowing the process of reviewing CIBIL reports and scores, one should also learn how it can help them in the future.
Major benefits of checking CIBIL score regularly
Borrowers need to keep track of their CIBIL scores regularly. Here are some of the significant benefits of checking this score from time to time:
- Prevent discrepancy in CIBIL report
Sometimes a borrower’s credit score can drop due to an error or discrepancy in the credit report. Such incidents prevent individuals from availing of credit at favorable terms. Regular review of this report and score will allow individuals to avoid such issues.
- Helps in monitoring financial activities
CIBIL scores will allow consumers to know how their financial decisions and actions have been affecting their creditworthiness. This way, they will be able to avoid actions that might be lowering their score.
- Understand your loan eligibility
With access to the CIBIL report, one can understand their loan eligibility better. Prospective borrowers can take necessary measures as per their credit behavior documented in that report to improve their eligibility further.
While it is crucial to check the CIBIL report regularly, consumers should be aware of what to do to improve their CIBIL scores. A healthy credit score will increase a borrower’s creditworthiness, thereby allowing him to enjoy better loan terms with faster approval. They can now completely download CIBIL report online to stay on top of everything.