All lenders carry out a credit score check when they receive your application for any loan. Your credit score, or CIBIL score, gives lenders an idea about how well you manage your credit, which includes credit cards and loans. It reveals information about your creditworthiness and whether your profile as a borrower is low-risk or high-risk. A high-risk profile means that you have low creditworthiness and have a higher probability of defaulting. A low-risk profile assures lenders of your ability to repay the loan on time. The question is, how do you know what your profile is?
The good news is that you can now initiate a free CIBIL score check online, through either the official CIBIL website or via lenders and other institutions. To know the steps to complete the free CIBIL score checking process on the official CIBIL website and how to download your free credit report, read on.
How to login in to your CIBIL account for a free CIBIL score check
To get your CIBIL report login to the CIBIL website with your credentials. The steps to login are as follows.
Step 1: Visit the CIBIL website and click on ‘Login’
Step 2: You will be redirected to the login page where you will have to put in the username and password you have set while registering on the website
Step 3: Click on ‘Enter’
Step 4: Check your CIBIL score and credit report
Keep in mind that to login to the CIBIL website, you will first need to register yourself. Only then can you use the free CIBIL score checking service. The steps to register your account are as follows.
Step 1: Visit the CIBIL website and click on ‘Login’
Step 2: On the login page, click on ‘Register Now’
Step 3: When the ‘Create your account’ page appears, fill in the required details along with your email ID and password
Step 4: Enter your chosen ID card information along with any additional information required
Step 5: Click on ‘Accept and Continue’
Step 6: Verify your identity by entering the OTP
Step 7: Check your CIBIL score and credit report
Once you submit the necessary information correctly, you can access your free CIBIL score and report. In case you don’t see the ‘Create your account’ page on Step 3, you can go to the CIBIL homepage and click on ‘Credit Report Products’. When the menu appears below it, select, ‘Free CIBIL score’ and click on ‘Get Your Free CIBIL Score.’ Then you can follow the same last 4 steps as above.
The only thing to remember is that CIBIL only allows you one free CIBIL score check in a year. To check it more than this, you can sign up for one of the CIBIL subscription packages. This gets you unlimited access to your credit score and report on paying a certain fee starting from Rs.550.
While registering on the CIBIL website, it helps if you have the required information or documents handy. This will ensure that can add the details smoothly. Commonly required documents include ID proof and address proof. This includes documents such as your driving license, voter ID, passport, PAN or Aadhaar card.
How to download your CIBIL report
Downloading your CIBIL report along with free CIBIL score check will help you keep track of your credit activities with ease. Having your reports, current and previous, at your fingertips will help you monitor the pattern of your score. This will also enable you to understand what affects your score and which measures can improve your credit score.
The steps to download your CIBIL report are:
Step 1: Visit the CIBIL website and login to your account
Step 2: Once you complete your ID verification, you can get access to your report
Step 3: Check your report and download the PDF version
Step 4: For previous reports, go to the history section and download the needed reports
Benefits of carrying out free CIBIL score checks
Apart from making you loan-ready, there are many benefits that you can get by carrying out a free CIBIL score check. They include the following:
· Understand your credit profile better
· Know your financial standing
· Quickly raise and resolve disputes if any
· Quickly rectify any other problems to boost credit score
· Get better credit deals with a high CIBIL score
Apart from visiting the official CIBIL website, you can also visit other lender websites for a free CIBIL score check. This is especially useful if you have already used up your free annual check on CIBIL. Bajaj Finserv is one of the lenders who offers you a hassle-free way to do a credit score check. It gives you access to your CIBIL score and report in just a few simple steps. All you need to do is enter a few details and you’re done. So, check your CIBIL score today and take the necessary steps to secure your financial well-being.
