Free Cibil Score &Amp; Report

What is a CIBIL Score?

The Credit Information Bureau (India) Ltd, acclaimed to be known as CIBIL is an authorized credit agency initiated by the Reserve Bank of India (RBI). It checks for the CIBIL scores as well as CIBIL reports for everyone. A CIBIL score is regulated and produced by the bureau after taking into account of a person’s well-elucidated credit data. Added to this, this agency provides credit report services to the banks and apart from that, other NBFC (Non-banking financial companies). A CIBIL score is basically a three-digit number ranging from 300 to 900, where 300 is considered to the lowest score, which also represents the credit worthiness of an individual. Higher the CIBIL score, better the credit history and more responsible is their repayment behaviour.

The basis of calculating CIBIL score is that at least 6 months of historical financial data of an individual is taken into account.

What is a Credit Report?

A Credit Report is a financial document, which is a manifestation of an individual’s credit history with respect to all forms of credit. There are several types of credit or borrowing tools that are incorporated to form a part of the credit report. That includes credit cards and different types of loans, such as personal loan, home loan and car loan. Most importantly, such information is a chronological representation, which indicates that in case, an individual has never taken any loan or never applied for a credit card, his/her credit report shall not reflect any details.

As the credit report shows an individual’s past usage of loans and credit cards, the net worth of the individual does not have any impact on how high or low the credit score of the individual would be.

Why is it important to maintain a good CIBIL score and what are the benefits?

A CIBIL score and CIBIL report is a piece of valued information as it allows the banks and lenders to analyse whether a particular individual is fit for a loan or credit. Having a good CIBIL score makes it easy for an individual to get loans whenever they need one. Here are some more reasons why maintaining a good CIBIL score is important:

  1. It makes you eligible for loans
  2. You can request higher limit on your credit cards because of a good credit score
  3. Avail good discounts interest rates for home loans
  4. It makes you trustworthy, hence bank lend you loans easily
  5. You get an integrated record of your credit history
  6. Having a low credit score makes it difficult for the banks to lend you loans

3 Essential Tips to pertain a great CIBIL Score

A CIBIL score of 750 and above is acclaimed to be ideal. It is considered to be crucial to have a high CIBIL score and also maintain it. This is because it is useful at those times when a loan or a credit card is being applied for. Keeping the CIBIL score on track since the beginning of the year might be beneficial in increasing the chances of getting a loan being approved easily. Having a consistent and healthy CIBIL score is very important. The following are some important tips to have a great CIBIL Score:

  1. Have Discipline: Credit Card and loan repayments tend to have the strongest impact on an individual’s CIBIL score. Hence, paying all the pending dues on time should be prioritized.
  2. Low Credit Utilisation Ratio: maintain the credit utilization ratio at 30% for a good CIBIL score. It is recommended to get a credit card with higher peak limit, if there is a constant struggle to stay within the persisting limit of the card.
  3. Look for Variety: It might benefit an individual to have a good combination of both secured and unsecured debt in lieu of getting a higher CIBIL score. A Credit Card is considered to be an unsecured debt whereas a Car Loan is an instance of a secured debt.

Is there something as a free CIBIL score and report?

Individuals today look for CIBIL score just as a score rather than a concept that is important for the growth and development of the company. In order to encourage people about the CIBIL score, some websites provide CIBIL scores and reports free of charge. You can get your CIBIL score and CIBIL report free by visiting the websites that provide free CIBIL score by creating your account and entering details such as your phone number, email address and the required documents. The website will then give you your CIBIL score within 72 hours of application. Some websites will ask you to become a member in order to get a free CIBIL report and score but the catch here is that you can get a CIBIL Score for free only once year after which if you want to check your score, you need to pay in order to know your score.

How to Get Your CIBIL Score for Free?

Here is how to get your credit report for free. Just follow the aforementioned steps:

  1. Redirect to the CIBIL’s official website and click on the link to get the free credit report: –
  2. Register and create your own CIBIL account.
  3. A form needs to be filled up. Fill out the form with details mentioned below for identity and background verifications with CIBIL:
    1. Date of birth
    2. Sex
    3. Postal Address or permanent address
    4. Identity Proof Number. Can be PAN, AADHAR card, passport.
  4. Read the term and conditions carefully and accept it.

As soon as you accept the terms and conditions, CIBIL will show you your Credit Information Report (CIR) or for some websites it can take up to 72 hours.

As you can get free CIBIL score only once a year therefore, to know your CIBIL score and receive your CIBIL report again in the same year, you will have to make a payment of INR. 550/- for the same. To get an access to CIBIL score and reports in the same year, there are few other paid subscription plans as well, which you can be choosing as per your convenience.

Free CIBIL score and CIBIL report FAQs:

1. How to get a CIBIL score?

In order to know your CIBIL score, you must log on to the CIBIL website, create an account, fill in the required details and documents and then submit it. After processing all your documents the website will display you your CIBIL score.

2. How is a CIBIL score calculated?

A CIBIL score is calculated taking into consideration the individuals financial data, payment patterns, existing and previous loans and the amount of credit that an individual owns.

3. How do I check my CIBIL report for free?

You can check your CIBIL report free on the official CIBIL website once year. If you want to check your score more than once, you can either pay on the CIBIL website or you can opt for a website that provides free CIBIL reports.

4. Why do banks check CIBIL score before sanctioning a loan?

Banks check the CIBIL score and report of an individual in order to analyse whether he/she is a high risk borrower or a low risk borrowed. If your past financial record is good and without any default, then the bank may grant you loan with low interest rates as well.

5. What is the range of a decent CIBIL score?

A CIBIL score ranges from 300 to 900, here 300 is the lowest credit score and 900 is the highest and is called a good credit score. Any CIBIL score ranging from 750 and above it is contemplated as a good CIBIL and credit score.

6. How can I increase my CIBIL score?

There are various ways by which one can increase their CIBIL score. The easiest method is to be consistent while repaying your loans and other such dues on time. This affects your score to a great extent.

7. How long does it take to receive my CIR?

Once you are done with the registration process and you’ve accepted the terms and conditions, CIBIL will show you your Credit Information Report (CIR) within a span of 72 hours or within a certain stipulated time as per the bank.

8. Can I check my CIBIL score more than once in a year?

Yes. You can check your CIBIL score more than once in the same year. But it's not for free. You would need to pay an amount of Rs. 550 in order to get your CIBIL scores.

9. What should be my credit utilization ratio in order to maintain a good CIBIL score?

Having your credit utilization ratio at 30% will make sure that your CIBIL score is decent.

10. Will CIR contain information regarding my transaction?

Credit Information Report (CIR) will have information regarding your monthly loan-repayments, EMI details, and credit card payments.

11. Are there sources other than CIBIL which can provide CIBIL score?

Yes. CIBIL SCORE can only be accessed by TransUnion CIBIL (Credit Information Bureau(India) Private Limited. It falls under four bureaus from which the individuals across India can access their credit scores and credit information reports.

12. Is my CIBIL SCORE accessible to everyone?

No. Your CIBIL SCORE can only be accessible by you or a few trustworthy entities acting upon your consent. It is a piece of confidential personal information. Only trusted CIBIL members such as specific financial institutions and banks have been provided the right to access your CIBIL SCORE/report under specific circumstances. These special conditions include the scenario of the application of a new loan or credit card when you are not allowed to pass on any legal information to third parties.

13. Under which circumstances can I encounter a credit card account that is already paid off and closed in my report?

Your loan/credit card status is reported by your current lenders in a periodic time frame to CIBIL. Over time, these details are showcased in your report.

14. Is it possible for CIBIL to alter or delete my credit card information on its own?

No. CIBIL is not authorized to alter or delete your credit card information on its on through any means. They are entrusted to collate the data as given by the member banks and NBFC’s.

15. What is the significance of CIBIL 2.0?

To keep up with the current economic scenarios and meet the demands of altering customer credit data and profiles, TransUnion CIBIL has been devising a new scoring model. This revamped model is known as CIBIL 2.0.

16. What procedure has to be followed after you encounter errors in your CIBIL report?

CIBIL includes a Dispute Resolution procedure through which you can request CIBIL to make corrections in the faulty areas.

17. Does my CIBIL SCORE play a decisive role in improving my chances of obtaining a new loan or credit card?

Different banks and NBFCs have varying cut-off parameters for providing new products related to credit. CIBIL, Experian, Equifax or CRF High Mark play important roles in deciding your eligibility for obtaining a new product by reporting your present credit score.

18. Will examing my CIBIL score induce its downfall?

No, checking your credit report/CIBIL SCORE is referred to as ‘soft inquiry’ which does not lead to the downfall of your CIBIL SCORE. Degradation can only happen through ‘hard inquiries’ by financial institutions and banks.

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