Financial emergencies can occur at any time in life. In these uncertain times, you may feel the need to approach a bank, non-banking financial institution, or an online loan provider to get credit. Whether you need credit as an education loan, business loan, wedding loan, medical loan, or housing loan, having a credit history is crucial.
When you seek a loan, the lender examines your credit report and score to determine your eligibility based on your prior credit activity. Your ability to obtain credit at more favorable rates depends in large part on your three-digit credit score. Therefore, it is crucial that you check cibil score online regularly and take measures to maintain a high score.
There are different approaches to knowing your score. These include websites and Cibil Score App. Let’s take a detailed look at how to use these platforms and who prepares your credit score.
Who is Responsible for Calculating Your CIBIL Score?
In India, there are primarily four credit bureaus that are responsible for preparing credit scores and report for every individual. They are:
- CRIF High Mark
These bureaus gather all the data of every person who takes a loan from banks and lenders. After analysing these data, they use their proprietary algorithm to calculate the score and report.
Here you must remember that the banks generally update any information relating to your latest financial activity every 30-45 days. Therefore, it takes nearly 1-2 months to record this data.
To get accurate results, you must consider to check CIBIL score online after a gap of 2 months.
Where to Check CIBIL Score Online?
Performing a timely credit score check enables you to make informed and smart financial decisions. You can contact a bank to apply for a loan or credit card based on the score and negotiate for feasible terms. This can help you save a significant amount of money in the long run. Therefore, you must try to check CIBIL score online using the following platforms:
This is one of the most famous platforms used by borrowers and lenders to check CIBIL score online. Here are the major steps to be followed to access your score:
- Visit CIBIL official website.
- At the top of the landing page, you will see the link for the “free CIBIL score.” Click on this link.
- If this option is not visible, you can go to the ‘self-service option.
- Further, you need to click ‘free CIBIL score and report.’
- The next page provides a form where you have to fill in your name, email ID, DOB, identity proof, mobile number, and pin code.
- Once you submit the form, an OTP is sent to your mobile number, which you need to enter and get access to your credit score.
One thing you need to remember is that the CIBIL website offers only one free credit score annually. For more score checks, you can get a paid subscription.
Here you can get your credit score and share the report with lenders to get credit. The steps you need to follow are:
- Visiting the official Experian website.
- Search for the ‘free credit score’ link and click it.
- On the next page, fill out all the details like name, mobile number, Email ID, etc.
- Click the ‘get credit report’ button.
- On the new page appears where you need to enter your gender, DOB, ID number, and address with the pin code. Further, click on the checkbox to get your credit report.
Another convenient way to check CIBIL score online includes using third-party portals like Wishfin. For this, you are required to go to the CIBIL score option on Wishfin’s official website. Further, you get a form that requires your PAN number, name, gender, DOB, email ID, address, and mobile number. After filling in these details, you can access your credit score.
CIBIL Score App
You can download the CIBIL score app from the Play store and App store to know your score. These applications are secure and never share personal data with third parties. Additionally, they have an extremely user-friendly interface, which anyone can use.
Knowing your credit score is crucial to managing your financial behavior. Additionally, it helps you take corrective measures to increase your score. Following all the methods mentioned in this blog, you can easily check CIBIL score online and share it with lenders to get credit conveniently.