Can You Get A Free CIBIL Report? The Answer Is Here!
Wishes have no boundaries in today’s dynamic world where people are increasingly adopting to technological advancements. And to a great extent, wishes need the power of finance to become a reality. Wishes can also differ from individual to individual. So as the ‘Summer Season’ of India is approaching, a trip to the beaches or hill stations may be running in your mind. Fulfilling these wishes may come at a much higher cost and so the onus will be pretty much on a loan to accomplish the same.
When the loan file goes to the bank desk, the first thing that comes under the scrutiny is your credit profile, how good or bad debtor you have been to your creditor, which can be a bank or a non-banking finance company. Credit profiles are prepared extensively by credit bureaus like Credit score Information Bureau of India Limited (CIBIL). CIBIL also prepares a credit report demonstrating the debt servicing pattern of an individual. But can you get that report free? Let’s find out in our segment of Free CIBIL report.
How Does CIBIL Prepare Your Credit Report?
Banks and other financial institutions provide details of your loan repayment to CIBIL on a monthly basis. The details include the amount of debt you are servicing, the EMI applicable, delay or default in the repayment, if any, and so on. What does CIBIL do then? It checks the details thoroughly and create a matrix out of the same.
A healthy matrix can be there if the repayment from the borrower’s end has remained good and on time. On the other hand, a poor matrix would be the case for individuals with constant defaults on their repayment. While a healthy matrix leads to a good credit score, the poor matrix lowers the score drastically.
What Should be Your CIBIL Score to Gain the Lender’s Nod for a Loan?
A CIBIL Score of 750 and above makes it easy to access loans and that too at attractive interest rates, leading to a reduction in the EMI and overall interest outgo over the period of debt. While a score below that may grant you a loan, but the interest rates or the quantum of finance may not be that attractive. And therefore, you may not enjoy your repayment journey.
How Can You Access CIBIL Score & Report?
You can check your CIBIL Score on the official website of the credit bureau. All you need is to create a login by registering your details on the website. Do fill the relevant personal and professional details correctly. In addition, you also need to furnish details of your credit, be it of the present or the past. After submitting all such details, you would need to choose a User ID and password according to the specifications as shown on the website. So whenever you need to check your credit score, just log in using the credentials and do the needful.
You can also get a CIBIL report by giving a request online. Within 30 days of giving a request, you will get a credit report at your residence. The report will give you an idea of your creditworthiness. However, do not check the score repeatedly as it not only lowers the score but can also cost you. You can check your CIBIL Score free once a year. Checking more than once can cost you ₹500 or more.
There are many Fintech companies that provide CIBIL Score without any fee. You can go there and check your credit score. You just need to mention a few details as part of the registration process and check the score. Plus, you can get a credit report after a giving a request for the same.