Have you ever been on a loan or credit card journey? If yes, it would be easy for you to relate to our today’s topic. Yes, today, in this article, we are going to talk about the importance and significance of cibil and how you can check cibil score by PAN card free. That’s Right! It is absolutely easy and a hassle-free thing to know your score as these days many reliable websites are available for help.
Moreover, these sites allow you to check your score anytime so that you can have a hassle-free loan/credit experience. So, without wasting any time further, let’s just come to the point straight and tell you how to check a credit score in easy and simple steps with the help of a PAN Card.
How to Check Credit Score Online?
In order to check your score online, you simply need to login to the official website of the credit agency. It is easy, quick and simple mode with the help of which, in just 2 minutes, you can know your score via PAN card with no additional document being required. Not only this, you don’t have to pay any fee to get your free credit check.
Did we just mention that lenders check the credit score of the applicants before giving loan/credit card? If not, let’s time that you should know about the same.
Let’s just read the steps mentioned below:
Steps to Check Credit Score via PAN Card
- Step 1: To check credit score open the CIBIL page at the official website of any credit agency
- Step 2: Enter your Name as per PAN Card, Date of Birth, Gender and PAN Card number
- Step 3: Provide your contact details which include current residence address, email ID and mobile number
- Step 4: Agree to the terms and condition
- Step 5: Click on submit button
Moreover, now it’s time that we should give you the sneak peak of what is credit score, what is a cibil report, how your report is generated and how your score gets calculated? Curious to know the answers to these questions, just read the article below…
What is a Credit Score?
A credit score is a credit worthiness of an individual. Basically, a 3-digit numeric summary of the credit history that ranges between 300-900, which is derived from the credit history of an individual as found in the Credit Information Report (CIR). Being an important component of your credit profile, it would not be wrong to say that it gives a quick idea of an applicant’s loan/credit card eligibility. The credit rating agencies in India namely-CIBIL, Equifax and Experian issue a score to the individuals.
How is a Credit Score Calculated?
Many leading banks and financial institutions on a monthly basis send a detailed report of the credit activity to the bureaus. Now the report includes the data related to-each loan/credit card payment, late or skipped payments, new loan application, credit limit, interest rate, status of all loan accounts and so on. And, after the complex statistical analysis of this provided information, a cibil score is calculated. Moreover, the applicants having good or high score have better chances of getting the lucrative loan or credit card deal.
What is a CIBIL Report?
A report is a single unified document that contains the credit history across different lenders over a significant period of time. This comprehensive report gives the details of an individual or corporate entity, basically their borrowing history and repayment record. If we talk, what information the report includes, read the points below
- Personal details of an applicant (name, age, gender and address)
- Employment details and earnings
- Number of inquiries made by potential lenders on receipt of the loan/credit card application
- Record of previous and current loans along with the payment record
- Any defaults on loan/credit card
- The details of settled loans, if any
- Total credit limit and the amount spent monthly (Credit Utilisation Ratio)
- Credit score
So, hope this article on check cibil score by PAN card free was worth reading and it gave you a lot more of what you were looking for!