CIBIL score is a three-digit number assigned by a credit bureau against an individual’s borrowing and repayment activity. Lending institutions assess the credit report before approving a loan to learn more about a borrower’s creditworthiness.
Hence, individuals should know how to check CIBIL score online to keep a tab over their credit profile. This will help them understand the areas that need improvement to avail credit of their choice.
The ways to access a credit report online have been discussed underneath.
How to check credit score for free?
Individuals can check their CIBIL score in two ways for free, and the methods on how to check CIBIL score are as follows-
From the TransUnion CIBIL website
Step 1: Individuals need to visit the TransUnion website and choose the option ‘click here to get your free annual CIBIL score’
Step 2: On the redirected page, they have to enter details such as name, contact number, email ID, birth date, etc.
Step 3: Select the ID type and the relevant number like Aadhaar card
Step 4: End the steps by clicking on the accept and continue option
Ideally, TransUnion let consumers check their credit report for free and without performing any login. However, an individual need to verify his/her identity to access the said report.
It is recommended to check the report routinely to ensure borrowing eligibility. This practice can improve the chances to avail a best home loan against favourable terms from a lender.
With digitalisation, nowadays, the data are maintained and updated online. There are times when the information entered can be invalid or have a slight error. This inaccurate data can lead to a poor CIBIL score, thereby creating hassle in credit approvals. Thus, checking this score and report regularly can help one to correct such wrong information and maintain a clean record.
Furthermore, it is important to know that the credit score is a part of the home loan eligibility criteria. Hence, an individual should initiate CIBIL report correction at the earliest if there are any issues.
From a lending institution’s website
Individuals can also check credit scores from a lending institution’s website. The steps for this process are –
Step 1: Visit the website of a preferred lending institution offering a free credit check
Step 2: Fill in the valid details like name, contact number, email Id, etc.
Step3: Enter the OTP sent to the registered mobile number
Step 4: The report will be displayed
Besides the free CIBIL score check, leading financial institutions also extend pre-approved offers that simplify the loan application process. Such offers are available on several financial products like home loan, loan against property, etc. You can check your pre-approved offer by entering your name and contact number.
Moving ahead, prospective borrowers with a poor CIBIL score can consider a few points that can ascertain approval. Some of them are discussed below.
How to improve CIBIL score for home loan approval?
- Make timely repayments
Maintaining a timely repayment structure helps in improving the credit score. This will substantiate a borrower’s reliability in a lender’s eye.
- Maintain a healthy mix of credit
A borrower should keep a healthy mix of credit. This should include an even spread of unsecured and secured credit forms. Lenders would consider such borrowers capable of managing multiple loan accounts.
In this regard, individuals can use an online home loan calculator and understand their repayment capability before making a loan application.
- Not making multiple credit applications at once
Making multiple credit applications at once can also affect an individual’s credit score adversely. Since every loan application initiates a hard enquiry with a credit rating agency, doing it repeatedly reduces the CIBIL score. Thus, it is ideal to refrain from that.
Following these methods will answer an individual’s query on how to check CIBIL score. They can also subscribe to TransUnion if required to get regular updates.
