CIBIL Score Online
Last Updated 21st Jul 2017
CIBIL Score in India
- CIBIL score or Credit score in India is a three-digit number ranging from 300 to 900 which signifies the creditworthiness of an individual
- Credit score is calculated on the basis of past credit history of the borrower
- Generally, the score of 700 and above is considered as ideal or good CIBIL score
- Free CIBIL score and report can be applied through CIBIL website
- You can also estimate your score using MyLoanCare CIBIL score calculator for free
- Credit bureaus other than CIBIL which gives credit report are Experian, Equifax and CRIF High Mark
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Free CIBIL Score
- As per government’s new announcement, you can get a free copy of your CIBIL report from each of the four bureaus after 31st December, 2016
- To get your CIBIL report you can subscribe from one of the following options listed below:
- Rs. 550 – My CIBIL score and CIBIL report
- Rs. 800 - Bi-annual subscription (2 score reports)
- Rs. 1,200 - Quarterly subscription (4 score reports)
- Banks check CIBIL score to judge your credit worthiness and decide your loan eligibility. Score of 700 and above is generally considered as good score.
|CIBIL Score Range||What it may mean for your credit health?|
|750 - 900||
|700 - 750||
|550 - 700||
|300 - 550||
Reasons for low score
Here can be many reasons for a low CIBI score. These can be classified into two types based on the nature of the reason for low score.
Low score due to errors by bank
- Wrong credit info provided by banks
- Record not updated even after customer has paid
- Lenders classifying a/c as “settled with loss” while actually the dues were disputed
- Lenders showing amount as “overdue” even when the demand is contested by the customer
Low CIBIL credit score due to past behavior of borrower
- Write offs reported, particularly in last 2-3 years on unsecured loans and credit cards
- Outstanding credit card dues
- Delay in payment of EMI’s on home loan, loan against property, personal loan, consumer loan, gold loan or any other loans
- Too many loans already availed
- High credit availed on credit cards
- Too many loan applications made in the recent past
How to improve CIBIL score?
- Make timely and consistent payments of all EMI’s for personal loans, education loans, gold loan and home loan: Pay your credit card dues on time.
- Balance your Loans: To get ideal score, keep a balance between secured and unsecured loans. You must not have more number of unsecured loans as compared to secured loans.
- Do not apply for multiple loans in a short span of time: You must not apply for loans in multiple banks in a very short period of time. If your loan application from one bank has been rejected then you must be patient before filing the application with other bank. More the number of loan applications, lesser will be your credit score. Multiple loan application will leave a negative impact on your CIBIL score. Before filing for loan you must work on improving your creditworthiness to get a good score.
- Keep an eye on your score: Don’t get relaxed if once your score was good. You need to continuously watch it. There is a possibility of technical fault on agency’s part due to which your CIBIL score may get affected. To avoid such problems you are advised to keep track of your score.
- Do not spent more than 50 percent of your credit card limit: Your credit card bills define your credit behavior. Limit exhaustion on your credit card shows your credit indiscipline which may affect your score.
Understand Credit Score Details
|Past Payment Track Record||
|Past Defaults, Settlements, Write-offs||
|Secured Loans Vs. Credit Cards and Unsecured Loans||
|Loans as Proportion of Income||
Difference between CIBIL Score, Credit Score and Cibil Transunion Score?
- Score from CIBIL is the there digit credit score of a loan customer calculated by CIBIL, the largest credit agency in India.
- Similarly, other credit agencies like Highmarks, Equifax and Experian also calculate their respective credit scores and these are referred to as Highmarks Credit Score, Equifax Credit Score and Experian Credit Score respectively.
- The scores may vary between the various agencies due to difference in history available with them and different weigtages assigned by them.