Accessing Your Personal CIBIL Score: Simple Steps

Jul 8, 2024

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Everyone has financial goals, whether it's buying a car, a house, or just indulging in a luxury vacation. Achieving these goals often necessitates obtaining credit. Your CIBIL score is a significant determinant of your creditworthiness when applying for loans or credit cards, which is why it’s crucial to know how to access your personal CIBIL score.

CIBIL, also known as the Credit Information Bureau (India) Limited, is the primary bureau in India that calculates this essential financial number. Your CIBIL score, or simply my CIBIL score as many refer to it, is a three-digit number ranging from 300 to 900. A score above 750 is considered good and increases the likelihood of getting credit approval.

Accessing my CIBIL score is a relatively hassle-free procedure. Here’s how:

1. Visit the official CIBIL website.

2. Click on 'Get Your CIBIL Score.'

3. You will be required to fill out a form asking for your name, contact information, PAN card number, etc.

4. After filling in the details, you will need to answer a few questions for your records' validation.

5. Once your identity is verified, you can proceed to the payment section. Currently, the charge for a one-time CIBIL score check is Rs. 550.

6. On successful payment, you will gain access to your CIBIL score instantly.

While it's important to check my CIBIL score, wondering how to increase credit score is just as vital. Monitoring and improving your credit score aids in securing better loan terms and lower interest rates.

Here's how to increase your credit score:

1. Timely Payments: Consistently paying your loan EMI's or credit card bills on time will greatly enhance your CIBIL score.

2. Maintain Credit Utilization: Try to utilize below 30% of your credit card limit. High credit card utilization negatively impacts your score.

3. Regular Credit Report Checks: Regularly checking your credit report helps identify any discrepancies or errors which could be rectified leading to an improved score.

In conclusion, knowing how to access my credit score and understanding how to increase credit score are instrumental in financial planning. Regularly servicing debts, minimizing credit utilization, and regular monitoring of credit reports are some measures that can help improve your credit score. Ensure that borrowing is done responsibly and repayment is done promptly to maintain good financial health. Remember, a good credit score not only enhances your ability to secure credit but also facilitates better negotiating power for lower interest rates.

For a seamless experience, download the Bajaj Finserv App to check your CIBIL score, access personalized offers, and manage your credit health on the go.