Your CIBIL score is a number that represents your financial behaviour and ability to repay the debt within the tenure. In India, a total of four credit bureaus compute the score of every individual. Although all the bureaus are registered under RBI, the score provided by CIBIL Score is broadly accepted by all the loan providers throughout the country. Therefore, to get the benefits of various loan schemes, you must keep checking your score on a timely basis.
Technological advancement has made it extremely convenient to keep an eye on the credit score. Let’s find out the steps to get the score through the CIBIL score app and website.
What is CIBIL Score?
Whenever you apply for a loan through your bank account, make a loan payment, or buy any high-value item, your bank shares the information with all the credit offices. Credit companies analyse all the financial statements and data to convert them into a numeric value. This 3-digit number that depicts your financial behaviour is the CIBIL score.
Who Records CIBIL Score?
TransUnion, an American multinational company, is responsible for computing CIBIL scores of nearly 600 million people and over 30 million business groups in India. This credit bureau was established in 2000, and today it is the most trustable agency known for calculating accurate credit scores of Indian citizens. It seeks financial statements of every account holder from all the banks and translates them to create the score and credit report. This report is the basic tool used by loan providers to evaluate the borrower’s creditworthiness.
Ways to Check CIBIL Score Online
The digitisation of the financial world has added convenience to knowing your credit score. Today you can quickly check your credit score online by having a mobile phone with an internet connection. The two methods to know your score online are:
- CIBIL score app
- CIBIL official website
How to use CIBIL Score App to Check Creditworthiness?
There are multiple credit scores providing mobile applications available on the App store and Play store. To use these applications, you need to follow these simple steps:
- Download and install an app on your phone.
- Complete the sign-in procedure by providing all the details. After you submit the details, an OTP is sent to the registered mobile number.
- Enter the OTP for verification and click ‘confirm’.
- In the next step, you will get credit points through the CIBIL score app.
Steps of CIBIL Score Check Through Website
To know your score through the CIBIL website, you can take the following steps:
- Log on to the CIBIL official website and click on ‘get score’.
- Here you need to type your personal credentials like email address, name, password, ID proof, etc.
- After filling out all the necessary details, press the continue option.
- On the next page, you need to click on the dashboard button, which will take you to the myscore page. Here, you can go to the member log-in option to get the credit score.
Why is Credit Score Check Important?
You must check your credit score on a timely-basis because for the following reasons:
- It helps you check your monetary standing and take essential steps to improve it.
- A regular credit check is helpful in maintaining a good score.
- You can check any inaccuracies and errors in data and take corrective measures to solve them.
- The credit report provides a thorough analysis of your financial behaviours, which is crucial for improving your score.
Conclusion
Your CIBIL is crucial for convincing fund lenders to grant loans. Moreover, a good score helps you in negotiating the interest rate. Therefore, you must Check the CIBIL on Wishfin CIBIL Score App and follow the steps to regularly check your score online and increase your credibility to get financial help.
