How to Check CIBIL Score Online and How to improve the score?

What is the Cibil score? Many people out there for purchasing houses, cars, bikes, etc. take a loan from the bank. Some can easily obtain a loan, some may find difficulty, whereas some may not get the loan. It depends on their Cibil score. A CIBIL score is a three-digit number that summaries your credit history. Thus, those numbers will decide about giving a loan or not. The history found in the CIBIL score is known as credit report information i.e. CIR. Cibil is most trustworthy among another credit bureau.

How to check the Cibil score online?

It’s a government website for checking the CIBIL score without any cost. The following are the step for the online procedure.

Step 1- Open the website ‘www.cibil.com/freecibilscore’.

Step 2- Click on the button ‘get yours now’.

Step 3- Fill in the detail and click on the button ‘continue for step 2’.

Step 4- you will find your Cibil score.

 Thus, the above are the few steps to obtain the Cibil score online.  If you go directly to ‘www.cibil.com’, it will charge you fees for checking the Cibil score. Thus, it’s important to mention ‘/freecibilscore’.

Why Cibil score is important?

 A credit score is a number such as 300, 450, 0r 900, etc. that counts how the way you pay your bills, how much debt you carry and how all of that stacks up against other borrowers. The score can predict among other things that how likely you are to pay a creditor on time. The higher the score more likely you are to get beneficial terms for loans and credit. There will be a high probability of default if the CIBIL score is low such as 300, CIBIL score above 700 is considered often good score and if the score is 900 it’s considered the highest and low probability of default. Thus Cibil score is important for a good profile of an individual to get loans and other credit benefits.

How to improve the Cibil score?

Following points should be kept in mind for improving CIBIL score-

  1. There should be less default on loan repayments. Defaults such as genuine financial hardship, missed a payment on credit cards, disputes with lenders on account of frauds, extra charges or annual fees. 
  2. There should be less amount of unsecured debt. Unsecured debt such as more credit/ personal loans, less/no secured debt (home loan, car loan), etc.
  3. One should not extend %age of credit or loan limit in use i.e. leverage.
  4. One should avoid a number of loans or credit enquires in a short time.
  5. One should avoid inaccurate information on a credit report such as incorrect open accounts, partial or full repayment of loans, settled loans not updated.
  6. Pay all loans or credit cards on time. If you have missed EMIs or credit card payments for 1-3 months then you need to pay off your dues once your situation is better.
  7. Adopt automatic payment modes such as ESC, PDCs etc. 
  8. Minimize your credit use according to your credit limit or monthly salary.
  9. Manage your credit cards well i.e. don’t take too many credit cards, pay your monthly dues in full, keep the oldest credit card with good repayment history.

Thus the above points should be followed to receive a good credit score.

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