How to Know Your CIBIL Score?
It is better to know your CIBIL score that reveals the credit history and financial health before applying for a loan. CIBIL is an acronym for Credit Information Bureau India Limited. CIBIL TransUnion Score is revealed by a 3 digit numeric summary ranging from 300 to 900 points. Based on this score, banks will estimate the repayment behavior and capabilities of the borrowers. Higher score indicates the genuineness in repayment of loans or credit cards. Normally banks prefer to sanction loans to individuals with over a credit score of 700 points.
To improve CIBIL score, one must always pay his/her loans on time and keep credit balances low. One should maintain a healthy mix of credit and apply for new credits moderately. Reviewing of one’s credit history as well as the credit history of those one has given surety for is important. Utilization of credit in an effective way also affects the score.
Knowing CIBIL score is not free. To know the score, one needs to pay Rs. 470 by debit or credit card or net banking and fill the form on their website by specifying the PAN card details in addition to personal details. For authentication, one needs to answer 3 to 5 questions about his/her credit card/loans. If the authentication is successful, CIBIL score can be accessed instantly. It will be sent to email address specified as well. But, if the authentication fails, users need to make it successful by following the instructions mentioned on the website.