CIBIL report to check credit score history information
What Is CIBIL Score Report
CIBIL stands for Credit Information Bureau of India Limited. CIBIL is a company which manages all the individual’s loan and credit card transactions information. All the banks in India update their customer’s information with CIBIL. This information includes, your loan EMI payment updates, credit outstanding amount, etc..
For example, if you miss to pay your EMI on the due date, it will be updated immediately with the CIBIL , irrespective of how soon you repay the amount. It may be a credit card bill payment or loan taken from any other financial institutions. Any bank which is having membership in CIBIL, they can access your complete information.
What CIBIL Does:
Based on the details provided by bank(s), CIBIL will rate one’s profile from 300-900 points. Whenever you apply for any loan with any bank, CIBIL will share your credit history information along with the CIBIL score report to the requested bank. Whenever you plan to take any loan, make sure that, you didn’t have any check bounce issue, late credit card bill payment, etc. in the last 6 months.
Latest 6 months of transactions plays a big role in CIBIL score report. If you pay all your dues on time, you can score more in your credit score report.
Make sure that, if you have any check bounce issues, late payment of your credit card dues, etc.. better wait for at least 6 months and try again to get a better deal for the loan.
How To Know One’s CIBIL Credit Score Report:
It is possible, to get your credit score report before you apply for any loan. Based on your credit score, you can decide whether to apply for loan or not. Banks will consider any score above 700 as a good score or good credit history.
You need to pay 470 rupees to CIBIL to get your credit score report. For more details, you can visit: https://www.cibil.com/online/credit-score-check.do .
How Can You Improve Your Credit Score:
- Make sure you pay your bills on time
- No check bounces
- Don’t utilize your credit card to the maximum limit
- Always try to go for secured loans instead of unsecured loans
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