Helpful tips to check CIBIL Score without any negative impact

Thanks to the technical advancements in the fintech industry, now you can access your CIBIL score from your home in a few clicks. The CIBIL was introduced in 2000 and launched its operations in 2004. At that time, keeping up with the CIBIL score wasn’t easy. However, now anyone can check the CIBIL score quickly.

The CIBIL is introduced by TransUnion CIBIL, the first company in India responsible for maintaining and creating individuals’ credit reports. All the information, from your ongoing loans to credit card spending, is derived and monitored by the agency’s affiliated partners operating in several financial institutions. In this article, we will be discussing the ways to check CIBIL score online, without affecting your credit score.

What is CIBIL

A credit information bureau is an agency that provides information about a person’s credit history, in order for lenders to make a more informed decision about their potential customers. A good CIBIL score indicates a low risk of default and gets you approved faster.

A good CIBIL score is one indication of someone who’s financially responsible. These individuals get offered lower interest rates on loans and it might be easier for them to get approved for a loan. If you have a high CIBIL score, you can save money on interest payments and get more preferential treatment from lenders.

Poor CIBIL scores can make it difficult for you to get loans approved. Unless you’re okay with paying higher interest rates or providing collateral, your high-risk profile will make banks hesitant to approve financing. Don’t wait any longer. Improve your CIBIL score today.

There are a few things you can do to increase your CIBIL score:

1. Pay your bills on time: Late payments are reported to the credit bureau and can have a negative impact on your score. Make sure you always pay your bills on time, so you don’t harm your credit.
2. Keep your credit card balances low: High credit card balances can indicate uncertain financial stability and can lead to a lower CIBIL score. Keeping your balances below 30% of your limit is recommended.

Role Of CIBIL Score

The key role of CIBIL is to offer the database to all lenders to know a borrower’s creditworthiness. Therefore, the CIBIL score is essential for determining your eligibility for the loan beforehand.

While doing a CIBIL score check, a few things should be kept in mind. When a lender initiates an inquiry to know the CIBIL score before the loan approval, it is called a hard inquiry. The hard inquiry will temporarily impact your credit score. Therefore, to check CIBIL score online, you can follow the below-mentioned procedures without impacting your credit score negatively-

Check the Score on the Official CIBIL Website

The easiest way to check CIBIL score online without impacting your score negatively is through the official CIBIL website. The CIBIL website offers you to check your score anytime once per year. However, you must subscribe to their service to check your score frequently.

To check your score for free once a year, follow the steps mentioned below-

1. Click on “Get CIBIL Score now.”
2. Choose the “free annual CIBIL score option.” 
3. Fill in the required details
4. Verify the OTP
5. Go to the dashboard and view your CIBIL report.

To get the subscription and check CIBIL score online, follow the steps mentioned below-

1. Click on “Get CIBIL Score now.”
2. Choose your desired subscription
3. Fill in the required details and verify the OTP.
4. Make payment for your subscription
5. Log in with your credentials on the CIBIL website to check your score.

Free CIBIL Checking Websites

Most lenders offer a free CIBIL checking feature to the customers to know their CIBIL score and apply for the loan instantly through them. These checking provisions can be used often and don’t require any money. To access your credit information, you must go through KYC or fill up the basic information on their website. However, remember that the CIBIL score accuracy may vary from the actual CIBIL Score shown on the official CIBIL website.

Fintech Solutions

To use these fintech-based solutions and to check CIBIL score online, you must sign up for the service, enter the required details once, and your CIBIL score will be displayed in the dashboard. However, make sure that CIBIL authorizes the service you’re using to check your CIBIL score.

Thanks to the fintech advancements, now you can quickly check your CIBIL score directly. Many leading financial institutions offer you fintech solutions for checking your credit score. Moreover, these new-age fintech solutions are available in the form of the CIBIL score app, and you can directly access them from your smartphone.

Conclusion

Knowing your CIBIL score is a must, as it informs you about your credit history and helps maintain your financial well-being. It tells about your financial standing based on previous credit history, borrowings, and reports. Moreover, checking your CIBIL score frequently will help you identify and rectify potential issues related to your credit score.

With a good CIBIL score, you can avail several benefits while applying for a loan from a financial institution. Moreover, an excellent CIBIL score ensures that the overall process of the loan application will be minimal for the user.