CIBIL Online Check: A Convenient Approach to Monitoring your Credit Health
A borrower’s credit history plays a crucial role in determining their creditworthiness. It is one of the essential parameters that lending institutions consider while approving a loan. So, it becomes mandatory for borrowers to check CIBIL online before beginning with loan application process. It will help them keep track of their credit history and improve their CIBIL scores accordingly.
What is a CIBIL score?
A CIBIL score is a three-digit number that is assigned to borrowers by the CIBIL bureau, based on certain essential factors. Usually, the CIBIL score range from 300 to 900, however, it is desirable to aim for a higher credit score of 750 or more to increase the chances of loan approval.
The following are the CIBIL score ranges, given as what is considered good to poor credit health:
CIBIL score range:
- 300 to 499: Poor
- 500 to 649: Fair
- 650 to 749: Good
- 750 to 900: Excellent
How to check CIBIL score online?
Individuals can check their CIBIL score online, where they can have access to their free CIBIL report. The following are the steps to do the same:
Step 1: Visit the official website of CIBIL.
Step 2: Click the “Get your CIBIL score” option.
Step 3: Type in the required details such as name, email ID, Aadhaar number, password etc.
Step 4: Select “Accept and continue”.
Step 5: Enter the OTP received on the registered mobile number and click “Continue”.
Step 6: Click on the “Go to the dashboard” option.
Step 7: Once done, click the “Member Login” option on the redirected website to check the CIBIL score.
Borrowers can get various pre-approved loan offers if they possess a good CIBIL score. Several top-rated lending institutions provide these offers to their existing customers. These are applicable to products such as a home loan, loan against property etc. Individuals can check those offers by entering their names and other details on their lender’s website.
Borrowers should check CIBIL online periodically, to consistently maintain a good score. This way, even when there is the slightest drop in the score they can get notified about it. Motoring the CIBIL score will help individuals devise the right strategies and boost it over time.
