Know CIBIL Score Online
CIBIL score is now providing an excellent solution to the banks and other lenders. CIBIL – The Credit Information Bureau (India) Ltd. is a RBI authorized credit rating agency. It is providing reports of individuals’ credit. The agency accumulates financial data of the individuals and calculates cibil report accordingly. CIBIL is also known as a credit information report or CIR. We will acquaint you here with all the basic information related to the credit information report. How the CIBIL score represent your credit information? How it is calculated? What should be a good credit score? You will find answers to all your queries related to cibil scores.
CIBIL was established in the year 2000 and since then is providing its services across the country. The premier agency is supported by the Dun and Bradstreet and Trans Union International. These are the major global credit bureaus. The score of CIBIL is represented in a numerical form. It is calculated on the basis of your credit files to assess your credit worthiness. You credit history of past few months is scrutinized and assessed by the CIBIL before arriving at your CIBIL scores. The CIR, in turn, helps you to get loans and credit cards faster.
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What is Cibil Score
The Cibil score is your credit score which is expressed in the range of 300 to 900. Now since credit scores are gaining a good stronghold in the country, all the banks, and financial institutions are using it. The score is used as a check of any individual’s credit worthiness. Scores are determined on the basis of the past 6 months’ credit history of the person and his current financial status.
What is Good Credit Score
The credit score is expressed in a range of 300 to 900. The more your score is closer to 900, the more are your chances to get loans. Hence, the banks and financial companies providing loans are using the credit score to assess the individual’s credit. A good score is from 750 to 900. If you have a good credit score, the banks and financial companies will consider your credit as a healthy one.
Besides CIBIL, Crif Highmark and Experian are other RBI approved credit rating agencies.
Why Do you Need Good CIBIL
Here are the major advantages of having a good score. Banks provide many benefits to the customers having a good score. The major benefits are as below:
- Banks will approve higher amount to you
- Quicker loan approval
- Low-interest rate
- Higher periods of repayment
Further, you will also know how to improve your scores to enjoy all these benefits.
How To Improve Credit Score
Well, what you will do if you need a loan but have a bad credit. No need to go deep into the calculation process. Following actions can significantly improve your credit information report over a period of time:
- Keep your income and debt well balanced
- A balance of loans (secured and unsecured ones)
- Repay your loans on time
- Reduce the number of loans in a year
Thus, by improving your credit history, you can improve your credit reports.
How Do I Know My CIBIL Score
To obtain your scores, you need to contact the CIBIL credit rating agency or visit them online. Visit the official website cibil.com and buy your cibil score. Anyone buying the score or credit report need to pay the maximum payment of Rs. 500/-. Whether you are an individual or a bank or an institution, you can get credit report of any third party. Individuals can evaluate their own report to check the loan eligibility. There are many independent websites which are offering free or paid online credit check.
Normally, the agencies calculate the cibil score based on their in-house algorithm calculations. CIBIL is one of the oldest credit rating agency in India. It takes a host of factors into consideration while preparing credit reports. The major factors considered are the number of loans, credit cards, credit utilization, and total credit balance. We are sure now you know and understand the cibil calculation and its growing importance. For more information and details about TDS refund status, ITR status and income tax payment users may visit our website.