Established in 2000, TransUnion CIBIL Limited (formerly known as Credit Information Bureau (India) Limited) is the premier agency for providing CIBIL scores and CIBIL reports. It maintains the records of all credit-related activities, like loans and credit cards, of individuals and companies. These records are provided by banks and other financial institutions on a periodic basis, and based on this data, the credit bureau issues the reports and scores.
CIBIL score is a three-digit numeric summary of your entire credit history. It ranges from 300 to 900, with 300 being the lowest and 900 the highest. The score is generated by TransUnion CIBIL after taking into account the data in the credit report.
A high score depicts good credit history and responsible repayment behaviour. The closer the digits are to 900, the more likely it is that lending institutions will approve a new loan or credit card. Most lenders generally favour CIBIL scores of 750 and above and are more likely to lend to individuals holding such ratings.
As per the Reserve Bank of India's directives, all credit information companies in the country, including TransUnion CIBIL Limited, are required to provide one free credit report on request, once in a calendar year. The credit report will mention the credit score, among other things.
To view your free CIBIL score and report, visit TransUnion CIBIL’s official website and go to the "My Account" tab on the top right side of the screen. Click on "Get your Free Report" link and you will instantly get access to your free score and report. In case you are unable to view the “Get your Free Report” link, it is possible that you may have already applied for a free CIBIL score and report for the year.
Every credit information company has its own mathematical formulae for calculating credit scores. CIBIL TransUnion Score is calculated on the basis of the information found in the "Accounts" and "Enquiry" section of the CIBIL report.
For the purpose of CIBIL score calculation, the credit bureu will take into consideration - repayment history (accounts for 30% of your score), credit mix and duration (accounts for 25% of your score), credit exposure (accounts for 25% of your score) and other factors like recent credit behaviour, credit utilization, etc. (accounts for 20% of your score). The credit bureau will only calculate the score when the credit history is at least six months old.
A CIBIL score can go anywhere from 300 to 900, with 300 being the lowest and 900 being the best. Here is a breakdown of what the different scores mean:
| CIBIL Score | What It Means? |
|---|---|
| 0 or -1 | CIBIL score of 0 indicates that the applicant’s credit history available is less than six months and hence not sufficient to give a score of 300 to 900. This score is also referred to as “NA”.
CIBIL score of - 1 means that no information is available on the applicant’s credit history. This score is also referred to as “NH”. |
| 300 to 550 | Credit score within this range are considered very poor. Chances of applications being approved for a new loan or credit card are very unlikely as lenders view such applicants as high risk. Missed and late payments result in low CIBIL scores. |
| 550 to 650 | CIBIL scores within this range are fairly decent. It shows that such applicants have not performed too bad on repayments. There is still a high possibility that their loan or credit card application will be turned down. If lenders do accept such applicants, they are most likely to be charged high interest rates. |
| 650 to 750 | CIBIL scores within this range are considered good and there is a much higher possibility that such applications will be accepted. Since the element of risk is still involved, the applicants may not get as many loan benefits as expected. |
| 750 to 900 | This range is considered excellent. It shows that the applicant has ensured timely repayments and does not have any negative mark on their CIBIL report. Individuals holding such scores can enjoy various benefits like quick loan or credit card approval, low interest rates and other favourable terms and conditions. |
CIBIL score plays a crucial role in the Indian Financial System, where nearly all lending institutions depend on it for credit approval and disbursal. Some of the areas where your Credit score matters greatly are:
Approval of Credit - Applications for loans and credit cards depend heavily on your credit score. A score of 750 and above increases your chances of getting easy approvals on credit applications.
Rate of Interest - You can benefit from lower rate of interest with a high CIBIL rating.
Kinds of Credits - Individuals holding higher credit scores are generally offered a wider range of credit cards from various financial companies and banks. This facility is generally not extended to those holding low credit scores.
CIBIL scores have an important role in the loan approval process. Lending institutions go through your three-digit credit rating before deciding whether to approve or reject your loan application.
CIBIL score for personal loan - Financial institutions generally extend personal loans to individuals holding a credit rating of 750 and above. Personal loans carry the most risk for banks since they do not have a collateral, and hence, maintaining an excellent credit score is the most necessary.
CIBIL score for home loan - A credit score of 700 and above is considered to be a good number for banks to consider your home loan request. A good score along with fulfilment of all the other necessary criteria can get you a financing of up to 85% of the cost of the property.
CIBIL score for car loan – A score of over 600 is generally good for a car loan application, however, a rating of more than 750 is more favourable.
CIBIL score for bike loan – Many lenders are willing to extend bike loans to applicants holding a score of 650 and above. The higher the score, the more favourable the terms of the loan.
CIBIL score for credit card – Since credit cards are unsecured, financial institutions insist on a high credit score. Individuals with scores of 750 and above are highly likely to get their credit card application approved quickly.
Your three-digit CIBIL score is generated after taking into account a number of different factors. The factors that affect your CIBIL score are:
Credit history - Repayment history accounts for up to 30% of your score. Defaults or delayed payments can have a negative impact on your CIBIL rating.
Credit mix and duration: - These make up for 25% of your CIBIL score. Avoid heavy dependence on unsecured loans, and instead maintain a balance between secured and unsecured credit. A healthy mix of credit will help improve your credit score.
If you have taken loans of longer duration and ensured to make timely repayments, it will have a positive impact on your score.
Credit exposure - The total amount of outstanding credit contributes to 25% of your CIBIL rating.
Other factors - Remaining factors like recent credit behaviour, credit utilization, etc. will contribute to 20% of your credit score.
Any negligence with regards to your finances can have a major impact on your credit score. Some of the common mistakes that people make which affect their scores negatively are:
Relying too much on unsecured credit- Holding too much credit in the unsecured form, like credit cards and personal loans, hurts your CIBIL ratings negatively. It is essential to maintain a healthy credit mix by maintaining a balance between secured and unsecured loans.
Delayed credit card payments - Sometimes people tend to completely forget to pay their credit card bills by the due date. An essential point to be noted is that even a single late payment can have a major impact on your credit score. To prevent this from happening, set reminders or add your card to an auto-biller list.
Making several loan enquiries - In search of the most suitable loan, customers tend to make several different inquiries with a host of lenders. Such inquiries are referred to as hard inquiries and they can dampen credit scores. To keep this from happening, it is advisable to only apply for those loan products that you feel certain about receiving approval.
Holding multiple credit cards - While having several credit cards will help increase your purchasing power, it does not reflect well on your credit score. Additionally, keeping track of them can be a tedious task and strain your income unless they are carefully managed. Rather than obtaining several credit cards, a better choice would be to increase the credit limit on the existing cards. However, make sure not to exhaust the complete limit as this will exhibit a credit-hungry behaviour.
Maintaining a good score goes a long way in ensuring that you enjoy a smooth financial journey. The many benefits of having a good credit score are as follows:
Having a high CIBIL rating is important as it helps banks and other financial institutions decide whether to extend credit to you or not. The closer your credit score is to 900, the possibility of your credit being approved quickly increases. Here are three simple steps you can take to improve your CIBIL rating:
Make timely payments - Timely payments of bills are essential if your goal is to maintain a healthy credit score. Avoid making partial or delayed payments or defaulting on payments as this will show you as an undisciplined credit payer and pull down your CIBIL score.
Increase credit limit - A credit limit is the total amount that can be borrowed through a credit card. You could request your credit card issuer to increase your credit limit, but make sure you do not exhaust the entire limit. Until your credit rating reaches at least 750, it is recommended that you do not spend more than 50% of your credit card limit.
Keep credit inquiries low - Every time you apply for a loan or credit card, the financial institution will make a ‘hard’ inquiry on your CIBIL report. Such inquiries are recorded on your credit report and can bring down your credit score. In addition to this, lenders will view you as a credit-hungry customer.
Does a name change affect CIBIL score?
No, a name change does not impact your credit score in any way. If and when you change your name, make sure to notify your lender about the same, who will then update your personal information and pass it onto the credit bureau. Your records will be modified automatically and your CIBIL rating stays intact.
What is the difference between CIBIL rank and CIBIL score?
CIBIL rank is assigned to companies, while CIBIL score pertains to individuals. CIBIL rank summarizes the Company Credit Report in the form of one digit, ranging from 1 to 10, where 1 is the highest. CIBIL rank is only provided to companies with credit exposure of Rs. 10 lakhs to Rs. 10 crores.
What is credit rating?
A credit rating is an assessment of the credit risk of a prospective debtor. Credit ratings of individuals are measured on the basis of their credit scores, which is a three-digit numeric snapshot of a person’s credit history.
Does skipping payment affect CIBIL score?
Yes, skipping payments can have a huge impact on your credit score. It should be noted that repayment history accounts for up to 30% of your CIBIL score.
What does CIBIL score signify?
A CIBIL score can range from 300 to 900. Here is a breakdown of what different scores mean:
| CIBIL Score | What It Means |
|---|---|
| 0 or -1 | CIBIL score of 0 indicates that the applicant’s credit history available is less than six months and hence not sufficient to give a score of 300 to 900. This score is also referred to as “NA”.
CIBIL score of - 1 means that no information of the applicant’s credit history is available. This score is also referred to as “NH”. |
| 300 to 550 | CIBIL scores within this range are considered very poor. Chances of applications being approved for a new loan or credit card are very unlikely as lenders view such applicants as high risk. |
| 550 to 650 | CIBIL scores within this range are fairly decent. It shows that applicants have not performed too bad on repayments. |
| 650 to 750 | CIBIL scores within this range are considered good and there is a higher possibility that such applications will be accepted |
| 750 to 900 | CIBIL scores within this range are considered excellent. It shows that the applicant has ensured timely repayments and does not have any negative mark on their CIBIL report. |
Does checking CIBIL score frequently affect it?
Hard inquiries, i.e. inquiries made by lenders on receiving loan or credit card applications, have an impact on your credit score. On the other hand, soft inquires (when you check your own CIBIL score) do not impact on your credit score.
What is a good CIBIL score?
Different lenders have their definition of what constitutes a good CIBIL score. It has generally been observed that lenders are most likely to accept applications from individuals holding a credit score of 750 and above.
How to increase CIBIL score from 600 to 750?
To increase your credit rating, make sure to pay your bills on time and in full, maintain the right mix of secured and unsecured loans and keep your credit utilization low.
Will cheque bounce affect CIBIL score?
No, bounced cheques do not impact CIBIL scores, rather a missed EMI or credit card payment will.
How to check CIBIL score for personal loan?
You can check your CIBIL score by visiting the official website of the credit bureau -cibil.com. Choose from the different subscriptions, fill up the empty columns and make the payment to access your CIBIL report and score.
How can I improve CIBIL score instantly?
It generally takes a few months to improve your CIBIL score. To move the digits closer to 900, make sure to pay your bills on time and in full, keep credit utilization low, maintain the right mix of secured and unsecured loans and avoid making too many credit inquiries in a short span of time.
Does having a high CIBIL score give me the benefit of low interest rate?
Applicants with a high credit rating can negotiate low interest rates on their loans and credit cards. If your credit score is above 750, there is a very high possibility that the bank will extend credit to you at a competitive rate of interest.
Does taking an education loan affect my CIBIL score?
Your repayment behaviour of the education loan will have an impact on your CIBIL score. A loan repaid on time and in full will have a positive impact on your score, while a missed or delayed payment will hurt your credit rating.
What to do in case of CIBIL score error?
If you spot an error in the CIBIL report, which results in an incorrect rating, you can initiate a dispute online with the credit bureau. Login to myCIBIL and go to the Credit Reports Section. Navigate to Dispute Center and press on “Dispute an Item”. Fill up the online dispute form and select the section you want to dispute.
Do loan settlements ruin CIBIL score?
When an overdue or defaulted loan is settled with the lender, it is regarded as negative credit behaviour and the borrower’s credit score will fall down by 75-100 points.
What is CIBIL TransUnion Score?
CIBIL TransUnion Score is a three-digit numeric summary of your entire credit history. It ranges from 300 to 900, with 300 being the lowest and 900 the highest. The score is generated by TransUnion CIBIL after taking into account the data in the credit report.
What is good credit score in CIBIL?
A CIBIL score is a three-digit numeric summary of an individual’s credit history. It ranges from 300 to 900, and the closer the figure is to 900, the better chances an individual has of being granted a loan or credit card from financial institutions. A score that is greater than 750 is generally considered a good number.
What is the minimum CIBIL score required to get a loan?
While there is no standard requirement on the minimum CIBIL score to have for being granted a loan, it has been observed that most lending institutions are willing to accept loan applications from individuals holding a score of at least 750.
How can I check my CIBIL score?
To get access to the CIBIL score, an individual should first place a request about the same with credit bureau TransUnion CIBIL. The below-mentioned steps state the process that needs to be followed to access CIBIL score:
Step 1 - Visit the official website of TransUnion CIBIL and select the “PERSONAL” option presented at the top.
Step 2 - Click on the “GET YOUR CIBIL SCORE” button at the top right corner.
Step 3 - Choose from a one-month plan for Rs. 550 or a six months plan for Rs. 800 or a one-year plan for Rs. 1,200.
Step 4 - Create an account by entering personal details such as Username, First & Last Name, Contact Number, Address, Date of Birth and ID Proof Number (after selecting an identity proof type). Click on “I Accept & Continue to Step 3”.
Step 5 - Complete the verification process and make the payment.
Once the payment is received, the CIBIL score and report will be mailed across to the individual.
How can I check my CIBIL score using PAN?
To check CIBIL score using PAN card, an individual has to select the “Income Tax ID Number (PAN)” option under Identity Proof and enter his or her Identity Proof Number while filling necessary details in the CIBIL score application form.
What is CIBIL credit score?
CIBIL credit score is a three-digit number, assigned by TransUnion CIBIL, after taking into consideration an individual’s credit activity, such as loan repayment, credit applications, defaults, etc. The score ranges from 300 to 900, with 300 being the lowest and 900 the highest.
What is CIBIL TransUnion score?
CIBIL TransUnion score is a three-digit numeric summary of an individual’s credit history. It ranges from 300 to 900, with 300 being the lowest and 900 the highest. The score is generated by credit bureau TransUnion CIBIL after considering the data listed in the CIBIL report.
How to check CIBIL score using PAN card?
To check CIBIL score using PAN card, an individual has to select the “Income Tax ID Number (PAN)” option under Identity Proof and enter his or her Identity Proof Number while filling necessary details in the CIBIL score application form.
How to check CIBIL score using Aadhaar card?
To check CIBIL score using PAN card, an individual has to select the “Aadhaar” option under Identity Proof and enter his or her Identity Proof Number while filling necessary details in the CIBIL score application form.
Is credit score of 698 a good score?
A credit score of 698 can be regarded as a decent score. However, it is advised to raise this number to at least 750, so that the individual can get the advantage of better terms on loans and credit card.
How can I increase my credit score quickly?
A poor CIBIL score can make it difficult for an individual to access credit, be it a loan or credit card. Now, the good news is that there are measures one can take to raise this number. They are:
How can I clear negative remarks on my CIBIL report?
Negative remarks on the CIBIL report can be a result of having unpaid debt or any overdue payments on your credit card or loan EMIs for many months. When this happens, creditors put negative comments on the credit report which stay for a long time. To remove negative remarks from the report, an individual can: i) negotiate with the lender to remove the “Written off” status in exchange for making a payment ii) request the creditor for a goodwill deletion iii) make the full payment.
How can I raise my credit score in 30 days?
To raise credit score in a short span of time, here are some of the measures an individual can considering taking:
What is 0 score in CIBIL?
A score of 0 indicates that the applicant’s credit history available is less than six months and hence, not sufficient to give a score of 300 to 900. This score is also referred to as “NA”.
What affects CIBIL?
The following factors have an impact on an individual’s CIBIL score:
What does credit score 3 mean?
CIBIL Score 2.0 - a new and updated version of CIBIL Score - has introduced a risk index score range for individuals with a credit history of less than 6 months. The score ranges from 1 to 5, where 1 implies “high risk” and 5 indicates “low risk”. A score of 3 is viewed as medium risk.
What is ECN no. in CIBIL?
Enquiry Control Number is a 9-digit unique number that helps the credit bureau track an individual’s CIBIL report from its database. The number can be found on the top-right hand side of a CIBIL report.
What is the minimum CIBIL score to get a loan?
On a scale between 300 and 900, the minimum CIBIL score usually required to get a loan is 750. The higher the score, the greater will be the eligibility for a quick and hassle-free loan approval.
Is 600 a good CIBIL Score?
A CIBIL score of 600 is usually referred to as a middling score, i.e., it is neither a good nor a badscore. The CIBIL score is an evaluation of an individual’s creditworthiness, based on his/her credit history, timeliness of debt payments, number of rejections, frequency of loan and credit card applications, etc. A score of 600 implies that there have been irregularities of payments and defaults, raising a red flag for banks and financial institutions. Hence, such a score does not nullify the scope of securing a loan, but chances are high that it will be offered loan amount, on a higher interest rate or against collateral.
How do I know my CIBIL rating?
A CIBIL report comprises of the CIBIL score, amongst other information about your creditworthiness. There are two types of CIBIL reports – Credit Information Report (CIR) and Company Credit Report (CCR) for organisations. For individuals, the CIBIL score can be checked by following these steps:
Fill up the form with accurate details for these –
Click on the ‘Proceed to Payment’ tab.
How can I do credit Score check online?
The CIBIL report consists of the CIBIL score. CIBIL reports are classified under two categories – Credit Information Report (CIR) for individuals and Company Credit Report (CCR) for companies.
Checking CIBIL score by individuals: You have to visit the official website of CIBIL and select the ‘Get Yours Now’ tab to get started. Otherwise, you can click here to be taken to the same page.Further, you have to enter your personal details and complete the payment. CIBIL will then secure and analyse the data received from relevant banks and financial institutions to arrive at your CIBIL score, which will be mentioned in the report.
Checking CIBIL score by companies: Visit CIBIL’s official website to fill up and submit the CCR Form or click here to view the form.Complete the payment method and attach the necessary documents for proof of address and identity for CIBIL to prepare your report, which will include your score.
Is online CIBIL Score accurate?
In most cases, your CIBIL score in the report is accurate. However, there are situations when omission or repetition of transactions or the mention of fraudulent transactions can affect your score. You can get it corrected by raising a dispute with CIBIL.
Is CIBIL Score check important before applying for a loan?
Yes, checking your CIBIL score before applying for a loan is highly recommended. Sometimes, errors regarding repetition or omission of transactions or fraudulent transactions may reduce your CIBIL score than what it should have been otherwise. This may lead to a loan rejection, and even if you receive an approval on your loan application, it may be against unfavourable terms and conditions. Under such circumstances, you have to raise a CIBIL dispute and get the CIBIL report corrected to improve your chances of loan eligibility.
Do banks give personal loan to an individual with CIBIL score of 550?
A CIBIL score of 550 does not eliminate the chances of you securing a personal loan, but it definitely reduces it. A score below 600 reflects on your poor debt repayment behaviour, making banks question the prospects of retrieving the debt from you within the pre-determined time, if they approve your loan application. Hence, the chances of your application getting rejected are high. Even if a bank approves your application, it will be against a low loan amount or high rate of interest, or against collaterals like gold, shares and assets, FDs, etc.
My CIBIL Score is 732, am I eligible to get a personal loan?
The minimum score requires for fast and seamless approval of loan is usually 750. However, a score of 732 does not nullify your eligibility for a personal loan, but definitely reduces it to some extent. Banks evaluate your loan eligibility on several factors other than your CIBIL score. Some of these are current monthly income, employment stability, number of existing loans, etc. Your loan application approval would not be as streamlined and seamless as an individual’s with a CIBIL score of more than 750.
What is CIBIL rating?
CIBIL score refers to the 3-digit unique number allotted by TransUnion CIBIL (Credit Information Bureau India Ltd.)to every individual and company with a credit history. It serves as one of the primary parameters for evaluating loan or credit card eligibility.It is an assessment of their creditworthiness, based on their credit history, debt repayment behaviour, number of existing loans, frequency of credit applications, number of rejections, among other factors. CIBIL is regulated by the Credit Information Companies (Regulation) Act, 2005, and authorised by the Reserve Bank of India (RBI). A complex mathematical analytics is followed to determine the score. In short, it determines your eligibility for a loan.
Is CIBIL TransUnion score free?
The CIBIL TransUnion Score can be accessed free of cost once a year or one can also get unlimited monthly access for Rs. 550, unlimited bi-annual access for Rs. 800, or unlimited annual access for Rs. 1,200.
Here’s how you can access it for free:
How often is CIBIL Score updated?
Banks and financial institutions generally update information regarding your account once a month. It takes CIBIL to generate the updated score in your report within 30 days to 60 days of securing the information.
What is the default password to open the CIBIL score PDF?
The default password format to open CIBIL report is the first four alphabets of your first name, followed by your four digit year of birth. For instance, if the name is Mohit Arora and the year of birth is 1970, then the default password will be mohi1970.
How can I improve my CIBIL score from 644 Pts? One of my loan is shown as Overdue in CIBIL report.
Here are guidelines you need to follow to improve your CIBIL score:
Can I get a credit card with low CIBIL Score?
Follow these guidelines to improve your chances of being eligible for a credit card despite a low CIBIL score:
Will CIBIL score inquiry from multiple banks reduce my credit score?
Yes, inquiries about your CIBIL score from multiple banks imply that you have applied for credit from all these banks at the same time. This is interpreted at credit hungriness arising from financial stress. Credit rejections from these banks will further affect your CIBIL score.
What are some good ways to improve CIBIL credit rating score?
Here’s how you can improve your CIBIL score:
Does not maintaining minimum credit balance in savings account affect CIBIL Score?
No, not maintaining the minimum credit balance in your savings account does not affect your CIBIL score.
Does opting for EMI for credit card payment affect your CIBIL score?
Converting the outstanding credit card payment into EMIs does not affect your CIBIL score because you will be repaying the debt in instalments within a stipulated time.
How can I find out my bank CIBIL score, without paying money?
Here’s how you can access it for free:
How to get CIBIL score on WhatsApp?
To check CIBIL score on WhatsApp, here is what needs to be done:
1 - Give a Missed Call on 8287 151 151. On doing so, your contact number will be added on the given WhatsApp chat.
2 - You will be asked to mention your Name, Date of Birth, Gender, PAN Number, Residential Address, City of Residence, State, PIN Code and Email ID.
3 - You can then view your latest CIBIL Score in your WhatsApp chat box.
