How To Do A Credit Score Check And Get A Credit Report? Important Steps To Know

Carrying out a regular credit score check is integral to ensuring that you have a low-risk financial profile. Moreover, waiting until the last minute and doing a credit score check just before applying for credit can be risky. If you find that your score is inadequate, you may not have enough time to rectify and boost your score. But when you regularly use the free credit score checking services available online, you can take the necessary remedial actions to boost your score. 

To know what action you need to take, you will need to generate a credit report along with carrying out a credit score check. The credit report contains detailed information about your profile and can give you better insights into the financial aspects that you need to work on. Apart from that, using the credit score checking feature on various reputed websites is easy and simple. Moreover, the whole process is digital, and you can access your credit report from anywhere and at any time. 

To know how to generate your CIBIL score, and CIBIL report and to learn about the important factors of your credit report, read on.

Steps to generate your Credit Score and Report

Note that CIBIL is one of the top credit rating agencies in India, and all financial institutions accept the credit score computed by CIBIL. It is commonly known as your CIBIL score. On the official website of CIBIL, you can carry out your CIBIL report and credit score check in easy steps!

1. Go to the CIBIL website and click on ‘Get Your CIBIL Score’ 
2. Choose a subscription plan and proceed to fill the form with your name, mobile number, pin code, ID details (PAN card/Aadhaar card/passport), and more. 
3. Click ‘Accept & Continue’ to receive an OTP in the mobile number provided
4. Make the payment and your enrollment is complete. Go to your dashboard and check your credit score on the dashboard. You can also check and download your credit report from here

Do note that CIBIL offers a free CIBIL score checking service as well. The process is mostly identical, except that you don’t have to subscribe and can avail this feature just once a year. Armed with this information, you now know how to download CIBIL reports from the CIBIL website. 

Important sections of your Credit Report

Your CIBIL report is an important document and failing to understand its contents can become a problem. Here is a detailed breakdown of the things to know in your CIBIL report.

Part 1: CIBIL score 

This section contains your CIBIL score, which ranges between 300 and 900. Scores above 750 are preferred by most lenders. 

Part 2: Contact and personal information

This section will contain your name, ID details, address, and contact number. Carefully check this section to ensure that there are no errors.

Part 3: Employment details

This section will contain information about your monthly or annual income. CIBIL receives this information from banks and other financial institutions.

Part 4: Account details 

This section will list details about your closed, past due, settled, and open credit accounts. Thoroughly check the report to ensure all the information is correct. 

Part 5: Enquiries 

This section contains information regarding the hard inquiries made by lenders into your profile. These are recorded whenever you apply for new credit and will temporarily cause your CIBIL score to dip. Naturally, you shouldn’t apply for new credit without waiting a few months between applications. 

By knowing how to download the CIBIL report PDF and access your credit score, you are already on the right path to enhanced financial management. Remember, if your credit score is not good then you have to improve your credit score and then you can do a credit score check on the official CIBIL website with a free account or on a paid subscription. On the other hand, you can also avail the free CIBIL score checking service offered by Bajaj Finserv. Check your CIBIL score for free and get easy access to a customised Credit Health Report to track your progress and monitor your profile.

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