CIBIL Score, CIBIL Score Check, CIBIL Score Check Online, CIBIL Score Report Online. Good news for rural loan seekers as CSC ties up with TransUnion.
Get your CIBIL Report with CoDesk Venture. CSC special purpose vehicle of the Ministry of Electronics and IT, has partnered with TransUnion CIBIL Limited. India’s credit rating agency, to provide consumers CIBIL Score.
A CIBIL score is essentially an assessment of an individual’s creditworthiness. And financial health which is use as an indicator for providing loans and credit services.
To get the CIBIL Score through CoDesk Venture. Customers will go through an authentication mechanism supported by Aadhaar OTP and Biometric. Post successful authentication we can access the CIBIL Credit Bureau Database and check the available information about the customer and download the report.
Presently when a customer applies for a loan. The bank verifies the CIBIL Score before approving or rejecting the loan requests. But with the score being available even before approaching the bank. A customer would be able to get a fair idea about the likelihood of approval or rejection of loan. This also makes the process more transparent and supports the bank in taking decisions about loan cases.
A good credit score can also be use by a customer to bargain for a better interest rate. In some cases, the customer wants to dispute the score.
Frequently Asked Questions
What is a CIBIL Score?
CIBIL Score is a 3-digit numeric summary of your credit history. Derived by using details found in the ‘Accounts’ and ‘Inquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
What does a CIBIL Score of ‘NH’ mean?
A CIBIL Score of NH signifies one of the below:
- No new data has been reported on the report for the last 36 months.
- Report contains only inquiries.
- You only have add-on credit cards and have no credit exposure.
What are Major Factors that affect the CIBIL Score?
There are six major factors that affect CIBIL score are:
- Payment History– Making late payments or defaulting your EMI or dues. (Recently or consistently) will negatively impact the score.
- Multiple inquiries– If you have recently been sanctioned multiple loans and credit cards. Then lenders will view your application with caution, because, this behavior indicates your debt burden has increased, which will negatively impact your score.
- Credit Mix– Having a balanced mix between secured loans. (Such as Auto, Home loan) and unsecured loans. (Such as personal loan, credit card) is likely to have more positive score on your score.
- High credit utilization– An increase in current balance of your credit card. Indicates repayment burden and may negatively affect the score.
- Errors in Credit Report: Errors in CIBIL reports such as an incorrect mention of default in repayments. Wrongly assigned loans/credit cards, errors in personal information, etc. may adversely affect your CIBIL score. Additionally, incorrect or delayed reporting by banks may also negatively impact your CIBIL score.
- Lack of Credit History: Your CIBIL score is calculate on the basis of your credit behavior. Loan repayment history, credit utilization limit, etc. Absence of credit history negatively affects your CIBIL score. It becomes difficult for the lender to determine the risk category the individual. Falls into in case he/she has never taken a loan or never had a credit card.
How can I improve my CIBIL Score?
You can improve your CIBIL Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 6 steps which will help you better your score:
- Always pay your dues on time: Late payments are view negatively by lenders.
- Keep your balances low: Always be prudent to not use too much credit, control your utilization.
- Maintain a healthy credit mix: It is better to have a healthy mix of secured. (Such as home loan, auto loan). And unsecured loans (Such as personal loan, credit cards). Too many unsecured loans may be view negatively.
- Apply for new credit in moderation: You don’t want to reflect that you are continuously seeking excessive credit. Apply for new credit cautiously.
- Monitor your co-signed, guaranteed and joint accounts monthly: In co-signed, guaranteed or jointly held accounts. You are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual). Negligence could affect your ability to access credit when you need it.
- Review your credit history frequently throughout the year: Monitor your CIBIL Score and Report regularly. To avoid unpleasant surprises in the form of a rejected loan application.
How do I raise a CIBIL Score dispute? How much time will it take to resolve the dispute?
Any dispute in the CIBIL Report can be intimate by raising a CIBIL dispute resolution request. Individuals can file the same by filling this form https://www.cibil.com/dispute/.
It may take approximately 30 days to resolve a dispute. Subject to the time taken by the Credit Institution to respond.
Important Points to Remember before you start raising a dispute:
- Please keep a copy of the report handy so that the information required can be found easily.
- You can dispute multiple accounts, inquiries or sections in a single dispute. So, click on ‘Submit’ only after you have disputed all the relevant sections.
- Updated status of the disputes raised will be sent on the email address entered while raising a dispute.
What is CIBIL Score report?
CIBIL’s report is a single document which reflects your credit history over a significant period of time. This reports further assist in evaluating the credit worthiness of the individual. It includes the following information-
- Personal details of an applicant (name, age, gender and address).
- CIBIL score.
- Number of inquiries made by potential lenders on receipt of the loan/credit card application.
- Record of previous and current loans with payment history.
- Any defaults on loan/credit card payment.