CIBIL Score

CIBIL score or credit score is a numeric representation of the repayment history. When you apply for any credit facility (loans or credit cards) the lender checks your CIBIL score and your credit history. On the basis of the score and the credit hisory, your application is further processed. As CIBIL’s first official partner, Wishfin gives you the opportunity to check your CIBIL score for free by PAN card! You may now learn - how is CIBIL score generated and how can you check it online.

How to Check Free CIBIL Score Online?

To get free CIBIL score online the customer can login on the official website of the credit agency and request for the report. Also, to get the report the customer has to furnish the required documents. It is only after the verification of documents that the customer will receive the CIR through email. The report will be sent within a day.

However, there is an easy and quick alternate where you can check CIBIL score by PAN Card only and no other documentation is required. Moreover, you don’t have to pay any fees and get free credit health check. It is not necessary that only the Bank or financial institution can check the CIBIL score. An individual too can check CIBIL score and get the Credit/CIBIL report online at Wishfin. Just follow the simple steps mentioned below:

How to Check CIBIL Score by PAN Card?

You can check your CIBIL by Permanent Account Number (PAN) and some basic details. The score can be checked within 2 minutes by following the simple steps mentioned below.

1. Go to CIBIL score page at wishfin.com
2. Enter your Name as per PAN Card
3. Mention correct Date of Birth
4. Select Gender
5. Provide PAN Card number
6. Enter contact details such as email address, residence address and mobile number
7. Agree to the terms and condition
8. Click on submit button

Steps to Check CIBIL Score Free on WhatsApp

Wishfin gives you the first ever chance to check your CIBIL score through WhatsApp. Inda's first process to check CIBIL completly on WhatsApp is now possible. You just have to follow the steps mentioned below:

1. Give a missed call to +91-8287151151
2. Mobile Number will be added to WhatsApp Chat
3. Mention your Name, Date of Birth & Gender
4. Enter your PAN Number
5. Provide your complete residence address
6. Enter your Email ID

As you soon as you complete the above process, you will get your latest CIBIL Score in your WhatsApp chat box. The other way to get your CIBIL score via WhatsApp is to fill up the form and the link, through which you can check the score, will be sent to your mobile number. You can login to your account using CIBIL Score login details and get detailed CIBIL report free.

What is a Credit/CIBIL Report?

CIBIL report is a single unified document that contains credit history across different lenders over a significant period of time. It is a comprehensive report that provides details of an individual’s or corporate entity’s borrowing history and repayment record. The credit report includes the following information:

• Personal details of an applicant (name, age, gender and address)
• Employment details and earnings
• Number of hard enquiries made by potential lenders on receipt of the loan/credit card application
• Record of previous and current loans along with the payment record
• Any defaults on loan
• The details of settled loans, if any
• Total credit limit and the amount spent monthly (Credit Utilisation Ratio)
• Any credit card payment defaults
• Credit score

This report provides lenders the detailed information of the applicant’s creditworthiness on the basis of previous and current credit behaviour. Based on the report,lenders take the lending decision.

Is Wishfin an Authentic Partner of CIBIL?

Wishfin is first official fintech partner of TransUnion CIBIL – the company that provides you your official CIBIL score. We are sharing below the screenshot of the authentic partnership by CIBIL. You can also check it on the CIBIL website through this url below.
https://www.cibil.com/official-partners

 

Will checking CIBIL multiple times hamper overall credit score?

No, you can check your CIBIL score at Wishfin as per your will without making a dent in your overall credit worthiness. If otherwise you go and apply for loans directly at bank or NBFC then the score can fluctuate a bit.

Importance of good CIBIL score

A good credit score makes a person eligible for better deals on loans and credit cards. Having a good CIBIL score not only gives access to more options, it is also an important factor in deciding payment habits of individuals. Credit facilities such as a credit card or loan are provided based on the present employment status of the customer also on their CIBIL score.

What are the benefits of having a good CIBIL Score?

However, it does not mean that if you have a bad CIBIL score, you can not get a loan or a credit card. Many people get loans and also use credit cards even if they have 0 or bad CIBIL score. But - beggars are not choosers. There are surely some advantages of being on the good side of the scale. So, here are some of the benefits of maintaining a good credit score.

• Increases eligibility for loans - CIBIL score is the numeric representation of payment history. If you have a good credit score, the lender will be interested in giving a loan to you.
• Gives access to best Credit Cards - Some of the great credit cards require a specific credit score which will be accessible to you only if you have a good credit or CIBIL score.
• Authenticity for a lower rate of interest - Especially in the case of loans, those having a positive payment history and credit score are more likely to get a lower rate on loans in addition to their present repayment capacity.
• To build a credit history - Just in case, you have zero credit history and score, the moment you start using a credit card or paying EMIs, your credit history will build up and so will your credit score. This will make you eligible for better options in the future.

How is CIBIL Report Generated?

Credit Information Bureau of India Limited (CIBIL), India’s first Credit Information Company collects and maintains the records of individual’s and non-individual’s (commercial entities) credit related transactions such as loans and credit cards. These records are provided by banks and other lenders on a monthly basis to the Credit Bureau. Using this information a Credit Information Report (CIR) and Credit Score is developed. This enables the lenders to evaluate and approve loan applications based on the past record.

How is credit score calculated?

The member banks and financial institutions monthly report the details related to credit activity of the customers to the bureaus. This includes data of each loan or credit card repayment made by the customer during the period and even the late or skipped payments. The report comprises of new loan applications, interest rate, credit limit on card, the status of all loan accounts including those ‘written-off’ or ‘settled’ or ‘closed’. After the complex statistical analysis of the provided information credit score is calculated. If credit payment is done on time then the score is good. The candidates with high credit score have the better chances of getting a loan or credit card.

Factors affecting CIBIL Score

CIBIL score depends on a variety of factors such as credit history, payment date, credit utilization, etc. Below, you can read on all these in detail.

Credit History: The first and foremost factor that affects your CIBIL score is your credit history. 30% of your CIBIL score depends on your repayment history and timely payment of your dues. Having a good credit history automatically enhances your chances of getting a loan at relatively lower interest rates. Individuals not having any kind of credit history will most probably have a zero CIBIL score. In such cases, lenders look for other factors such as your annual income and employment stability to have an estimate about your repayment capability.

Missing of Due Dates: Repaying any type of credit whether it's your EMI or credit card bill, comes with a designated due date by which you have to pay it. If you keep missing the due date regularly, then it will reflect in the credit report generated after every billing cycle. This could decrease your credit score. So it’s important to cultivate a habit of timely repayment so that your CIBIL score keeps increasing.

Utilization of Credit: You must be thinking about what this term is? Well, credit utilization is the way you utilize your credit from the total given credit limit. It is calculated in percentage terms and is known as Credit Utilization Ratio. Suppose that you have a credit limit of ₹ 10,000 and you use only ₹ 3,000 from it, then your credit utilization ratio is 30%.

Borrowers who exhaust their credit limit frequently are known as Credit Hungry Borrowers, who find it difficult to get any kind of credit. Individuals with low credit utilization ratio (Below 40%) usually have a good credit score.

Multiple Credit Applications: The chances of your CIBIL score getting affected negatively are higher if you frequently apply for loans and credit cards. So it is better to work on your repayment behavior rather than applying for credit again and again. 

Increasing Your Credit Card Limit Frequently: It is considered to be a bad habit if you frequently request a raise in your credit card limit as it can create a doubt in the mind of the lender. It can indicate that you want to avail credit more than you require, which can ruin your CIBIL score. So it’s better to manage the given credit limit look to pay dues on time so that the bank will automatically increase your credit limit without you asking for it. 

How to Improve CIBIL Score?

In order to get best deals on credit cards and loans, it is important that your credit score is good. In India, lenders such as banks and NBFCs would consider your application suitable for the credit facility only if you have a good credit score. It is also true that most of the people do not have a credit history and still avail the service but the fact is that they are not eligible for the best deals. Thus, maintaining a good credit score becomes important. There are different measures to improve your CIBIL score some of which are mentioned below:

• Pay credit card bills on time
• Make sure EMI deductions (if any) are successful
• Avoid unnecessary expenditure
• Apply for a loan or credit card