CIBIL Score

Wishfin is the best way to check your CIBIL Score for Free, as 6.5 million satisfied users have already discovered! On Wishfin, you can check your CIBIL score every month for free without affecting your score. This is important because banks look at your CIBIL Score before giving you a loan. Wishfin enables you to monitor your Credit Health and Credit History over time and take steps to improve it. You can also download the detailed CIBIL Report which allows you to check your credit repayment status, on-time EMIs, loan enquires and much more – at zero cost. If required, Wishfin also suggests financial products such as loans, credit cards, balance transfer that may have a positive impact on your credit history.

Why Check CIBIL Score on Wishfin?

Wishfin is the official partner of TransUnion for giving authentic and accurate CIBIL Scores. Wishfin gives you the original authentic CIBIL score absolutely free because we believe that good credit health is a stepping stone to enabling good finances for our customers. Another advantage is that Wishfin is free of cost no matter how many times you check your score online (and not just for the first time). Also, checking your Score on Wishfin does not reduce your score or negatively impact it in any way – no matter how many times you check your score with us. This is why 6.5 million people have already checked their CIBIL Score online for free with Wishfin.

How to Check Free CIBIL Score Online?

Wishfin is also the easiest and most secure way of getting your Free CIBIL Score online. Just enter your PAN number and few other details to get your latest score in as little as 2 minutes!

Plus, no need to do it again. Next time you want to check your score, all you have to do is login to Wishfin with OTP using your registered mobile number, and you’re good to go!

And with best-in-class data security and privacy protocols, ease of staying credit healthy comes with complete security and peace of mind! You also have the choice of either logging in to the Wishfin website and go to the CIBIL section or downloading the Wishfin app from the Android Google Playstore or Apple iOS Appstore. Additionally, there is an option to download your detailed CIBIL report easily. On the app, you can also track your progress over time by seeing your past scores.

How to Check CIBIL Score using PAN Card?

Your PAN number enables Credit Rating Agencies to identify your credit records accurately. Hence, your PAN number is needed to check your Cibil Score. While checking your Cibil, keep your PAN Card handy and ensure that the Name and Date of Birth you enter match those on your PAN Card. Just follow these steps to check your Cibil for free on Wishfin using your PAN card:

Navigate to ‘CIBIL Score’ on the Wishfin website or use the Wishfin App
Provide PAN Card number
Enter your Name and Date of Birth as per PAN Card
Enter details such as gender, email address, residential address and mobile number
Submit to know your score

How to Check Free CIBIL Score on WhatsApp?

Wishfin has been a pioneer in bringing financial services to India’s favourite communication platform – WhatsApp. For the first time in India, a user can even check their CIBIL Score using WhatsApp – no more forms! Checking CIBIL is now as easy as chatting with a friend.

All that a user has to do is give a missed call to +91-8287151151

You will receive a WhatsApp message from Wishfin

You will be asked a few questions such as

Your Full Name
Your PAN Number
Your Residential Address
Your Email Id

Just answer these questions and you will get your latest CIBIL Score in your WhatsApp chat box.

Why is CIBIL Score better than other Credit Scores?

CIBIL score is a Credit Score generated by a credit rating agency called TransUnion. TransUnion CIBIL is the gold standard of Credit Scores and the only one that counts while seeking finance. While there are several Credit Bureaus that issue credit scores, CIBIL is the one that holds most weight with banks. Now, a Credit Score is like your financial report card with a numerical representation of your credit health. A CIBIL score can range from 300 to 900 in India and CIBIL score above 700 is considered good for the approval of loans or credit cards. While evaluating any sort of credit application, the lender checks your credit score and your credit history before going ahead with the application.

Is Wishfin an Official Partner of CIBIL?
Wishfin is first official fintech partner of TransUnion CIBIL (Credit Information Bureau of India), the company that issues the official CIBIL score. This authorises Wishfin to present to you the score generated by TransUnion. At Wishfin, we are all about trust and transparency. So, here’s a link from CIBIL’s official website for your reference
https://www.cibil.com/official-partners

Does checking CIBIL Score multiple times affect overall Credit Score?

The short answer is – No, if you are the one checking it. But we understand why people have this apprehension. So, it is important to understand the nuance.

On one side, CIBIL checks are requested by financial organizations to ascertain an individual’s credit worthiness and on the other, by individuals to monitor their own credit health. When a person applies to a bank or other lending institutions for a loan or credit, the former scenario comes into play. That is, during the evaluation process, a CIBIL inquiry is triggered by the bank in the background, which happens without the involvement of the applicant. The loan approval decision is partly made based on that score. This is called a Hard Inquiry. Now, here’s the thing: every time you apply, the banks run an involuntary Credit Check – and that MAY affect your credit score adversely giving rise to this commonly held fear.

However, when an individual voluntarily checks his CIBIL score on Wishfin for his own consumption, his CIBIL Score DOES NOT get affected. So our simple advice to users is do not keep applying for loans and credit cards without accurately knowing your credit situation. Because whether you do or not, banks will keep checking your score as often as you apply, which actually reduces your chances for loan approval by reducing your score.

You rather check your score on your own first - for free via Wishfin, safely, without affecting your score. So if your score is low, you see it before the bank does. Say your score is lower than 700, then you can actually improve your score over time by optimising your credit situation and following the score boosting advice given by Wishfin based on your score. If you are interested, Wishfin can also show you financial products with high approval probability so that you may fulfil your immediate need and get started on the path of healthy credit. Once you are confident about your score, you can apply in a more targeted manner, increasing chances of disbursal and reducing risk of multiple bank-initiated credit inquiries.

What are the benefits of having a good CIBIL Score?

Credit facilities, such as a credit card or loans, are provided based on a thorough check of numerous factors. These factors include your relationship with the lender, employment status and history, age and more. Amongst these factors, CIBIL Score is considered as one of the most important factors. Banks evaluate your credit health and capacity for repayment based on your CIBIL Score. Therefore having a good CIBIL score not only helps you get an approval in the first place but also affects the quality of debt available to you. A good credit score makes a person eligible for better deals on loans and credit cards.

But this does not mean that not having a good credit score currently makes you completely ineligible for all financial products. They may opt for secured loans such as loan against property, gold loans etc by mortgaging their assets. But the options are still limited. Some banks and NBFCs may give loans or credit cards even with a CIBIL score of 0, -1 or a sub 600 score. But these may be at exorbitant rates of interest, offering very low credit limits and stringent repayment terms. The advantage of being on the green side of the scale is undeniable. Because getting a loan is not enough, getting one on good terms which you can viably service is more important. Here are some pros of maintaining a good credit score.

Increases eligibility for loans - A higher Credit Score means lenders will be more comfortable in lending you a bigger amount or providing you with a better credit limit.
Gives access to best Credit Cards - Some of the premium Credit Cards offer great benefits in addition to deals and offers. Most of these cards have a good CIBIL Score as a pre-requisite.
Lower rate of interest - People wonder why they do not actually get a loan at the advertised lowest rate of interest. It could be because of a subpar credit score in addition to other factors such as income, repayment capacity. Those having a positive payment history and a high credit score are more likely to get a lower rate on loans.
To build and maintain a credit history - Good credit health does not stop at getting a good score just when you need a loan. What you do with that loan and how you repay it affects your future credit score. Remember, it’s not a sprint, but a marathon. Maintaining a good credit score, whether your are seeking a loan or not helps you maintain overall financial discipline. Paying credit card bills, EMI’s on time, not taking an excessive number of loans and credit cards even though you can afford it now and your credit score allows it, sows the conditions for a future debt trap.

Please note that a 0 or -1 score is not necessarily bad. It only means you have zero credit history and credit 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.

What is a CIBIL Report?

A CIBIL report is a single unified document that provides a detailed overview of your 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
Records 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 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. But more importantly it provides you with an opportunity to analyse your credit habits and take corrective action if needed. Being aware is the first step to good financial health. As the number of loans and cards pile up, even the most disciplined among us can lose sight of our credit situation. And this is not to be taken lightly, because whether you like it or not, all your credit habits get recorded by financial institutions – it’s like karma. So, a CIBIL report is especially empowering because it helps you understand workings of credit better and keeps you one step ahead.

How is CIBIL Report Generated?

Credit Information Bureau of India Limited (CIBIL), India’s first Credit Information Company, collects and maintains the records of an 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. When you check your score on Wishfin, you see this exact score and report generated by TransUnion.

How is Credit Score Calculated?

The member banks and financial institutions report monthly 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 rates, credit limit on cards, the status of all loan accounts including those ‘written-off’ or ‘settled’ or ‘closed’. After a complex statistical analysis of the provided information, the credit score is calculated. Timely credit payments generally lead to a good score. Candidates with a high credit score have better chances of getting a loan or a credit card.

Factors Affecting CIBIL Score

This is one of the most commonly asked questions about CIBIL Score – ‘Which factors affect your CIBIL Score?’ The answer includes your credit history, payment date, number of unsecured loans, credit utilization, etc. explained in depth below.

Credit History: It is believed that roughly 30% of your CIBIL score depends on your repayment history and timely payment of your dues. Individuals not having any kind of credit history will most probably have a zero CIBIL score. But lenders also look at other factors such as your annual income and employment stability to estimate your repayment capability.

Missing of Due Dates: Your repayment discipline says a lot about your credit habits and repayment capacity and is used to gauge your credit worthiness. Any type of credit product, comes with a designated due date. It is structured using things like EMI and regular credit card bills. Missing due dates even once or twice can affect your score. If it happens repeatedly, it will reflect in the credit report generated after every billing cycle and will be read as a pattern. This is terrible for your credit score and recovering from here becomes hard. So it’s important to cultivate a habit of timely repayment.

Utilization of Credit: Every person is eligible to a certain amount of credit from lending institutions based on his creditworthiness and factors like income and stability. This is reflected as a Credit Limit. The interesting thing is how much you utilize out of this credit limit also affects your future credit score, because it gives lenders a sense about your money management skills, your propensity to spend using credit, your credit liability and the risk to your solvency. It’s all about patterns. Credit Utilization is a metric that tries to capture the way you utilize your credit from the total given credit limit. It is calculated in percentage terms and is also known as the Credit Utilization Ratio. Suppose that you have a credit limit of INR 10,000 and you use only INR 3,000 from it, then your credit utilization ratio is 30%. From this, the lender can judge that despite having INR 10,000 available as credit, the borrower needed only 3000, hence is solvent and can easily pay back the loan. Borrowers who exhaust their credit limit frequently are known as Credit Hungry Borrowers, who find it difficult to get any kind of credit as they are considered a risk. A low credit utilization ratio (below 40%) usually contributes to 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. This is because lenders can sense the desperation. You don’t want to be categorized as ‘Credit Hungry’ and thereby a high-risk proposition. Every time you apply for a loan or a credit card, the bank or lending institution triggers a hard inquiry and the applicant is penalised in his credit score. Most often, this is avoidable and your score unnecessarily suffers. It is better to check your CIBIL score for free and only apply after you are confident of your score and apply for products which you are likely to be eligible for. Also, never apply for credit cards again and again to pay off old credit card debt. Not only will you be facing a debt trap, but also end up damaging your score making the situation worse. So look before you leap, check before you apply!

Increasing Your Credit Card Limit Frequently: Frequently requesting a raise in your credit card limit can create doubts about your credit-worthiness. It can indicate that your debt appetite may overtake your repayment ability. This can negatively affect your CIBIL score. So, it is better to stay well within the existing credit limit and repay dues on time. When the time is right, the bank will voluntarily increase your credit limit as per their assessment.

How to Improve CIBIL Score?

A good Credit Score is like good health – there are only upsides and no downsides. Whether you choose to seek credit using it or not becomes secondary. The fact that it gives you access to healthy credit if and when you need it is a reassuring feeling. It only strengthens your financial options and keeps you on track though positive habit formation. In order to get the best deals on credit cards and loans, it is important that your credit score is good. In India, banks and NBFCs would consider your application only if you have a good credit score. Once you understand the factors affecting your score, taking steps to improve it be it becomes easier. Here are some recommended measures to improve your CIBIL score:

‘On-time, Every-time’ Payments - Always pay your Credit Card Bills on time. Never miss the due date. Ensure that your EMI deductions are not delayed for any reason. This will demonstrate your credit discipline and establish your repayment credibility.
Debt Consolidation/Debt Optimization/Debt Restructuring - Why keep 4 credit cards and 3 loans running when you can make do with 2? A tight ship is easier to steer. Close down loan accounts and credit cards which you don’t use much. Say, you have been paying 36% interest on your Credit Card, it would be wise to take a Personal Loan at less than half the interest rate, pay off the Credit Card liability, terminate the card and pay off the Personal Loan using more manageable EMIs. Also look for options such as turning your Credit Card outstanding into EMI. This helps you stay clear of the debt trap and these smart decisions will reflect in an improving score. Bring down your Credit Utilization percentage and ensure a healthy ratio of secured to unsecured loans. It’s an ongoing process. Keep optimising.
Utilize Balance Transfer Opportunities - This one is somewhat related to the earlier point but deserves a spot of its own. Balance transfer is shifting to another loan with better interest rates and terms. Why continue suffering the same product when better options become available? You can easily do so for products such as Personal Loans and Home Loans and reduce your liabilities, possibly shrinking your EMIs and expanding your Credit Score! And it’s a virtuous circle – the more your score improves, better the deals that become available to you. You can keep an eye on balance transfer offers that get unlocked depending on your score using Wishfin’s recommendation engine, every time you check your CIBIL for free on Wishfin!
No Credit History? Try for a Small Loan or a basic Credit Card - This may sound counter intuitive. But if you have no credit history yet ( and hence a 0, -1 score), it might be a good idea to start building one by applying for an entry-level credit product, even if you don’t need it. Why? Because you have to start somewhere and you don’t want to be stuck with no credit score when you actually need finance. But a word of caution – don’t get carried away. Just because a loan with a high credit limit is available does not mean you take it. Opt for something which is manageable and involves regular repayment, so that you can establish a positive repayment pattern. You can move on to the big stuff when your Credit Score gets going as fast as your career!

Why is my CIBIL Score zero or negative? What does a CIBIL Score of 0, -1, 1 to 5 mean?

Seeing 0, negative or a single digit CIBIL Score can be alarming for new borrowers. In most cases, there is no reason to worry, but definitely some reason to take constructive action. As explained in the earlier point, such scores indicate that the individual has no credit history or an inadequate one.

A CIBIL Score of 0 indicates NH or No history, i.e., no records of the borrower can be found. A CIBIL Score of -1 means that the credit history of the borrower is NA or not available. It may also imply an inadequate credit record or that fewer than 6 months worth of records are available (not enough to generate a score).

A CIBIL Score ranging from 1-5 denotes the magnitude of risk that a lender may face while lending to a fresh borrower. 5 means less risk. 1 means more risk.

Why is my CIBIL Score is not getting generated?

The systems at TransUnion identify you and your records based on the details that exist in your banking records. Often this information is provided by you to banks a long time ago. Details like phone numbers, addresses, employment details change with time but are often not updated in your banking records. Sometimes while filling the CIBIL form, one puts in the latest details or the details he can recall. But if there’s a mismatch with the banking records, as a privacy feature, CIBIL does not show you the score, because it has not been able to identify you with sufficient certainty. In such cases, it is best to review all details in your banking records and write to CIBIL using the contact us page on their official website. If there is a discrepancy, only they can help rectify it.