Loans and credit cards help fulfill various needs. On one side, loans help you buy a home, car and meet your instant fund requirements, etc. On the other hand, credit cards help you buy the latest smartphone, book a movie ticket, and much more. But before you apply for a fresh debt, make sure to know your credit score in advance to get an idea of whether or not you deserve the credit.
You can check your credit scores for free at Wishfin, a premier online loan marketplace which is now an official partner of two of the most prolific credit information Bureaus in India, CIBIL and Experian. Both these bureaus provide credit scores to individuals having serviced the debt earlier or are servicing the same. Let’s compare both CIBIL and Experian here.
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CIBIL and Experian Score Required for Different Loans and Credit Cards
There are unsecured and secured credits available at one’s disposal. Getting approval for unsecured debts would require a score of 700 and above. Whereas, secured debts don’t require a credit score for approval. But having a good credit score can help reduce the interest rate on secured loans. Unsecured debts can be personal loans, credit cards, etc. On the other side, home loan, loan against property and other mortgage loans come under the category of secured loans.
Whose Credit Score is Viewed More Reliable – CIBIL or Experian?
According to a notification issued on Jan 15, 2015, the Reserve Bank of India (RBI) has mandated all credit institutions to become the members of all the four credit information companies including CIBIL and Experian. So, both Experian and CIBIL scores are reliable and are considered by lenders before approving a loan or credit card application.
What’s Common Between CIBIL and Experian Score?
Both CIBIL and Experian provide scores in the range of 300-900. Anything above 700 is viewed good by the lenders who often approve the case of those having such scores. Scores above 750 are viewed excellent and can most likely result in loans at attractive interest rates and top selling credit cards with maximum credit limit.
How to Check CIBIL and Experian Score at Wishfin?
At Wishfin, you can check your CIBIL and Experian score multiple times in a year without having to pay any fee. The process of checking both the scores differs, so you should glance at the below paragraph to understand the same.
- Enter your personal details such as your name, date of birth, PAN number
- Mention your email address and contact number
- Click on ‘Submit’
- Your details will be verified and only upon successful verification you will be allowed to log in
- Enter your email address or mobile number
- Enter the One-time Password (OTP)
- Click on Login and see the score
- Enter your personal details such as your name, mobile number, email address, and click on ‘Submit’
- Enter the OTP
If there is no relevant match found after these two steps, you will need to fill the user details form and Q&A form. But this is optional.