How to get your free CIBIL(Credit) score report in India ?
In the earlier decade, If we are going to ask for a loan from the bank, then the bank will ask us to submit our Pay Slips, Income Certificate, Information about the employer where we are working and details of mortgage assets if any.
But now this situation has changed. After the arrival of PAN(Permanent Account Number) in India, the subsequent growth of this PAN has completely upgraded. It helps the banks to retrieve our financial data very easily. Today, the PAN Card and the link of Aadhaar details will tells the financial details of every Citizen of India. Now, if we ask for a loan in a bank , then the bank will examine our financial credit status and make funds to us accordingly. So, the borrowing of money as a loan is depending upon the basis of Merit (Credit report).
Our Current income status alone is not enough to borrow a loan in banks, the eligibility of loan defines with the Credit report. Prior to this, there are so many credit agencies in India, which records our Financial data that connected with Banks and Financial related Services. The Credit agencies will make a report of us, how we managed our previous loans, credit cards or financial related obligations. This is called as Credit Score Report.
Before lending, the banks were known and examine our past financial positions by these credit score reports through the Credit Information Agencies. Experian PLC, Transunion CIBIL, Highmark, Equifax are the well known Credit Information companies in India.
Transunion CIBIL (Credit Information Bureau India Limited) is one of the oldest and most reliable credit Information company in India. The Profile of Credit information agencies were to provide credit related services, collecting and maintaining information of an individual(Indian Residents) provided by the Banks and Financial Services related Companies. The lenders will analyze the credit report provided by the Credit agencies, whether the applicable or customer can pay the loan on time or not.
For getting these credit report or credit score of a customer, the credit agencies will charge vary from Rs. 300 – Rs. 1000. If the banks were getting these credit reports from the agencies, so they can charge a fee to the customer who applied for the loan. It is mandatory to get this credit report while applying for a certain amount of loan. An Individual can apply for this report through Credit Agencies or with the Banks.
Nowadays, there are so many options to buy this online and more websites are offering the credit report through their Channel. Some of the financial websites were also offering the Credit Score report as free for a specific period. Paisa Bazaar, Bank Bazaar, Clear Score are the few third party websites to provide you the Free Credit Score Report. Even, the credit information companies mentioned above were providing the free reports for a short period, but not for the whole.
Getting a credit score report is very easy, one can visit the official website of the above mentioned companies, look out for the Free Credit score report or Credit report. Signup for a new account, then fill out the required details like Your Name, PAN, Date of Birth, and other information if any.
After submitting your required information, you can get the Free Credit score report by receiving on your Email. The banks and financial related companies will analyze your credit score reports of the loan or credit card applicants before approving their credit applications. It also helps you to examine the Financial Stability in a long period.
If you are getting a high or favorable score in your Credit report, then you have the highest possibility of getting a loan easily. If you have a low score or not satisfied with the banks, then they may reject your loan application. So, in a longer period if maintain a good credit rating, it will provide you a required amount of loan you need.
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