Do you find it boring to go through a long process to check your CIBIL score? It might sound weird but you can now get rid of this boredom. There is a popular online platform – Wishfin which has recently become first official fintech firm to ever tie-up with CIBIL.
The portal provides free credit score or CIBIL score check and also free credit report to the customers if they apply for a loan through this portal. Anyone who has a PAN card can check their CIBIL score within a few minutes. The steps you have to follow is mentioned here:
How can you check free CIBIL score?
You can follow the below steps in order to check your score online:
- Go to check CIBIL score check website
- Provide your full name as mentioned on the PAN card
- Enter your Date of Birth
- Choose the gender you belong to
- Mention your PAN card number
- Enter your contact address
- Provide the email ID fn which you want to get the credit report
- Enter your mobile number
- Submit the form
How is CIBIL report generated?
The report is generated by considering the following details of an individual:
- Personal details of an applicant (name, age, gender and address)
- Employment details and earnings
- Number of hard inquiries 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 a 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
What is the use of CIBIL score?
A good credit history helps in getting low rated loans. In case of applicants who do not have a good score, lenders consider their income to find their suitability for the product. However, having a CIBIL score of 750 or above is considered to be ideal. The impact of credit score is directly on your future loans. So, even if you do not have a good score, make sure you never miss any payments and make yourself a defaulter.
Who has no credit history or Zero CIBIL Score?
Credit, as you can understand, is the debt and history means what is the history. Those who have never taken any kind of debt have no credit history and thus 0 score. These people have no issues in getting a loan if they have a suitable income. It is far better to have no history instead of having a bad one. So, if you are among those who have no credit history, you can apply for a loan. You might not get lowest possible rate but if your income and every other factors ar good enough to fetch you best deal, you will get it.