Frequently Asked Questions on CIBIL
June 29, 2022
What is CIBIL report?
CIBIL report is a single document which reflects your credit history over a significant period of time. This reports further assist in evaluating the credit worthiness of the individual or corporate entity. It includes the following information-
- Personal details of an applicant (name, age, gender and address)
- CIBIL Score
- Number of enquiries made by potential lenders on receipt of the loan/credit card application
- Record of previous and current loans with payment history
- Any defaults on loan/credit card payment
What is the cost of fetching CIBIL score/report?
CIBIL score/report is fetched from the official CIBIL website at a cost of INR 550.
What all details are required to fetch my CIBIL score/report?
- Personal details
- Your First Name & Last Name should be as per your PAN Card
- Valid PAN
- Date of Birth
- Contact details
- A valid Email Id and Mobile Number that you use for all your credit related activities
- Current Residential address
- Ensure you have access to banks/loans related information to double check your credentials before entering
Why am I unable to fetch my score?
Inability to authenticate yourself can be a hindrance in fetching CIBIL score/report. The reason for you to be unable to fetch CIBIL score shall be shared to your registered email id.
Why should I share my Credit card number /Loan account number?
TransUnion CIBIL authenticates your credentials by asking questions pertaining to your credit related activities. This mechanism is followed so as to restrict any unauthorised access to an individual account and assist in building a robust system.
What is the minimum CIBIL score to get a loan?
In the case of loans, the minimum credit score varies from one loan to another. However, if you have a credit score of 750 and above, most of the products are within your reach.
How can I increase my CIBIL Score?
A good credit score or CIBIL score makes you eligible for best credit deals be it a loan or a credit card. To improve your credit score, you can start with simple steps such as paying credit card bills and home loans on time. Also, you can apply for any of these to create your score if you have a zero credit history.
What is the best CIBIL Score to get Credit Card?
The minimum credit or CIBIL score required to get best credit cards is 750. The score is, however, is different depending on the card you have applied for and also the lender.
What is a good score in CIBIL?
A good credit score is generally considered to be 750 and above. If your credit or CIBIL score is within this range, you can apply for most of the credit cards and loans.
How is Credit Score calculated by CIBIL?
CIBIL receives the monthly report from its member banks and financial institutions. The details related to the credit activity of the customer is sent to the credit bureau in order to verify the payment habit based on which the report and the score is generated.
Can banks check your Credit/CIBIL Score?
Yes, banks can check your credit score and report. Everytime you apply for a credit facility such as a loan or credit card, banks evaluate your credit history to know your credit worthiness and accordingly decide whether you are eligible for the approval or not.
Do credit score inquiries hurt my CIBIL score?
Your CIBIL score only gets affected in case of a hard query. There are two types of queries which can be made for your credit report –
A hard query is when banks or lending institutions look up your CIBIL report in order to assess your credit worthiness when you apply for any kind of credit facility. A hard inquiry shows up on the credit report and indicates that you are actively trying to get credit in the form of a housing loan, personal loan, car loan, credit card or in some other form. This is why it is advised not to raise too many loan queries from different banks at the same time as multiple loan applications trigger multiple loan queries which will daunt your CIBIL score to some extent.
When you request your own credit report and credit score, it is considered a soft inquiry. So are inquires associated with pre-approved credit card offers, applications for business credit, and background checks. If a company you hold an account with does a routine credit review, this will also fall into the category of soft credit pulls. A routine review may lead to a lender increasing your credit limit without you having to ask.
Is it possible to improve the CIBIL score without buying any bank loans?
YES, it’s totally possible to improve your CIBIL score without buying any bank loan. CIBIL score depends on one and the only thing – Your repayment history.
There are two ways to do it. First, you can maintain a good repayment track while paying your credit card bills. The second way will arise in the case of you don’t have a credit card because of your no past credit history. In this case, you can opt for a secured credit card against a fixed deposit in the bank. You can build an excellent CIBIL score by paying the bills of this credit card on time.
How often are the CIBIL scores updated?
Credit Institutions submit the information to the CIBIL every 30-45 days and if you happen to check your score or report within 45 days of closure/pay-off your accounts, it may not reflect in the CIBIL reports. Also, in the case of any inaccuracies, errors, or disputes, CIBIL will contact the credit institutions, and based on the given information by them, your CIBIL score will get updated within 30 days.
Does closing my Bank Account affect my CIBIL score?
NO, there will not be any kind of effect in the CIBIL score on closing your bank account. CIBIL score depends on your credit history, and any type of bank accounts (savings/current) does not give information about your credit history or debt management, thus making itself excluded from affecting your CIBIL score.