Pay Rs. 470/- and Get Your Credit Score from CIBIL

Here is good news for all the loan borrowers. Credit Information Bureau of India Limited (CIBIL), an agency which collects the credit history of all the loan borrowers & provides CIBIL scores to help borrowers know their chances of getting a new loan. The scores will be available to the customers by just paying an amount of RS. 470/-.

CIBIL was launched in 2004 with four million credit records, and now it is successful with 207 million records, including 200 million individual credit histories. Around 500 banks, financial institutions and non-banking finance companies are using these records and found them to be very helpful.

What is a Credit Score?
Many of the loan borrowers might be aware of the term ‘Credit Score’. But for some of our friends who just heard about it want to know what exactly it is, here is brief information.

Credit Score is a three digit number ranging from 300-900, which rates the credit history of a person from the past three years. This rating will be given by the CIBIL after examining the credit history of the person. This data will be utilized by all the private sector banks to know the credibility of the person, whoever has applied for a loan from them. It is also useful for individuals applying for loans, the higher the credit score the higher would be the chances of securing a loan. Depending on the score the bank will decide whether to sanction a loan or not.

This information is very useful for the banks to find the defaulters who will not repay the loan. So they don’t take the risk of sanctioning a loan particularly in case of non-collateral loans.

Previously CIBIL offered the information related to the credits of a person by charging them Rs.142. The customers utilized the best of it by repaying their EMIs that appeared in the CIBIL and thus clearing their credit history. Later the CIBIL received many requests from the borrowers to provide the credit score since the loans will be sanctioned based on that score only.

How to get your credit score?
CIBIL has an official website from which an individual can request his scores online. They can also make the payment of Rs. 470/- through online and need to send their identity proofs to the CIBIL. The score along with the CIBIL report will be delivered to the person in the next seven working days.

What are the advantages of getting credit scores?

  • The person having a credit score of 800 and above will have the maximum possibility of getting a loan. The lenders will show interest to sanction loans to these persons.
  • Customers availing loan from the banks can bargain for a lower interest rate with their higher credit scores.
  • It helps the customer to know his status of obtaining a loan. So that he either tries to improve his score by repaying the EMIs or he simply withdraws from taking a loan.
  • This score makes the job of the bank people much easier. It helps them to pick up the right candidates to sanction loans.

The credit scores will be calculated by the bank by taking many parameters into consideration like the payment history, credit utilization, length of the credit history, types of credits made, recent search of credit, etc. However, the exact parameters for calculating the credit scores are kept as a secret by credit bureaus.

2 comments on “Pay Rs. 470/- and Get Your Credit Score from CIBIL”

  1. Very helpful. Thanks!

  2. Khageswar Rao K says:

    Thanks for the information presented so helpful.