Credit Information Bureau (India) Limited, commonly called CIBIL, is India’s first credit information company, and its primary responsibility is to record and maintain all credit-related activities of individuals and businesses within India and generate a three-digit CIBIL score based on the database. A higher CIBIL Score indicates better credit history and increases loan approval chances at lower interest rates.
Check CIBIL Score online checking has become a widely used service, providing individuals with convenient access to credit scores. With the Bajaj Finserv Credit Pass, which is one of the best CIBIL Score online checking, an individual can check the CIBIL score within a couple of minutes. CIBIL Score online checking on a regular basis can help people assess their creditworthiness and take corrective actions for improved scores.
Listed Below are the Steps for CIBIL Score Online Checking
- Visit the official website of the Bajaj Finserv financial institution to know how to get CIBIL Score.
- Search for “Check Score” and click on it.
- Log in using your mobile number.
- You will receive an OTP.
- Enter OTP to verify your mobile number.
- Fill in all the required information, such as your name, date of birth, PAN card number, and contact details for CIBIL Score online checking.
- Before submitting the form, verify that all the information entered is accurate.
- Wait for your CIBIL Score to be generated, which you can check on the dashboard.
Read Here More: 5 Important Reasons to Check Your CIBIL Score Regularly
Important Tips To Improve Your Creditworthiness
- Make Timely Repayment Of Debt: Failing to make repayments on your outstanding debt can have a significant adverse effect on your credit score. It’s crucial to make EMI payments and do CIBIL Score online checking on a regular basis to find any inaccuracies. In addition to incurring penalties, delayed EMIs can also result in a decrease in your credit score. If you struggle with remembering payment dates, setting up reminders is advisable to ensure a timely repayment.
- Verify Credit Report For Inaccuracies: Although you may believe you have a favourable credit history, several unknown errors could negatively impact your credit score. Even if you have fully paid off and closed a loan, it may still appear as current due to an administrative mistake. Therefore, it is important to know how to get CIBIL Score for other errors and suspicious activities.
- Maintain A Diverse Credit Portfolio: It is recommended to have a balanced combination of unsecured loans and secured loans. Lenders prefer individuals with a higher proportion of secured loans, and credit bureaus also assign them a higher credit rating. If you have more unsecured loans than secured ones, it is advisable to pay off your unsecured loans in advance to maintain a favourable balance of loans.
- Reduce Credit Utilization Ratio Limit:You should avoid using your commercial credit card up to its maximum limit to boost your commercial CIBIL score. Maintaining a low credit utilization ratio of preferably 30% or less is advisable, along with commercial CIBIL score online checking. While having a credit utilization ratio between 60-70% may not affect your commercial credit score significantly, consistently maxing out your commercial credit card or having a high credit utilization ratio (90-100%) can lead to a drop in your commercial credit score.
- Request Financial Institutions To Increase Your Credit Limit: It is advisable not to decline your bank’s request to increase your credit limit or to proactively request this increase yourself. This does not necessarily imply that you will spend more monthly money, but you should be prudent in managing your expenses. You can positively impact your credit score by having a higher credit limit and keeping your utilization rate low.
CIBIL score plays a significant role in assessing an individual’s creditworthiness. CIBIL Score online checking on reliable online platform such as Bajaj Finserv Credit Pass has made it simpler for individuals to stay abreast of their creditworthiness, encouraging greater financial literacy and better planning skills among consumers. Maintaining a good CIBIL score and understanding how to get CIBIL score is essential for anyone’s financial future, as it can significantly impact a borrower ability to secure loans at lower interest rates and better terms. CIBIL Score online checking has made it easier than ever for individuals to stay informed about their creditworthiness and take steps toward improving it.