India is the second-most populous country in the world. However, the financial literacy in India is unsatisfactory. According to Atul Kumar Gupta, the Present of ICAI, the financial literacy rate in India is around 24%. The CIBIL score is a financial parameter that helps citizens get aware of their creditworthiness so that they can make wise decisions in their investments and while taking loans from banks.
In This Article
What is the CIBIL score?
The CIBIL score is a three-digit number ranging from lying between and 900. It reflects the merit of credit of a person. Using the CBIL score, banks can decide whether or not they should lend loans to the individual. The higher the score means the more creditworthy the person is. A low score on the other hand indicates that the loan given to the person may turn into a bad loan and may not be recovered.
What is the benefit of the CIBIL score?
CIBIL stands for Credit Information Bureau (India) Limited. It is an agency that rates your creditworthiness. CIBIL has brought transparency to the Indian financial markets. It has increased financial awareness among the citizens regarding the risks of loans. Moreover, the CIBIL has helped banks to avoid liabilities in their balance sheets by choosing the right customers for their loans.
How can you check your CIBIL score online?
You can check your CIBIL score free of cost in simple steps. If you already have an account on CIBIL, getting the CIBIL score and your credit report is just a matter of few clicks. To check your CIBIL score online, follow these steps.
- Launch a web browser on a PC or a smartphone.
- Go to the official website of CIBIL (https://myscore.cibil.com/CreditView/enrollShort.page?enterprise=CIBIL&offer=FACRAA)
- The first step is to create your account. Enter the information asked in the form like your name, mobile number, and PIN code. You will also be asked to enter an ID Proof like PAN or Voter ID.
- Once you fill in the asked details, go through them once and click the Accept & Continue button.
- If you already have an account on CIBIL, you can skip the registration process by clicking the Member Login located at the top-right.
- Here you will be asked to enter additional details like Address, City, and Gender. Enter the details and click the Accept & Continue button.
- Here you will be asked some question regarding your credit cards and loans. This information is needed to calculate your CIBIL score and frame your credit report.
Once your profile is created, you can view your CIBIL Score by logging into the CIBIL website.
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