What is a CIBIL Score?
A Credit Score issued by Credit Information Bureau (India) Limited with details of all your credit transactions is called CIBIL Report. CIBIL allot a value between 300- 900 depending on your credit history and this unique value is your CIBIL Score. If you are having a higher score, your chances are high to get further loan. It is better to check your CIBIL Score before applying to any home loan etc. It will be difficult for you to get a loan, if your CIBIL Score is less than 700.
How to apply for CIBIL Score online
Here you have to fill in your personal details including the contact number. It will ask for an identity proof and an address proof. You have to give your credit card number or any loan account number to enable CIBIL to trace your details.
After this you will be directed to the online payment option. You have to make payment using credit card, debit card or internet banking options. The cost of your CIBIL score with Credit Information Report (CIR) is Rs. 470/-
After the successful payment of the above fee, you will be asked to answer some questions on your credit history to authenticate your identity. You must have your credit card numbers, credit limit, highest credit availed etc to answer these questions. Once your identity is authenticated, you will get a mail confirmation from CIBIL regarding successful authentication. It will allot you a registration ID and a transaction ID. You will get the receipt for the payment of fee by email. You will get the CIBIL report in the next 4 working days by email.
If by chance your authentication is not successful, you have to take a print out of your application, payment receipt and sent to CIBIL along with an identity proof and address proof to get your CIBIL Score as hard copy. The address is given below:
CIBIL, 6th Floor. Hoechst House, 193, Back Bay Reclamation, Nariman Point, Mumbai- 400021.
How to apply for CIBIL Score offline?
You may download the application form from the CIBIL website. Please use the attached link for downloading the application form.
Along with the above application, you have to attach your identity proof (PAN Card, pass port etc) and address proof. You have to attach the demand draft of Rs.470/- to get the CIBIL Score and CIR. If you want only the CIR, pay only Rs.154/-. You can send the details to the address mentioned above to get the report by post.
There are many factors which affect your CIBIL Score. You can also improve your score by clearing your outstanding dues and following it up with the banks. In western countries, there are differential interest rates for customers depending on their credit scores. We may also expect the same to be introduced in India in the coming days. It is very important to ensure a high CIBIL score now.