Your credit score represents your ability to handle your finances. By studying your report, you can determine where you are and what areas you need to focus on. Your credit score or report is a summary of your current and previous credit activities. Monitoring your report may also assist you in detecting and correcting any inconsistencies that contributed to your lower score. A CIBIL score of 750 or more is considered acceptable by the majority of financial institutions and lending platforms. A good credit score and history are essential since they enable you to qualify for loans with favorable terms. However, lenders might have a difficult time determining your creditworthiness if you have no credit score or history.
Packages of Checking CIBIL Score
In India, you can check your CIBIL score for free on the official CIBIL partner websites or on the official CIBIL website. TransUnion CIBIL charges INR 550 for a basic credit report and INR 800 for a standard credit report for two credit reports per year. You must pay an additional fee if you want to verify your CIBIL Score more than twice in the same year.
You can select from a number of subscription options on the official CIBIL website. The subscription packs are as follows:
Basic Pack
The monthly fee for the Basic Pack is INR 550. With this set, you will have complete access to your CIBIL dashboard and Score Simulator. CIBIL will personalize loan offers for you using this bundle.
Standard Pack
The standard pack costs INR 800 and is valid for six months. This membership covers credit monitoring and CIBIL alerts for a whole year, 24 hours a day, seven days a week. The benefits listed above are in addition to the features of the Basic Pack.
Premium Pack
With a price tag of INR 1200, this is the most expensive pack accessible on their website. This pack is valid for a period of 12 months. The benefits of this pack are the same as those of the basic pack. The primary difference is that its benefits would last for more than a year.
Disadvantages if you have a low CIBIL Score
A low CIBIL Score has a number of disadvantages, including the possibility of having your loan application denied outright, having to wait longer than usual, producing additional proof, and paying a higher interest rate. Whether you realize it or not, a low CIBIL Score affects you in a variety of ways. Your CIBIL score may be low due to bad repayment habits or an error in your credit report that you are unaware of. As a result, you should use a CIBIL score login to check your credit report on a regular basis to ensure that it is free of errors. Furthermore, if you have a low CIBIL score, you can learn how to improve your CIBIL score to avoid loan rejections. It is also possible that your CIBIL score will appear on your credit report as “Zero.” A zero CIBIL score is not always a bad thing; you can still apply for and receive loans or credit cards from many banks or NBFCs; nevertheless, having a zero CIBIL score lowers your chances of receiving the best offers when compared to having a decent CIBIL score. This happens if you haven’t applied for a loan or credit card in a while, or if credit bureaus don’t have enough information about your credit history. In this case, your credit report will include a mention about their lack of credit history. It could take anything from six months to a year, depending on how carefully and consistently you utilize and manage your credit.
Banks always conduct a background check on the applicant before giving credit. A background check entails examining many aspects of the application, including the applicant’s CIBIL score. If the applicant has a CIBIL score of 750 or higher, banks consider him to be a low-risk candidate, and the odds of getting your loan or credit card application approved are significantly higher than for the applicant with a low CIBIL score. Many banks will not consider you qualified for a loan or credit card if your credit score is less than 750.
