CIBIL credit score: In the current financial environment, knowing your creditworthiness is essential, particularly when applying for credit cards or loans. By giving borrowers access to credit scores, the Credit Information Bureau (India) Limited, also referred to as CIBIL, is a significant player in this context.
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Meaning of Cibil Score
A three-digit number that represents your creditworthiness and ability to repay debts is your CIBIL score. A higher score, which ranges from 300 to 900, suggests a better chance of loan approval. This score is used by banks and other financial organizations to evaluate the risk involved in making loans.
Process to get your CIBIL Credit score without a PAN Card
Visit the official CIBIL website, select “Get Your Free CIBIL Score,” then “Personal CIBIL score.” Click the link and enter all the necessary information.
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You can use a different form of identification, such as a passport, voter ID, driver’s license, or ration card, if you don’t have a PAN card. Enter the selected ID’s number.
Enter your PIN, choose your state, and provide your date of birth. Finally, click “Accept and Continue” after entering your mobile number.
Enter the OTP (One-Time Password) that was sent to your mobile device on the following screen to verify your identity. To continue, click “Continue.”
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Select if you wish to connect the gadget to your account. Please choose ‘Yes’ or ‘No’ according to your preference.
You will see a page stating that “You have successfully registered!” after your registration has been successful.
In order to access and view your CIBIL score, click “Go to Dashboard.”
CIBIL score-influencing factors
Depth of credit: This is the length of time you have had credit, measured from the date your oldest credit account was opened.
Long-term trend of outstanding balances: Your score is influenced by the overall pattern of outstanding balances over a period of time.
Credit card transaction history: Your credit score is influenced by the way you handle credit card transactions.
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Actual repayment amount divided by total amount owed: This ratio shows how you have repaid debt and affects your score accordingly.
The quantity of recently opened and closed accounts: Managing the opening and closing of accounts is crucial because it can impact your score.
