CIBIL score is one of the main reference points for Indian banks to decide a person’s eligibility for loans, credit cards and other money matters. Finance houses are subscribers of the CIBIL reports which enable them to cross-check the CIBIL status of their potential customers before sanctioning credit requests. Banks often disclaim funding requests from CIBIL defaulters who typically have a low credit score. Looking forward to applying for a loan? Credit card application rejected because of CIBIL? Nowadays, it is possible to check CIBIL status online for free. You need PAN card, or a similar financial identifier to accurately define your profile on CIBIL records.
Facts about the CIBIL Score
Recently, I had a talk with one of my cousins preparing for bank exams. He wanted to know more about CIBIL requirement in SBI PO notification. Yes, SBI now needs the candidates to have a good CIBIL status even for applying for a job. It seems like the scope of CIBIL is expanding beyond the lending space. Let’s see some facts about the CIBIL score.
- CIBIL is a part of Transunion, a US-based company, which collects and monitors credit history of billions of people worldwide.
- CIBIL score, which falls in the range 300-900 is a simple indicator of a person’s financial health. A score above 800 is well received by banks.
- In addition to this, there is CIBIL Transunion score 2.0, which is a new type of calculation under which the score comes in between 1 to 5.Banks, NFBCs, and lenders like Bajaj Finserv, are the members of CIBIL. They constantly report the financial activities of customers to CIBIL.
- Reports of people who default on loans, EMIs for more than 60 days are sent to CIBIL records. Consequently, the CIBIL score of the person goes down. Update to CIBIL score and report happens in 30 to 45 days.
- Since other lenders are also able to access the CIBIL report of defaulters, they just reject further credit requests from them.
- Thus, getting a personal loan or credit card becomes a tedious task for the defaulter until there is an improvement CIBIL score.
- CIBIL uses different points to calculate the score; the EMI repayment pattern is just one of them.
- However, paying your EMIs before the due date is the best way to keep your CIBIL score above 800.
Here is a video tutorial on how to access your civil status online. Textual instructions and links are right below this line.
Steps to check CIBIL status and score free online
I use the following method to know my CIBIL status online. As of today, my CIBIL score is 823, like you see in the screenshot. You may also get a free CIBIL report by following a few simple steps.
- The most basic thing for getting a free CIBIL score online is PAN number. Applicant’s date of birth, email ID, and income details are the other requirements.
- Let’s begin the free CIBIL score registration. Click here.
- Fill up the PAN number, and complete all other boxes with appropriate data. Accept the Terms Conditions and click Submit button.
- In some cases, PAN is not enough for processing the CIBIL score. They need further details like your Full Name, Address and Mobile number as in KYC records with the banks. Provide the correct information for generating an accurate CIBIL score.
- If CIBIL is able to identify your profile, the page will take you to the next section for choosing the CIBIL registration type. Otherwise, you will get a message that they are unable to generate a report at this time.
- CIBIL offers a subscription that lets you monitor CIBIL score and report several times a year. However, we are talking about the free service at this time. Click on ” No Thanks ” link at the bottom-right section.
- The website takes you to the authentication page, where it asks for some basic information about your financial activities.
- A My CIBIL login ID and password will be generated and sent to your email ID.
Now that you have a registration with my CIBIL portal, you may use the link below to sign-in and view the latest score.
My CIBIL Login page for consumers: Click here
When you login, the slider on CIBIL website will position itself to your current CIBIL score. A glimpse at your CIBIL report and references on it is accessible through “Account Information” under “View Report” menu. Furthermore, the list of banks which requested your CIBIL report is also available in the same section.
The downside of the free CIBIL score option you get through this way.
You can’t call it a negative aspect when CIBIL offers free access to your score online. However, one thing you should note is that the free option is limited to once in every year. The report you get is also not concise and functional for someone working on improving the score from a lower level. Such a person has to purchase a CIBIL subscription plan to monitor the CIBIL score changes, and effectively raise consumer disputes. Nevertheless, the free CIBIL score is a real blessing for casual users.
What is means if CIBIL status is -1, o, NH, NA, 1, 2, 3, 4, 5 or between 300-900
CIBIL returns different statuses while you check the score online. The score lies in between 300-900 or 1-5 depending on how old is the credit history of the customer. Apart from this, CIBIL also has a few other status codes to display it when a score is not available. More about it is below.
The traditional CIBIL status protocol rates the customer in a 3-digit score between 300-900. It is applicable to the category who builds a pretty solid monetary records on CIBIL for the last 24 months. A score above 750 is taken as positive for issuing credit cards, loans and other lending decisions. It doesn’t mean that you won’t get a personal loan or car loan for a CIBIL score below 750. However, in such cases, the loaners would dig deep into the detailed credit report to find more about the factors contributing to your bad CIBIL status.
CIBIL score -1 (minus one), or NH (No History) means that the client doesn’t have single a credit transactions in the past 24 months suitable for generating a CIBIL score.
CIBIL Score 0 (Zero) or NA (Not applicable) comes as status if the available credit history is less 6 months old. And in this case the new CIBIL reporting system comes into play.
CIBIL scores 1, 2, 3, 4, 5 are part of the version 2.0 of CIBIL algorithm to track credit risk. Difference between the old and new CIBIL score system is that it later is more advanced and dependable for lenders. With this, CIBIL can predict and identify high-risk customers in the medium and low score bands. They are also able to provide a rating for people with no credit history for the past six months. While in the old system, it was usually 0 or NA when a history is not present. Hence, with this latest CIBIL score patterns, Banks could accurately target more eligible persons for their products.
Low CIBIL score? Want to read and understand terms like STD, 00, LSS, DBT, SMA & SUB in CIBIL report? Check our article on ways to improve CIBIL score and remove a name from the defaulter’s list.