A credit score and report have come to play an important role in our financial lives. Financial institutions increasingly rely on your credit score to provide loans. A bad credit score number can make your dream home more expensive. As things are going, that high profile job may slip out of your hands just because the credit score is not up to mark.
Remember, a good credit score is 750+ (out of 900).
Hence it is important to look at your credit report on a regular basis and ensure that it reflects the correct picture. While you can always buy a report from one of the credit bureaus, you can now get it for FREE too.
In 2016, RBI through a notification had asked the credit bureaus to issue one credit score and report to every user on request. This one credit report can be accessed once a calendar year and comes without any cost, that is, FREE.
Finally, after some back and forth, the credit bureaus have started to provide one free credit score every year.
I too accessed my Credit Score from CIBIL. There are other players too including Equifax and Experian, however, I feel CIBIL has the most comprehensive records of credit data.
You can also access your free credit score from other financial websites such as Bankbazaar but they ask you a ton of data which they are most likely storing with them too. Not too comfortable with that.
So, I got my free credit score and report from CIBIL.
Here’s a step-by-step on how to access your Free Credit Score from CIBIL.
#1 Go to www.CIBIL.com. Scroll down a little and you will see a text area like the one highlighted below.
#2 Click on the link. If you already have an account, you can just login using the button on the top right corner of the page. Else, register with your email address, PAN, date of birth and Mobile. The registration page looks like this.
If you already have an account with CIBIL, you can skip the registration process and click on Member Login (top right corner of the page). Login with your user id and password.
#3 After you fill the form, your account will be created. CIBIL may try to confuse you by showing a page where you need to pay to get a report. You can ignore that. Instead, check the upper right corner for “My Account” link. and click there. You will see a page as in the image below to update your password. See image below.
#4 Scroll down a little here and just below the boxes, you will see a text area as shown below. “Get your Free Annual CIBIL Score and Report”. Click there.
#5 This will take you to an enrolment confirmation page. See below.
#6 Click on “Go to Dashboard” . Voila, here is your credit score.
You will see your CIBIL credit score on the dashboard. You see 835 in the image above, that’s the credit score. Looks healthy!
#7 On the same page, in the top menu, you will find the “Credit Report” link. Click on it and you will get to a new page which has a sub menu on the left hand side. Click on Account Informationto see all your credit details.
This section lists all the open accounts you have for various loans that you may have taken. You can click on each name to see the details.
Further the Enquiry information page lists all enquires on your score for issuing any new loans / credit cards. (Tip: Too many enquires can affect your score negatively)
That’s it. You have got your free credit score and report from CIBIL.
How to use your free credit score and report
This is hugely beneficial for you. There are times when your loan provider may report incorrect data to the bureau and this affects your credit history and the score. This further affects your chances of getting future loan.
You can use the free credit report to find out any incorrect data and take up for redressal. You can use “Raise a Dispute” link to raise any dispute and track them there.
This ensures that you live a clean credit life. Remember this, a good credit history has uses beyond a loan application.
I have heard that a few companies now look at your credit score as a part of the verification process. Again I have heard about Credit Scores being checked before weddings are fixed. Well, well!
Get your own free credit score & report now. Click here.