When it comes to your financial wellbeing, performing a regular credit score check is crucial. It is a core part of your financial profile and speaks to your ability to handle credit. Your CIBIL score is generated the moment you start your journey with credit. This score is based on your credit report and your past experience with credit. It indicates your creditworthiness and is required by lenders to assess new loan applications.
You can run a credit score check with the PAN details as it is linked with your financial accounts. The score will range from 300-900, with scores within the 750-900 range being considered excellent credit scores. You can use your PAN card details to run a free CIBIL score check on either the official CIBIL webpage or on several third-party service providers. Do note that the CIBIL service only allows you to do a free CIBIL score check once a year. To initiate a credit score check more than once, you are required to pay a fee. Read on for a quick guide on the different ways to check your credit scores with just your PAN information.
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Steps to run a credit score check on the CIBIL website
The official CIBIL credit score checking provision is one you can rely on to get accurate information. To check your credit scores for free, here are the steps to follow.
Step 1: Go to the official CIBIL website and find the ‘Self Service’ section. Click on the link that follows the words ‘To get your Free Annual CIBIL Score & Report’
Step 2: Fill out the enrolment form with the information required.
Step 3: Choose ID type as ‘Income Tax ID Number’ and enter your PAN information below
Step 4: Complete the form, go onto the next section to verify your identity
Step 5: Create your account and then access your dashboard to know your free CIBIL score.
As mentioned earlier, you can avail this free credit score check only once a year. You should also download your CIBIL score report to assess your credit profile thoroughly.
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Benefits of conducting a free CIBIL score check. There are several advantages to knowing your CIBIL score. Here are a few to note.
– Offers insight into your credit history: Keeping a record of your credit behaviour provides a clear insight into your credit health. If your score has improved over time, you can be sure that your current financial habits are working for you.
– Assess credit mix profile: When you check your credit score online, you usually have the option to download your credit report as well. This document will have your credit mix clearly listed, highlighting the various open credit accounts assigned to you. Check these to note the secured and unsecured credit. If you have a lot of unsecured credit, frequent credit score checking can keep you informed about your credit utilisation and help you avoid problematic undertakings that could harm your profile.
– Track your low-interest rate eligibility: Running a free CIBIL score check at your convenience allows you to stay updated on your current financial standing. This information enables you to gauge your eligibility for new credit and whether or not you are a low-risk applicant. Remember, the lender assesses your credit profile to determine the interest rates and the sanction. A high credit score can help you, as it opens doors to better credit facilities with reasonable interest rates, rewards and other factors. So, track your score often and apply only when your profile can work in your favour.
Now that you know how to do a credit score check online, make it a habit to do so frequently to maintain a healthy credit profile. Lenders prefer a CIBIL score above 750, and good financial habits can help you get there with ease. To enjoy the perks of a high credit score, pay off your bills and EMIs on time and keep your credit utilisation ratio below 40%.
Most of all, perform a CIBIL score check by PAN number, and without any hassles to monitor your profile. An easy way to do this is to use the Bajaj Finserv website. Here, you can get your free CIBIL score online and in just a few clicks. This can help you track your financial profile and make better decisions when borrowing.
