Acredit or a CIBIL score is a three-digit number representing the borrower creditworthiness. The score represents how well you manage your credit. It helps to measure one’s ability to borrow, which is calculated on the basis of past credit behaviour.
To understand the creditworthiness of the borrower, lenders usually consider the credit score. Therefore, it is crucial to maintain a high credit score. In case you miss any repayments of a loan, your credit score will get adversely affected. Whereas, if you are disciplined with the repayment of your EMIs, your score will likely increase. A score of 750+ is considered a sound credit score by the lender. The Credit Information Bureau (India) Limited is a credit bureau responsible for maintaining and calculating credit scores.
Carrying out a regular credit score check is extremely crucial to ensure that you have a low-risk financial profile. Waiting until the last minute to check the credit score before applying for a loan can be a risky task. What if you find at the last minute that your score is inadequate? How will you rectify this situation at the last minute? Do you have a plan for how to overcome this challenging and uncertain situation? Here are some of the steps that you can follow for a credit score check in just a matter of a few minutes.
Steps for Credit Score Check
For the credit score check, you need to follow the below-mentioned steps:
● Go to the CIBIL official website and check for the ‘Get your CIBIL score’ button. You need to click the link.
● Enter the details in that link to create your account.
● Verify the account details in order to proceed with fetching credit scores.
● Check the score and go to the dashboard.
● From the ‘Accounts’ and ‘Enquiries’ sections, download your credit report.
You can check the score for free once a year. For unrestricted access to credit score checks, you will have to subscribe to the plan on the CIBIL website. The credit score check can be conducted on a third-party website for free. You can visit the website and fetch the details of your credit score in a few seconds with your PAN number.
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Important Sections of Credit Report
A CIBIL report is an important document that contains all the information about the debtor. Here is the breakdown of things included in the credit report:
● CIBIL Score: A score above 750 is most preferred by lenders. Therefore, it’s
crucial to maintain a good credit score.
● Contact and Personal Information: You must carefully check the details like ID details, address, and contact number to ensure that there are no errors.
● Employment Details: This section will contain all the details regarding your
employment status and monthly or annual income. CIBIL receives these details
from banks or other financial institutions.
● Account Details: Here, the details regarding your closed, past due, settled, and open credit accounts will be included. Make sure that all the information is
correct.
● Enquiries: Information regarding hard inquiries made by the lender into your
profile is included in this section. These details are recorded whenever you apply for a new credit card, which causes CIBIL score to dip.
Stay Financially Secure With Investment To stay safe during uncertain times, it is important to invest your money into assets, government securities, gold, or some tax-saving investment options whenever you have the opportunity. These investments or assets can help you overcome uncertain financial situations without any stress. These investments will not only help you to fetch money during such times but will also help you to gain profits in terms of interest. Gold is a great investment that won’t cause you any significant losses in the future. This is because the price of gold keeps on increasing with inflation. Know the gold rate today and invest in the asset today to multiply your wealth.
So, what are you all waiting for It’s time to invest and stay secure during all the uncertain financial times.
Author Bio: Vinod Gill is a writer who specializes in writing content on Finance and Banking subjects. He is a Digital Marketing Consultant, Blogger, and Co-Founder Organico India
