What is a CIBIL Report ?
Trans Union CIBIL is one of India's leading credit information companies which maintain a credit reporting database. A credit report is a financial paper or document which displaying your credit history.
The company generates this report, and it's also referred to as the Credit Information Report (CIR). Such a CIR offers details of your personal loan repayments, revolving loans, credit card fees, etc. The CIBIL report does not consider other financial instruments, such as account balance, business turnover, annual revenue, etc.
A CIBIL score is basically a three-digit number ranging from 300 to 900, where 300 is usually considered the lowest value, which also reflects an individual's credit worthiness. The higher the CIBIL score, the significantly better the credit history and their repayment ability to conduct is more responsible.
The basis for calculating the CIBIL score is that account is taken of at least 6 months of an individual's historical financial records.
The importance of credit score when it comes to getting loans available cannot be ignored. The applicant's credit score is a must-have eligibility factor. It's like a personal loan, when it comes to unsecured loans.
Banks view it as a preview of your creditworthiness. This is when your application for loan is being processed. It indicates you've paid your credit card and EMIs unpaid on deadline. Therefore, if a provider approves your loan application, there would be no possibility of default.
When you have a 750 plus cibil score, then there's nothing that can stop you from having the loan approval.
What is more, by providing the loan at a lower rate, a lender can also reward you for it. But before saying that can you check your cibil report online in just a minute ?
Steps to Verify your Online Credit Report :
Most online platforms nowadays will offer your free credit score report without any time. First, land on one of these website i.e. dealsofloan.com and then follow the steps below:
1) visit our website dealsofloan .com and then land on our free credit report page.
2) Enter your full name as per bank records.
3) Do provide right birth date as displayed on your ID Card.
4) Select your gender i.e. male or female.
5) Add Your Address as per bank records also add email , Phone Number and pin code.
6) Add your PAN Card Number Such as PQRTYXXX1F.
7) Click on checkbox -I agree to the terms and conditions of the service provider.
8) Once all the necessary information have been entered, click on the 'Submit' button.
When done, your check on your free credit score will now be shown within minutes. You should learn it correctly and apply for a loan now immediately. If your credit score is low then you can still apply for a loan probably later.
Benefits of Maintaining a Good Credit Score:
1) This would make you qualify for loans.
2) It makes you trustworthy, so bank will easily offer you loans.
3) With a strong credit score, you can request a higher limit on your credit cards.
4) The poor credit score makes it hard for banks to offer you loans.
5) Gives strong deals on house loans.
