Many of you will surely agree on the fact that when it comes to availing a loan or a credit card, there is one common factor that plays a key role in both. That’s Right! Would you like to guess? Well, it’s nothing but a credit/cibil score that you must have heard about before. Yes, it is one such crucial factor of your loan/credit card journey that can either make or break the situation for you. The moment you apply for any sort of loan or your favourite credit card, the first step that most of the lenders do is to check the credit score of an applicant. Now you must be wondering why so? With the help of doing so, it would be easier for them to have a quick check of an applicant’s profile and would be able to know whether he/she is reliable to give away the loan/credit card or not.
This is the reason that why every loan seeker or credit card lover is always interested in knowing the score just to have a smooth and a hassle-free financial journey. And, not only this, with the presence of many trustworthy websites, it is no more a hassle nowadays to check free cibil score online. You read that right! It is absolutely easy, quick and simple process to know your score online as there are few steps which you need to follow. All they need is your personal as well as professional PAN details so as to give away you the exact and accurate score in just a few seconds. However, in case, you want to know the complete process, let’s take a look at the steps mentioned below…
Step 1: Open the CIBIL page at a website to know your credit score
Step 2: Enter your Name as per PAN Card, Date of Birth, Gender and PAN Card number
Step 3: Give your contact details which include current residence address, email ID and mobile number
Step 4: Agree to the terms and condition
Step 5: Click on submit button
You know the best thing about these sites is that they not only let you know the exact calculation of your score but these sites will also send a detailed cibil report. That’s Right! If we talk more about this report, it is nothing but a single unified document that contains the credit history of different lenders over a significant period of time. This comprehensive report gives the details of an individual or corporate entity’s borrowing history and repayment record. Just for your reference, we have mentioned below the data that which cibil report includes:
- Personal details of an applicant (name, age, gender and address)
- Employment details and earnings
- Number of hard enquiries made by potential lenders on receipt of the loan/credit card application
- Record of previous and current loans along with the payment record
- Any defaults on loan
- The details of settled loans, if any
- Total credit limit and the amount spent monthly (Credit Utilisation Ratio)
- Any credit card payment defaults
- Credit score
Let’s just move further and give you a sneak peak of how a credit score is calculated. What are the key essentials that play a pivotal role in the calculation? Wanna know the same? Just read the article below…
Many renowned banks and financial institutions monthly send the details of credit- related activities to the bureaus. And, the data includes loan/credit card repayment made by the customers during the period of time, in fact, the data also includes late of skipped payments. Moreover, the report basically includes the status of all loan applications, credit limit, interest rate and so on. Furthermore, after the complex statistical analysis of the provided information, a free cibil score check is possible online.
Hope this article on credit score and report was worth reading for you!