What is a CIBIL score and how is it calculated?

The CIBIL Score, also known as the Credit Score, is a three-digit numerical summary of a borrower’s credit history. CIBIL or Credit Information Bureau (India) Limited maintains and calculates your credit score. Simply put, it means how well you’ve managed your finances, such as your home loan, personal loan, or credit card in the past.

Value of CIBIL Score

The value of a Credit Score can range from 300 to 900.

  • Excellent CIBIL Score: 750-900.
  • Good CIBIL Score: 650-750
  • Average CIBIL Score: 550-650
  • Poor CIBIL Score: 300-500

How is CIBIL score calculated?

  • The CIBIL Score is calculated based on the credit history included in the CIBIL Report.
  • It takes into account the borrower’s credit record for the past 36 months.
  • Credit profile includes all types of loans like home loan, credit card, personal loan, car loan, overdraft facility etc that a person has used and payment history their.

How to check your CIBIL Score online

1) Visit CIBIL official website.

2) Select ‘Get Your CIBIL Score’

3) Enter your name, email ID and password. Attach ID proof (passport number, PAN card, Aadhaar or voter ID). Then enter your PIN, date of birth and also your phone number

4) Click ‘Accept and continue’

5) You will receive an OTP on your mobile number.

6) Enter OTP and select ‘Continue’

7) Select ‘Go to dashboard’ and check your credit score

8) After successful verification, you will get a free CIBIL score report

How do I improve my CIBIL score?

You can improve yours CIBIL Score by maintaining a good credit history.

1) Paying loan EMI and credit card bills on time by the due date is the most important thing to maintain a good credit history and high CIBIL Score.

2) It would be better to have a healthy mix of secured loans (such as home loans, car loans) and unsecured loans (such as personal loans) , credit).

3) Monitor your joint account monthly.

4) Regularly review your credit history throughout the year.

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