Check your credit rating before applying for loan

Everyone is aware of the word CIBIL. The Credit Information Bureau India Ltd. keeps the track on the creditworthiness of an individual. They have information about a person’s creditability. Cibil rates a person according to his/her payment track; this is commonly known as CIBIL credit information report.There are various slabs on which credit score is given to the customer and with the help of credit score, Banks check a customer’s creditability of paying anything that he/she is taking from them on credit either it’s a loan or a credit card. The credit score made it really tough for a customer to take anything from Bank on credit, as banks are checking credit score of a person before sanctioning a loan.

When a person was applying for a loan/ credit cards their application gets rejected and Banks give them the reason that your credit score was less that is why your application has been rejected.

But now one can check there cibil score easily and after checking it can apply for a loan or for a card. Before this customer never had any idea about his/her cibil score.

Two ways to get your CIBIL credit information report

1) Get it Online

• To know your Cibil Score you just need to send a DD of Rs.142. Fill the attach form 

• Send the scan copy of the form at myreport@cibil. com

• Along with that you also need to send an attachment that will contain your latest identity proof and address proof.

• Once Cibil receives your documents and fees, your request will be processed and copy of your CIR (credit information report) will be dispatched to you.

2) Get it via Post

• Fill the attach form 

• With a DD of Rs.142 and send it at P.O.BOX 17 , Millennium Business Park , Navi Mumbai- 400710.

• You also need to send your self attested documents i.e. your identity proof and latest address proof.

• Once Cibil receives your documents and fees, your request will be processed and copy of your CIR (credit information report) will be dispatched to you.

The Demand Draft is to be made in name Credit Information Bureau ( India ) Limited payable at Mumbai

How to get your CIBIL TransUnion Score Online

Your credit score plays a critical role in the loan approval process. Your credit score gives loan providers an indication of your capability to pay back a loan, based on your Credit Information Report (CIR). However, it is important to note that every loan provider, that uses the CIBIL TransUnion Score, has its own benchmark of what constitutes a “good” score. For example, a score of 670 may be an adequate score for some loan providers, but reason enough to reject a loan application for some others.

The steps involved in buying the score should be reworded

• Complete the Request Form
• Payment – Pay र 450 for the CIBIL TransUnion Score via Net Banking / Debit / Credit / Cash Card
• Get Registration ID – On successful completion of your payment transaction, you will receive a unique CIBIL registration ID and transaction ID in your online payment confirmation
• Authentication – Answer 5 questions about your loans & credit cards to authenticate your application(Do keep your personal details and loan/credit card details ready)

If authentication is successful

You’ll receive your credit score and credit report at the e-mail address you have provided.

Deepak Tanwar

CA-INTER