What is a CIBIL Score?


General Understanding

In simple words, we can say that it is a numeric figure which shows history of a person regarding his borrowings. This score shows that how was the person in repaying his EMIs (Equated Monthly Instalments). If he/she was not regular in paying his monthly instalments then his CIBIL score would not be impressive and this will affect his chances of getting loans from banks or private finance houses.

Technical understanding

It is a 3-digit number which shows summary of your credit history. This score is calculated based on the credit history which is found in CIBIL Report ( CIR i.e. Credit Information Report).  A CIR does not show details of savings, investments or fixed deposits.

How do I check my CIBIL Score

You can find lots of free websites which provides free services to check one’s CIBIL Score but to remain assured of safety, you can purchase your CIBIL Score report from CIBIL.com where you will find different packages whose costing depends on their features. . Click here to buy package.

How to read CIBIL Score

A CIBIL Report shows details about your borrowings  such as home loan, automobile loan, credit card, personal loan, overdraft facilities. Your CIBIL Score is calculated based on your credit repayment behavior which is reflected  in the ‘Accounts’ and ‘Enquiries’ section of your CIR, ranges between 300-900. A score above 700 is generally considered good.

For details information: Check here

What information is contained in my CIBIL Score Report

  1. Personal information like name, date of birth, gender and identification numbers such as PAN, passport number, voter’s number.
  2. Contact information includes address and telephone numbers.
  3. Account information includes details of your credit facilities including name of lenders, type of credit facilities (home, auto, personal, overdraft, etc.), account numbers, ownership details, date opened, date of last payment, loan amount, current balance.

To understand various terms used in a CIBIL Report Read the following: Glossary of Terms of a CIBIL Report

Source: Official Website-www.cibil.com

Note: This article is only for education purpose. Help of official website of CIBIL is taken in preparation of this article.

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