Today, more and more people are becoming smarter with their personal finance. And one of the main aspects of this is to monitor your credit score on a consistent basis. This is because it's a score of your financial health and creditworthiness, which is something that will follow you your entire life.
If you are interested in checking your credit score, then first and foremost- you must pat yourself on the back for taking a step in the right direction. It shows that you take responsibility for your credit and want to make sure that you don't ever want to get a loan for low CIBIL score. However, where do you even get your score from?
A lot of people think that it's the banks that create and record the credit scores of their customers, but that's not true.
Although banks have the information about the credit history, including the credit score itself, of their customers, they don't create the credit reports themselves. They get these from credit rating agencies that specialize in the calculation of the credit scores and credit reports of the individuals. Some of the most popular credit rating firms include CIBIL, Equifax, Experian, etc.
Although you can contact your bank to take help regarding your CIBIL score and report, they are also most likely to provide the only method that exists, which is to apply for it at the credit rating agency. So, you may as well approach the agency yourself.
If you haven't checked your credit score for quite some time, then here is good news for you- it's possible for you to get your CIBIL score for free! As per the new norms of the Reserve Bank of India (RBI), all credit rating agencies have to offer their customers a minimum of one free credit report per year.
The majority of credit bureaus allow you to get your report online through a simple and easy process. For instance, to get your CIBIL report, you can follow these steps:
If you are having trouble receiving your credit report then there is no reason to panic. The following are some of the possible reasons you may not get your CIBIL score and report:
People who have never checked their credit report before may find it difficult to read it for the first time. However, it's not really complicated if you know what you are looking for.
A credit report has many details. However, you need to focus only a few things which are: your credit score, accuracy in your personal details (name, address, etc.) and accounts (repayment history, unfamiliar transactions if any), and remarks from the banks (if there are any).