How To Check Cibil Score Online Free with PAN Card (HDFC/ICICI Bank) – TransUnion score are integral to the loan evaluation process and through this program, we will help you interpret these better. To begin with, let us understand what is CIBIL and what role does it play in your life. CIBIL actually manage the information of millions of credit-active Indians. Their role as India’s pioneer credit information company is to provide banks and financial institutions with credit reports and credit scores in order to help them make informed credit decisions at the end of the day it is you, the consumer, who is CIBIL’s customer.
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How To Check Cibil Score Online Free with PAN Card (HDFC/ICICI Bank)
They are committed to educating Indian consumers to empower them to manage their own credit in a responsible manner. So that they and you are able to gain access to credit opportunities and an improved lifestyle without putting you and your family at risk. To explain this process simpler, when you apply for credit at a bank or financial institution by filling an application form the information you provide on this form is sent to CIBIL department and add it to your personal credit records.
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The banks and lending institutions also send us monthly information on your credit payments and how you manage your credit. This forms a part of your overall credit history and will reflect in your credit information report. You can access your own credit information report and score from Cibil in order to understand, manage and protect your personal credit information. Let us now understand the composition of your credit information. report so let’s get started.
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The Cibil credit report is divided into six sections. Cibil Transunion score. This displays your current credit score. Your credit score has been calculated based on your credit behaviour as reflected in the account information and inquiry information sections of your credit report. Your credit score ranges between 300 to 900. Did you know generally lenders look for a credit score which is higher than 700? 2. Personal Information. This is the information that identifies you this includes your name, date of birth, gender and your identification details like a bank card, passport, driving license, voter ID etc.
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This section contains your personal details as provided to CIBIL by lenders that you have existing credit accounts with or to which you have applied for a loan or credit card you must make sure that your lender is submitting the correct personal details to CIBIL because we use these details to formulate your credit report contact information. Your present and past addresses, telephone numbers, mobile numbers, email addresses etc. appear in this section, the most recently reported information will appear first.
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Employment information, the most recently reported information on your occupation income employment is displayed here. Please note that the income information is captured that time of your loan application. Account Information. This is the most important section on your credit report. This section provides a comprehensive snapshot of all your loan and credit cards along with a month on month record of up to 36 months of your payments.
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It contains that have provided you with loans on credit cards. The type of credit facilities you have a will like home loan, auto loan, credit card and so on. The ownership of the loans that is whether the loans are single or jointly helped. Details of your loans when each loan account was opened loan amount date of the last payment made current balance amount overdue and the days past due if any. Status of your loan account indicates whether the loan account has been written off, settled, suit file etc. as reported by the credit institution. In short, this section reflects the existing status of the loan account in case there has been a default on the loan payment. Did you know: A high credit score and a history of good credit behaviours may help you get access to credit faster and at better terms.
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Enquiry Information: This section simply displays a list of the lenders who have viewed your credit report for assessment of your loan application it shows the name of the lender date of enquiry and the type and size of the loan that you have applied for. Inquiries are added to your report when you apply for a loan or credit card and the lender accesses your CIBIL credit report. We now know the various elements of a credit information report. Let’s look at how to build a high credit score and health credit history. Here are a few tips. Avoid late payments or defaults as far as possible. Your payment history has a significant impact on your score. Late payments are negatively viewed by lenders because this indicates that you are having trouble servicing your utilization of credit card limits while increased spending on your credit cards may not necessarily negatively affect your score and increase the utilization of credit card limits.
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While increased spending on your credit cards may not necessarily negatively affect your score and increase int he current balance on the card. Overtime is an indication of an increase repayment burden and may negatively impact your score. The higher percentage of credit cards or personal loans commonly known as unsecured loans on your credit report a higher concentration of home loans or auto loans commonly known as secured loans is likely to be more favourable for your credit score.
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Then a large number of secures loans although unsecured loans offer easy access to finance it’s also by far the most expensive form of credit more the number of unsecured loans with higher utilization, larger is the payments resulting from its high rate of interest. Avoid behaving credit hungrily. You have made many applications for loans or have recently been sanctions new credit facilities. A lender is likely to view your application with caution.
This credit hungry behaviour indicates your debt burden is likely to increase or has increased and hence you may be less able to service additional debt obligations. We hope you found this article interesting and useful. Whether it is buying that dream home, that car you always wanted or helping your child secure a good education. CIBIL’s aim is to help you achieve your goals. To maintain your credit history and credit score and pave your way to success.
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