You may not comprehend how important a CIBIL score is until you need it to avail of a financial facility such as a loan or a credit card. One of the most important eligibility criteria for loans or credit cards is an adequate credit score. If you want to check your credit score, several bank and NBFC websites offer you a free check. All you need to do is fill in some details and your credit score is generated electronically. For instance, if I were planning to take loans, I would check my CIBIL score regularly online as this could change from time to time.
What is a Credit Score?
A credit score is a numerical rating between 300-900, showing an individual’s credit profile. Such a score reflects a financial summary that borrowers need to show lenders in order to be eligible to borrow credit. This score, when generated by a credit agency called ‘CIBIL’, is known as a CIBIL score. Other financial institutions, such as Experian, also generate such scores to determine creditworthiness. A credit score that is generated by Experian is known as an Experian credit score. The higher your score is, between 300 and 900, the better your outlook is of getting credit. Typically, banks and non-banking financial companies prefer that you have a credit score of at least 700 to be approved for a loan or a credit card.
How to Check Your Credit Score
You can check your credit score free online at many bank and financial company websites. For instance, if I were planning to opt for a credit card from HDFC Bank, I could check my CIBIL score for free online on the HDFC Bank portal. All there is to do is fill out some details and get your credit score electronically. You can also check your credit score at the CIBIL website, but this can only be done once free of cost. For subsequent checks, you will have to subscribe through different plans depending on the frequency of checks.
How to Check Your Experian Credit Score Free
Another easy way to check your credit score and get an Experian credit score is on the Experian site and this is free of cost. You will have to enter some personal details and will get an OTP that needs to be authenticated. The following details need to be entered for your free credit score and report to be generated:
- Personal Details – Name, address, PAN number, mobile number, date of birth, etc.
- Brief Information – You will also have to fill out a form in which your financial details may be asked for.
After you do the needful on the Experian site, a credit score between 300 to 900 will be generated and you may request a credit report as well.
Analysts recommend that individuals check their credit scores regularly so that they are aware of their up-to-date financial status. Even if you are not interested in credit in the form of loans or credit cards, keeping an eye to maintain a good credit score is fundamental to your financial wellbeing.