What majority of the world knows as Credit Score India commonly knows as CIBIL score. It is just a 3 digit number, a score, but that alone can make a huge difference in your life. Even though the importance of CIBIL score is generally seen only when applying for loans, lately it has elevated itself even higher in terms of significance. Now companies, especially banks have started taking CIBIL score into account when considering job applications. Thus, it is only wise to pay attention to your CIBIL score and inculcate habits that help in its improvement.
If you are concerned about your CIBIL score then you can easily get a free CIBIL check online. There are several websites that offer a rough estimate of your CIBIL score by assessing several factors such as your credit history, pending payments, no. of credit cards, etc. You can also get a copy of your original CIBIL report from the official website of CIBIL. All you have to do is fill out a form, and pay a nominal fee. You will also need to submit copies of a few documents. These are-
· ID proof- Voter ID, Passport, Driving License, and even PAN card will do.
· Address Proof- It could be your passport, bank statement, utility bills.
What to do When There is a Discrepancy in your Report?
The smallest discrepancy in your CIR (Credit Information Report) can limit your chances of loan approval. Thus, you should monitor your score as well as report frequently so that if you find any error you can get it fixed and prevent your score from dropping. Thanks to CIBIL’s initiate towards online India you can raise a dispute request for discrepancy directly from their website. You can either use the CIR that has been purchased by you or by your credit provider to raise a dispute. Here are the steps for raising a CIBIL dispute-
· Access CIBIL’s official website and submit an Online Dispute Form.
· The sections that you have found discrepancy in are marked “under dispute”. The details are then forwarded to the concerned lenders. They either accept the disputes or reject them. If disputes are accepted then corrections are made in your report.
· The sections marked “under dispute” are removed and you can get an updated report that is free of discrepancies.
Why Should You Care About Your CIBIL Score?
Your CIBIL score can help you in many ways. For starters, obtaining a loan is easy if your score is higher than 750. On the other hand, if you have a low score then you will struggle a lot and face a lot of rejections.
A good CIBIL score also helps in getting the best loans easily. Not only you can get the loan of your choice but you can also enjoy attractive interest rates. Banks have more confidence in people with a high score in comparison to ones who have lower. Thus, they don’t mind adjusting for lower interest rates knowing that the applicant will not only pay back the loan in full but also within the due time.
As CIBIL score is finding its importance in many other areas (job applications, for instance) apart from loan sanctioning who knows where else you might need it in future. Thus, by paying attention to it now you can prevent yourself from potential problems in future.
How to Improve CIBILscore?
Doing free cibil check online and frequent report monitoring will only help you minimally. To actually improve your score you have to invest a lot of time and energy. You can start paying your EMIs on time, reduce credit utilization, and do a lot of other things that can improve your score. A lot of people also take help from consultants who can understand their situation and offer strategies that suit them. Whatever you do, just make sure you don’t delay in taking a hold of your CIBIL score. The sooner you start paying attention to it the better it would be for you.