Staying up to date with your CIBIL score has a number of benefits- you can detect emerging issues, or correct the existing ones before they snowball into bigger problems. Besides, you can save both time and money that you would otherwise have to invest if you realize about the problems eating up your credit score at a later point in time.
The importance of monitoring your CIBIL report can’t be emphasized enough, and when for a few hundred Rs. you can a copy of your original CIBIL report from CIBIL’s official website there is no reason why you should not keep an eye on your score from time to time. In fact, you can get a free CIBIL report online. which is not that accurate but can certainly give a rough estimate.
Here are the steps for obtaining original CIBIL report from official CIBIL website:
1) Create an account on CIBIL.com and upload necessary documents viz. ID proof, address proof, etc.
2) Once your account is created you can make the payment for the report, which is about five hundred rupees. However, you are free to choose any payment method such as net banking, debit card, etc.
3) Once the payment is made CIBIL will verify your credentials. You will be asked 5 questions that are based on your credit history. Correctly answering at least 3 of them will complete the authentication process, and CIBIL will send a copy of your report to your email address within 3 business days. If you fail in answering any 3 questions you will still get a report, but it will be sent to your home address instead of email address for security reasons.
What to Look For in a CIBIL Report?
When monitoring your CIBIL report make sure you check for the following:
- CIBIL Score: Your CIBIL score is the first thing that you should check when you receive your report. Compare it with the score that you saw the last time you checked your report. If you see a drop then it is a matter of concern. If you see a boost then you can keep doing whatever you are doing to make score better.
- Discrepancies: Every time you get a free CIBIL report online, or an original copy make sure you check it thoroughly for discrepancies or mistakes. Even a small mistake in the report can damage your score. In most cases you can rectify the mistakes by reporting them to your lending institution which will then send the correct data to CIBIL. You can check the updated report after 30-45 days and confirm the changes. Depending upon the significance of the data your score can easily increase by 50 points.
- Remarks/ Comments: Believe it or not, the comments and remarks left by your lenders in your CIBIL report can affect your chances of loan approval in future. Even though these comments don’t really affect your CIBIL score they can influence a potential lender to cancel your loan application. If you see any negative comments in your report then you can request your bank to have them removed.
- Remaining Debt And Payment History: Analyzing your credit report can greatly help in managing your expenses and the loans that you may have taken. This is because the report carries all the information of your current debt and payment history. You can go through it to see how well you are doing, and manage your expenses better. If you notice that you have been delaying EMIs lately then you can try becoming more regular and save your score from a negative impact.
A large number of people are looking for ways on how to “check my CIBIL score online free” lately. Fortunately, there are plenty of websites on the Internet that can provide an estimated score by using the information provided by the applicant. Still, it is highly recommended that you get an actual copy of your CIBIL report to have a better understanding of your situation.