Why Should You Check CIBIL Score At Regular Intervals?

People are slowly realizing the importance of credit score. Recently, a friend of mine got a credit card. I asked him why was he getting a credit card. To which, he replied, “I want to build my CIBIL Score”. It came as a shock to me because he is not one of those who care about these things much. But then, he explained to me about his plans to get an education loan in the future. It elated my heart to know that people are slowly realizing how important it is to build a CIBIL score. Making the credit card payments or loan EMI payments at the correct time are some of the ways in which you can build your CIBIL Score. When you’ve built a CIBIL score, keeping a track of it is also very important at regular intervals is also important. Following are the reasons:

Awareness: Knowing where you stand in terms of your credit worthiness will help you plan and be prepared. Let’s say, if you want a personal loan in the near future and you’ve no idea about your CIBIL score. What if your CIBIL score has come down over time since you last checked? Obviously, the bank will reject your loan, leading to financial challenges for you. Thus, it is always good to be aware of your CIBIL score by checking at frequent intervals, at least bi-anually.

Negotiation Power: If you’ve check CIBIL score frequently, you know what your present score is. And, if you have managed to maintain a good CIBIL score, this will give you the power to bargain with the Bank or NBFC to give you low interest rates or trust you with a high loan amount.

Dispute Resolvement: Imagine, you’ve just checked your CIBIL score once in a year, which was good when you checked it. But when you approached the bank for a new credit card, it got rejected. The reason may have been that few transactions recorded in the books of CIBIL , under your account, be wrong. Even if you have made all your EMIL and credit card bill payments on time. So if you don’t check it frequently, you won’t find the error and the dispute won’t be settled.

Getting Insights: If you check CIBIL score more often, you can actually see how each transaction you do or ignore affects your credit rating. This will help you gather useful insights so that you can take necessary steps accordingly.

How Can You Check CIBIL Score?

Now that you’ve know the importance of checking CIBIL score, it’ll be a waste if you don’t know how to check it. CIBIL offers a facility wherein you can check CIBIL score for free. But the catch is that you only check it for free once a year. If you want to do it more often, you’ll have to subscribe to the paid package of CIBIL where you can check your CIBIL score unlimited number of times. There are options of three packages that you can purchase from CIBIL’s website - Premium (12 months plan for INR 1200), Standard (6 months plan for INR 800) and Basic (1 month plan for INR 550) plan.

Free CIBIL Score Check:

• Go to CIBIL’s website and click on the link to check free credit score report.
• Create your Account.
• Fill out the necessary details such as Date of Birth, Aadhar, email-id, PAN number, etc. You’ll be required to also submit some documents for verification purposes.
• Once CIBIL verifies your request, your Credit Information Report will be dispatched to you to your email.
  

However, if you want to check CIBIL score for free for an unlimited number of times, you can do so on the websites of renowned financial technology companies.