CIBIL Credit Score -Credit Score India

In India, four Credit Information Companies are licensed by Reserve Bank of India. The Credit Information Bureau (India) Limited (CIBIL) has been functioned as a Credit Information Company from last fifteen years, since 2000. Subsequently in 2010, Experian, Equifax and Highmark were given licenses by RBI to operate as Credit Information Companies in India.

Although all the four credit information companies have developed their individual credit scores, the most popular is CIBIL credit score. The CIBIL credit score is a three-digit number that represents a summary of individuals' credit history and credit rating. 

This score ranges from 300 to 900, with 900 being the best score. 

Individuals with no credit history gets a score of -1. 

If your credit history is less than six months, your score will be 0. 

CIBIL credit Score takes some time to build up and usually its between one year to three years or more of credit usage to obtain a satisfactory credit score.

CIBIL is present in India since last fifteen years, still many people have misperceptions and wonder what is a CIBIL score. CIBIL is Credit Information Bureau (India) Ltd or the company that is responsible for collecting, calculating and maintaining the payment and credit records of commercial entities, as well as individuals. There are many factors relating to the approval of a loan that one does apply for, in a bank or some other financial institutions, in which CIBIL score is the most important factor amongst them that will determine whether you are eligible for the loan or not.

When someone uses a credit card issues by a bank, one has to repay the amount to the bank on time. The more one does delay in repayment, the more he/she will be scoring negative on the calculation parameters of the credit score. The banks maintain the entire record of your credit and payment history. On a monthly basis, this record is sent to the Credit Information Bureau (India) Ltd or Credit Bureau. Depending on the information sent by the banks to CIBIL, an individual or a business entity’s CIR i.e. Credit Information Report is developed along with the credit score.

If you are planning to apply for a loan, you must know your credit score. However, many people have this question in their mind and frequently ask the finance experts, how can I avail a Credit Score? But, it is very easy to know your credit score. Not only does CIBIL do this job for you, but there are other companies also, who will do the task of getting your credit score.

Depending on this entire information received from the banks, your credit score will be calculated and sent to you. This score is very crucial when you are going to apply for a loan to a bank or finance company.

Getting a credit score online is a simple process. 

You can logon to Credit Information Bureau of India Limited (CIBIL) website (www.cibil.com). 

When you logon to the CIBIL website, you will find a tab "Know Your Score". 

Click on "Click here" button for your personalized credit score. 

It will direct you to a page which will show you the step-by-step method to get your credit score online - the url for this page is https://www.cibil.com/online/credit-score-check.do 

Read this Step By Step Pictorial Guide to get your CIBIL report same day.