How To Apply For Your Credit Score From CIBIL


Credit Information Report and Credit Score from CIBIL are the important tools with which banks assess the default risk of new loan applications. The CIR and credit score are based on borrower’s credit history. A good credit score means sanction of loan easy and a low score may lead to rejection. Now, individuals can also get their credit score from CIBIL –Credit Information Bureau o India Limited. This article gives some guidelines on apply for getting your credit score from CIBIL.

What is Credit Score and how banks use it


When we approach a bank to apply for credit card or a loan, the bank will like to know whether the loan is safe for them and whether it will be repaid as per the agreed schedule. Banks used to rely on their personal references of the proposed borrower. They also used to get some information from discreet enquiry. But these do not give a reliable data and may be relative and the data may be incomplete and inconclusive. Applying the Cibil credit score and credit information and data acquires importance in this regard. Cibil pools this information from the realtime database network arranged with its partners –most banks and lending institutions.

After establishing Cibil-Credit Information bureau of India Ltd- banks have got a more scientific data based reference. On enquiry about a prospective borrower, Cibil gives banks a report called the Credit Information report and a Credit Score. The credit score is a three digit number denoted to show the summary of the borrower's credit history. The scale starts at 300. The maximum in the scale is 900.

The credit score gives an indication to the bank whether you are likely to repay the loan or dues to the bank in normal course and regularly. The more the credit score, the more it is in your favour to get a loan. A low score makes the bank to doubt about the safety of the loan and bank may reject your application. As the credit score is based on your repayment behavior in the previous or existing loans, bank can take it as a more dependable tool to assess the credit default risk. The credit score also gives indications about resorting to frequent credits or using it always in peak level.

Who can apply for a credit score from Cibil


As Cibil credit Information report and credit score are important tools for the banks to assess the risk in lending, banks apply for a credit score/ credit report from Cibil. The banks and Cibil have the necessary arrangement so that banks can get the report by access online. Initially only banks were getting the reports and score. However, now from November 2011,an individual borrower can get a CIR and credit score about himself.

Why should one apply for one's own credit score


One applies for a loan with expectations that it will be sanctioned. However if the CIR and credit score are not good, banks may refuse to give loan. This situation is a disgrace to normal persons. Nobody likes to be seen as a credit defaulter, as it affects his image and affects his prospects to get further loans. Hence it is caution and prudence that one should be sure where he stands in the eye of the bank, before applying for loan and then should submit the loan proposal.

A credit report and credit score on his existing and past credits will make him know what the probability of getting the loan is. Moreover, a relatively bad report can be remedied and made better by repaying dues / default and then getting the score card refreshed and updated. If the credit score is very good, then the borrower can negotiate with the bank for better terms. Hence applying for one's own credit score and credit history is crucial.

Details to be kept ready for applying for credit score to Cibil


One has to keep certain details like e mail ID, phone number, mobile number, address proof and identity proof, details of one's loans or credit cards etc as these details may be needed in filling the application form. For applying online one has to keep at hand the net banking log in ID, pass word etc or credit / debit card.

Application form to apply for credit score offline


The application format named as Score Request Form-can be downloaded from
the website of Cibil- (cibil.com/sites/default/files/pdf/consumer-request-form.pdf)
How to apply for credit score --score request form
(For enlarged version of the form see the attachment at the bottom)

The form has seven sections to fill up with needed details.

  • 1.Tell us about yourself:
    Under this you have to fill up details of name, address, residence owned or rented, date of birth and gender.
  • 2.How can we reach you
    You have to furnish the mobile number, land line number and the e mailed in this section.
  • 3.Have you enclosed all the required documents
    From the specified list of documents, the applicant has to tick the name of one document each, submitted along with the application, as proof of identity and address
  • 4. Enclose your payment
    Here there are two choices. If you apply only for the Credit Score, then the fee is Rs. 154. But if you are applying for the credit score and also for Credit Information Report, then the fee is Rs. 470. One has to pay the fee by a demand draft in favour of Cibil payable at Mumbai. The DD details have to be furnished in this section and DD to be enclosed and forwarded with the application.
  • 5.Sign here
    It is very clear that the applicant has to sign at the space provided under the section
  • 6.Additional details
    This is optional, and the applicant can give his loan numbers in this section.
  • 7.Mail your application
    Under this section the address of Cibil Mumbai office is given. The application, along with the enclosures of documents and Demand Draft are to be mailed to this address.

Online application to apply for Cibil Credit Score


The online application score request form is almost similar to the offline application.. Here the option is to apply for both CIR and Credit score. And the fee is Rs 470 to be made by online payment using net banking, credit / debit card. The uniqueness inn online application is, that the CIR and credit score will be sent to the applicant by e mail to the e mail address furnished in the application.
The online application form can be accessed at -- cibil.com./credit-score.

application for credit score - online format
(For enlarged version of the form see the attachment at the bottom)

The steps for online application are

  • 1. Complete the request from filling the needed details. Enter the captcha image characters displayed. Acknowledge and accept terms and conditions.

    2. Make the fee payment by online methods of net banking/ credit/debit card.

  • 3.Get the CIBIL registration Id and the transaction ID for the payment made.

  • 4.Authenticate the online application form- by furnishing correct answers to a few questions about your loans / credit card(s), which is a security precaution and authentication as the details are known only to you.


If the authentication becomes successful, then the credit score and report is expected to be sent to you email within 4 days.

In case the authentication becomes unsuccessful, then you have to mail the fee payment confirmation along with the documents of proof of identity and address mentioned to Cibil office in the given address.

It is better for any one who has already availed a loan / credit card and wishes to take another loan , to get his/ her credit rating score from CIBIL by applying as per the guidelines given above. One can also become prudent and avoid debt traps from loans.


Attachments

  • Credit score application online format-enlarged view (152560-5333-Credit-score-application-online-format-enlarged-view.doc)
  • Credit score request form-enlarged view (152560-53128-Credit-score-request-form-enlarged-view.pdf)
  • Related Articles

    How to prevent acne scars?

    This article explains various measures which keep acne under control. This decreases inflammation and consequently chances of formation of acne scars too decreases. Actions like not picking at skin, proper hydration, using sunscreen lotions, proper skin care regime etc prevent formation of acne scars.

    Importance of CIBIL report - credit score

    When you apply for a loan - the banker asks you about your credit Score and inform you first they will check with CIBIL. Same happens when you apply for a credit card - the credit card issuer will tell you the same story. This article is related the credit score, credit information report and the the details of CIBIL report and credit score.

    How To Get Credit Or Loan From Banks And Financial Corporations?

    In present day’s, people are knocking the doors of banks and finance institutions regularly. Due to the problem of increasing debts banks are following new regulations while sanctioning credit loans. Credit history and score both are mandatory at the time of credit sanction. In this article I would like to share the complete information about credit history and score.

    How To Control Anger?

    Have you ever been angry and later on felt sad for being angry on some one or something? Do you want to control your anger ? Is anger good or not ? The following article will discuss about anger and measures through which we can control our anger.

    How to remove blood stains from delicate fabrics and specific surfaces?

    This article explains various tips and methods to get rid of blood stains from delicate fabrics like silk, satin, woolen, linen etc and from specific surfaces like concrete, hardwood floors, mattress, quilt, leather, carpets etc. These methods used can make them free from blood stains.

    More articles: Cibil Credit Credit score How to

    Comments

    Guest Author: Prabhat kumar07 Jul 2014

    I want to check my CIBIL report. How?

    Guest Author: sandhya saxena15 Aug 2014

    I have received so many phones from different persons from SBI for making my SBI credit card but after getting my pan no. APUPS6287A they never reply me. I want to know the reason why SBI credit card may not be issued in my name



  • Do not include your name, "with regards" etc in the comment. Write detailed comment, relevant to the topic.
  • No HTML formatting and links to other web sites are allowed.
  • This is a strictly moderated site. Absolutely no spam allowed.
  • Name:
    Email: