Different ways of checking your Credit Score

When you need to finance a mortgage or another purchase, you may need to take a loan from a bank or another financial institution. When you make a loan application, one of the factors that the bank will consider while giving you a loan is your credit score. In this aspect, your CIBIL score will greatly impact your chances of getting the loan. 

What is a credit score?

In India, the most popular credit score is from CIBIL. CIBIL full form is Credit Information Bureau (India) Limited, and the CIBIL score is a three-digit number. This number helps the banks decide your creditworthiness as a borrower. Further, this number helps assess the risk and the likelihood of your ability to repay the sum you borrow. 

Generally, a credit score is within a specific number, in between which you can either have a low, average, or high CIBIL score. The higher your CIBIL score, the better your chances of securing a loan with good interest. 

How to check your credit score?

The ways of checking your credit score can vary, and you have several options at your disposal. Some of the common ways of checking your credit score are the following – 

• Requesting your score directly from the credit bureau

You can check your credit score directly from the official website of CIBIL, where you can get your credit score and report after paying a specific amount. Getting your CIBIL score directly from their bureau’s website is simple. You can instantly fill in your details in the designated space and get your credit score. 

• Checking your CIBIL score through scoring or service sites or applications

You can easily check your credit score fee of cost through the variety of websites available online, which claim to display your accurate CIBIL score with a few clicks. You can view your credit score by signing up and making an account, where you get updated about your credit activity and score. The same process exists with the CIBIL score app as well. Even with an app, once installed, you go through the process of making your account and putting in your details to receive updates about your credit score. 

• Checking with the bank

One of the easiest ways of getting to know your credit score is through your bank. Most financial institutions offer certain credit services which permit you to keep tabs on your credit fluctuations along with your credit score. You can use the CIBIL full form to inquire about how to check your credit score directly from your bank. If you have your online account, you can check from there or through any customer service representative or mobile banking application if you are uncertain of the availability of the services. 

• Checking with the help of a credit counselor

You can consult a credit counselor if you get stuck and have difficulty understanding any of the methods. Even if the simplest method of checking your CIBIL score is through either a website or the CIBIL score app, by consulting a counselor, not only do you get an assessment of your credit score, but you always get an account of the ways that you can improve your score. Credit counselors typically provide you with a credit report review, credit education, and access to your credit score. Finding your credit score is a small and significant part of creating a plan to achieve your financial objectives and debt management. 

Conclusion

With digitization, checking your credit score has become easy and fast. Generally, there are many free ways to check your CIBIL score online, but you can always get a paid report and consult a counselor who would understand your credit situation better.