CIBIL Score: What is the credit score, how to check it for free? know the advantages here

CIBIL Note: Simply put, the CIBIL score is a three-digit numerical summary of your credit history. It varies from 300 to 900 and represents the solvency of an individual.

The score is derived from the credit history found in the CIBIL report, also known as the Credit Information Report (CIR). Essentially, the CIR is an individual’s credit payment history across loan types and lending institutions over a period of time. However, it should be noted that a CIR does not contain details on savings, investments or term deposits.

See Zee Business Live TV Streaming below:

A higher CIBIL score means that you are a responsible borrower and that the repayment behavior is up to the lender’s standards. A good CIBIL score not only improves the chances of your loan being approved, but also ensures faster processing of your loan application. According to CIBIL, a score above 700 is generally considered good.

How to consult the CIBIL score for free?

If you are a Paytm user, follow the three simple steps below to check CIBIL score for free.

Step 1: Log into your Paytm app and tap the Show more icon on the home screen

Step 2: Select “Free Credit Score” in the Featured section

Step 3: Enter your PAN card number and date of birth. If you are a new user, you will receive an OTP for your profile verification.

Besides CIBIL score, it is also possible to view detailed credit reports including details of active credit cards and loan accounts, and compare their credit scores with others at city level, state and country.

How to check your total credit exposure?

Users can click “All Loan and Credit Card Accounts” to view the total loan exposure related to the bank account registered with Paytm.

A detailed list of all currently active loan accounts will be displayed on the screen with name, sanctioned amount, current balance, term and interest rate.

This snapshot provides users with a complete view of the financial situation and helps make informed financial decisions.

By clicking on “Detailed Report”, users can also see how their score compares to that of other Paytm users in your locality, city and the rest of the country.

Previous Why credit score apps aren't great (and what to use instead)
Next Work On Building Your Credit Score Now - Dakota Student

No Comment

Leave a reply

Your email address will not be published.