You are likely to come across terms like CIBIL score and CIBIL report, especially while looking for credit. While both these terms are related to individuals’ credit behaviors, they differ significantly in information presentation and credit outlook.
CIBIL or the Credit Information Bureau of India Limited is an apex credit information bureau of India. Which issues both these information sources. The bureau maintains the credit record of citizens and keeps track of their financial activities.
It is thus responsible for maintaining credit report as well as designating credit score. Every individual needs to be aware of CIBIL score vs CIBIL report distinction to gain a better perspective when accessing the two details before a loan application.
Difference between CIBIL score and CIBIL report
Starting with CIBIL Report, it is a detailed record of an individual’s credit history. It includes his/her personal information, contact details, employment details, credit card details, loan accounts, enquiry history, and so on.
On the other hand, the CIBIL score is a three-digit number summarized on the basis of the CIBIL report details. It ranges from 300 to 900, with a good CIBIL score reflecting over 750. The score reflects creditworthiness, financial behavior, and loan repayment capability of an individual based on his/her CIBIL report.
This report thus includes credit-related transactions and enquiries of the last 36 months. CIBIL score is, however, estimated on the basis of an individual’s credit transactions of the last 24 months.
Lenders usually check both the CIBIL score and report during the verification process of a personal loan. Thus, maintaining a positive credit history for the last 3 years or more can help build a good credit report as well as score.
Eligibility for a CIBIL Score
Further, an individual must possess a credit history of at least six months to be eligible for a CIBIL score required during credit applications like that of a personal loan.
In case an individual is new to such details and still wishes to avail credit, he/she might receive an NA (Not Available) or NH (No History) tag to proceed when applying for a personal loan and the likes.
The ideal way, nevertheless, to avail loans is to build a good credit report gradually and then approach lenders. Doing so assures easy approval of loan requests in future.
Keen borrowers can instead check their scores in advance and assess whether to proceed with a loan application or take measures for its improvement. You must also tally your CIBIL score vs CIBIL report distinction so that there are no discrepancies.
The process to check CIBIL score online
Here’s how to check CIBIL score online:
- Visit a portal which provides free-access to CIBIL score.
- Enter your personal details, ensuring they match with the ID proofs you provide.
- Verify your identity by using the OTP received on your mobile number.
- View your CIBIL score along with the CIBIL
The NBFC also extends attractive pre-approved offers to streamline the loan-availing process.To check your pre-approved offer, you need to enter only your name and mobile number.
The official portal of the bureau also facilitates CIBIL login for users.