Your credit score reflects your ability to manage your money. You can determine where you are and what areas you need to focus on by studying your report. Your credit score or report summarises your current and previous credit activities. Monitoring your report may also help you detect and correct inconsistencies that contributed to your lower score. The majority of financial institutions and lending platforms consider a CIBIL score of 750 or higher to be acceptable. A good credit score and history are essential for qualifying for loans with favourable terms. Lenders, on the other hand, may have difficulty determining your creditworthiness if you have no credit score or history.
Different Packages to check CIBIL score
You can check your CIBIL score for free in India by visiting the official CIBIL partner websites or the official CIBIL website. For two credit reports per year, TransUnion CIBIL charges INR 550 for a basic credit report and INR 800 for a standard credit report. If you want to verify your CIBIL Score more than twice in the same year, you must pay an additional fee. On the official CIBIL website, you can choose from a variety of subscription options. The following are the subscription packs:
The Basic Pack has a monthly fee of INR 550. You will have full access to your CIBIL dashboard and Score Simulator with this set. Using this bundle, CIBIL will personalise loan offers for you.
The standard pack costs INR 800 and has a validity period of six months. This subscription includes credit monitoring and CIBIL alerts for a full year, 24 hours a day, seven days a week. The benefits listed above are in addition to the Basic Pack’s features.
This is the most expensive pack available on their website, costing INR 1200. This package is valid for a full year. This pack’s benefits are the same as those of the basic pack. The main distinction is that its advantages would last for more than a year.
Demerits of having a Low CIBIL Score
A low CIBIL Score has several drawbacks, including the possibility of your loan application being denied outright, having to wait longer than usual, providing additional proof, and paying a higher interest rate. A low CIBIL Score affects you in a variety of ways, whether you realise it or not. Your CIBIL score may be low due to poor repayment habits or a credit report error that you are unaware of. As a result, you should use a CIBIL score login to ensure that your credit report is error-free on a regular basis. Furthermore, if your CIBIL score is low, you can learn how to raise your CIBIL score to avoid loan rejections. It is also possible that your CIBIL score will appear as “Zero” on your credit report.
Before granting credit, banks always conduct a background check on the applicant. A background check entails investigating numerous aspects of the application, including the applicant’s CIBIL score. If the applicant has a CIBIL score of 750 or higher, banks consider him a low-risk candidate, and the chances of your loan or credit card application being approved are significantly higher than for the applicant with a low CIBIL score. If your credit score is less than 750, many banks will not consider you qualified for a loan or credit card.