CIBIL is one of the leading credit rating agencies in India that gives you an assessment of your creditworthiness. CIBIL has proven that India is a financially literate nation since it has such a high rating. As a result, the financial markets have become more transparent and reliable while being more structured, so there is a greater awareness among financial institutions and business owners about managing risk and preventing bad loans from occurring.
Banks and other financial institutions check CIBIL score of an individual before making any loan. Regular checks of one’s credit score are one of the most important aspects of preserving a good credit score and ensuring it stays that way. Regular checks of your credit score will also allow you to spot any discrepancies early on in the process and prevent them from damaging.
How to check your credit score?
You can check your CIBIL score online on Bajaj Finserv’s website by following these steps:
- Visit the official Bajaj Finserv website
- Click on the “Get your CIBIL Score” link
- Enter your personal details, including your PAN card number and other details as required on the form
- Click on the “Submit” button
- Verify your identity by providing the OTP sent to your registered mobile number
- Once the verification process is complete, you will be able to view your CIBIL score
CIBIL credit check
In the CIBIL credit check, a three-digit number is generated, which is usually in the range of 300 to 900, which represents a person’s credit rating. It is usually considered poor to score below 600, whereas the ideal score is above 750. Many banks and non banking financial companies check their reports every month to check the CIBIL score of many individuals and businesses. Consequently, they can select the right customers and monitor the repayment patterns of the existing customers.