CIBIL Score, also known as the credit score, is a three-digit number that ranges from 300 to 900 and is used to determine an individual’s credit history. Credit history refers to how well a person can repay the loans taken out in the past. An individual’s credit score can be calculated from their credit history.
To understand the CIBIL score meaning, it is important to know that an average credit score of 750 is considered among the highest. The score below 600 will adversely impact your credit history and lower your chances of getting a loan.
When you are taking out a home loan or a business loan, you are going through all sorts of procedures, interactions, and endless paperwork, and you will have to go back to the bank numerous times before the loan will be approved. Every loan provider carries out a CIBIL score check as part of the loan application process.
What does CIBIL Score indicate?
CIBIL considers several parameters when preparing a CIBIL Report for a person or company to determine the validity of the information. CIBIL report summarizes your credit history in a three-digit numeric format to give you an overview. The score is based on an individual’s credit history and is used by banks and other financial institutions to assess the risk of lending money to an individual. A higher CIBIL Score indicates a greater likelihood that a person will be able to repay loans on time; a lower score suggests the opposite.
CIBIL login and registration
To register for CIBIL, you must visit the official CIBIL website and click the ‘Register’ button. You will then be asked to enter personal details like name, address, date of birth, PAN card number, etc. You will also be required to make a payment and provide bank account details and other relevant documents to complete the registration process. In your mail ID, you will receive a CIBIL Registration ID and a transaction ID that will identify your payment. The same information can also be used to log in to CIBIL.