CIBIL stands for Credit Information Bureau (India) Limited. CIBIL in India is regarded as one of the initial Credit Information Company which commenced its operations in the year 2000. CIBIL is known to gather and keep information regarding the payments relating to an individual’s credit cards as well as loans. The detailed information are collected and presented every month to CIBIL by the different credit or financial institutions along with banks. Credit Information Reports (CIR) and scores are then prepared with the aid of the details provided. These reports as well as scores are made available to various credit organizations for the sole reason of assessing loan applications and granting loans.
A CIBIL score refers to an individual’s detailed credit report which aids in ascertaining the credit merit or worth of that particular person. A score is then generated by CIBIL on the basis of the credit track record and it is believed that an increased credit score augments the likelihood related to loan approval for an individual. Therefore, a high score or rating implies a lesser possibility in terms of non-payment along with assuring financial discipline or control.
The significance of a CIBIL score can be well realized from the above made explanation. Therefore, it can be stated in this regard that it is obligatory to keep a check on one’s credit score for the reason of availing loans in future. Credit scores or ratings of an individual can easily be accessed online.
A person in need of his/her credit rating can visit the official website of CIBIL and put forward a request through an available application form along with making a certain amount of payment online i.e. Rs. 470/-. This procedure would be followed with an authentication procedure. On the completion of the process, the credit score is then emailed to the particular person within a span of 2-3 days.
Link to check CIBIL Score online : https://www.cibil.com/online/check-credit-score-for-loan.do