Your credit score is no ordinary three-digit number. It summarizes your credit behaviour in the financial world and reflects how likely you are to pay your dues. Credit scores range on a spectrum from 300 to 900, and a good credit score is considered to be 750 or above.
Many variables go into calculating your credit rating, which is the job of a credit rating agency. Factors like information on your bank accounts, payment history, number of loans applied for, and frequency of checking your credit score gets considered.
The agency for generating credit scores in India is TransUnion CIBIL Limited. This agency collects all the information from your financial profile and uses it to create a credit score. You get loans sanctioned based on your CIBIL score.
The Importance of Your Credit Rating/CIBIL
Your CIBIL score has a vital role when you apply for a loan. After you fill out an application form and submit it to a lender, the first thing they will look for is your CIBIL score. Cases of low CIBIL scores are likely to be instantly rejected.
The lender will proceed further with your application, provided that you have a high CIBIL score. Once your credit score is generated, only the lender will have the final say to approve the loan or not.
How to Check Your Credit Score
You can use various apps to know the position of your credit rating. We show you how to check credit score details online with the help of some popular apps.
CRED is an app that lets you make your credit card payments. It lets you use it only if your credit score is 750 or above. Once you start using the app, your credit score will be displayed from time to time. Thus, you start with a good score.
You also get to know how the status of your credit score moves over time. The primary advantage of using CRED is that the app pulls up data based on your credit information from Experian and CRIF (another credit bureau in India like CIBIL).
You also get multiple benefits from making your credit card payments like rewards and discounts with select merchants. CRED has a straightforward and easy-to-use interface. All your transaction details are secure and confidential.
CIBIL is one of the primary credit bureaus in India. Most loans are approved based on a favourable CIBIL score. You can know your CIBIL score by using CIBIL’s free Self-Service portal or subscribing to a paid membership.
Using the Self-Service Portal
By registering with CIBIL’s self-service portal, you can get free access to your credit score, but you do not get any additional information.
Subscribing to a Membership
If you subscribe to a membership, you will get a lot of additional benefits as described below. But first, you need to register with CIBIL, choose a subscription, and make an online payment.
Features of CIBIL Paid Subscriptions at a Glance
Another useful app that you can use for checking your credit score is Bajaj Finserv. This well-established Indian company has a good reputation for providing various loans and other investment vehicles.
Bajaj Finserv has received good reviews on the internet, and the company has 3.5 stars to 4.1 stars rating on various review sites. On the Bajaj Finserv site, they claim that you can check your credit rating for free within two minutes.
According to the website, your credit rating won’t be impacted by checking, and you will also get the best loan offers through this app.
If you want your data to be protected and your bank account details to be kept confidential, then you could check your credit score through the HDFC app. It is free and easy to use. You can get your credit rating in two steps.
After providing your details, and creating a login, you simply need to log in, follow the options, and soon you will have your credit score. The advantage of the HDFC app is that you also get a lot of additional information regarding how to manage your credit.
This app is easily downloadable from the internet, is safe and user-friendly. Wishfin offers a simple alternative to the way other apps process your information. With this app, you only provide your name, Permanent Account Number (PAN), and address.
It is totally free, and Wishfin works on the basis that it is not mandatory that only a financial institution can pull up a credit score – individuals can do so as well. Other than getting an SMS, you also get to check your credit score through WhatsApp.
You may be a bit sceptical about your information being on WhatsApp, but you don’t have to worry. The company guarantees total confidentiality and safety for your information to keep your money safe at all times.
Get Your Credit Score From Reliable Sources
If you want to be a financially responsible individual, you need to know how to check your credit score at all times. It is useful to have related information to your credit history, as you never know when you will need to submit it for a loan or credit card.
You can maintain a good credit score by following certain best practices in the way you manage your credit. But, when you want to get information related to your credit score or your actual credit score, you need to use a reliable source.
Many fraudulent companies are being formed solely to defraud gullible customers. If you are applying for a loan, they will take all your details, sell your information, or worse, take your money, and not give you any service at the end of it all.
There are many dubious operators in the market. You need to tie up with a reliable provider like CRED. You can trust such companies to keep your information safe while providing you with your credit score and other related financial services.
Whether you choose CRED or any of the other apps mentioned here, your hard-earned money and your data will be safe. These are a few of the best providers who can give you your credit score for free, without any risk involved.
- World, meet Synth: Open-sourcing our Neumorphic UI framework - January 18, 2021
- 10 Best Credit Cards In India For Dining - December 24, 2020
- 5 Best Business Credit Cards In India - December 24, 2020