Do you know how to get your CIBIL credit report online in India ? Do you know what your credit score is and whether the next loan you request for will be rejected or approved?
How to get a CIBIL report (Credit Information Bureau India Limited) is a fairly easy question to answer as we will show you today. But before that, what is the importance of a Credit Information Report (CIR) and why is it needed?
Your CIBIL credit report in India
Your credit report is a way of telling whether you are capable to take on a loan to fund something which you intend to buy. It uses information on your past credit behaviour to spit out a credit score (called the CIBIL TransUnion Score). The credit score itself ranges from 300 to 900 and yes, you are right in assuming that you are better off if you are near to 900. That gives the lender more reasons to give the loan to you as they know that you will repay.
This credit score tells your lender to what probability you will default. Your past credit usage and loan repayments paint a true picture of where you stand with respect to your capability to pay off the loan. If it’s not good (on the lower side 300), the lender can reject giving you a loan and that means you cannot buy whatever you set out to buy.
Credit scores in India were more understood after the 2008 economic downturn when many loan applications got rejected.
Let us jump onto to see how we can get a credit report. It might be worth mentioning that an offline mechanism is also available wherein CIBIL will send you your credit report in around 2-3 weeks. The online mechanism is much faster.
Step 1. Go to http://www.cibil.com/credit-score.
You will see a “Buy Now” button. Click no that.
Step 2. Next, a Request Form will get shown to you. You can see that the form contains details about you – personal information, phone details, address proof etc etc. Please be aware that self attested documents need to be attached. So you will need to scan these and keep them ready before you hop over to get your credit score.
Needless to say, you will also need to provide your credit card details and loan account numbers to help CIBIL pull up your data.
Step 3. At the bottom of this form, you will see “Click here for online payment”. This is where you cough up the dough of Rs 450/-. The payment can be done via credit cards or net banking.
Step 4. After you successfully complete the above step, you will receive a unique CIBIL registration ID and transaction ID – this is a confirmation of the fact that you have paid online for your credit report.
Step 5. This involves authentication. You will need to answer 5 questions about your loans and credit cards to authenticate your application. Obviously, this means that you need to keep all your personal details and all previous and current loan/credit card details ready. It is recommended that you keep these handy with you before you go with this step.
Step 6. If the authentication is successful, you will immediately receive your online credit report and credit score at the email id you gave.
Step 7. If the authentication fails, then you have by default gone to the offline method of getting your credit report. You now need to print out the online payment confirmation, and send it across to CIBIL. Note that you need to attach the identity and address proofs when doing so. Once CIBIL receives your request, it will ship across your credit report to you.
The following documents are required along with the online payment confirmation in cases of unsuccessful authentications:
1. Online Payment Confirmation
2. Identity Proof – PAN / Passport / Voter’s id (Identity proof should be valid and not expired)
3. Address Proof – Bank Statement / Electricity Bill / Telephone Bill / Passport / Credit Card Statement (Address proof should be not more than 3 months from the date of application and should be in your name)
Send all these to the below address:
Consumer Relations – Disclosure Request,
Credit Information Bureau (India) Limited, Hoechst House, 6th Floor, 193,
Backbay Reclamation, Nariman Point, Mumbai 400 021.
The above report will fetch you both the Credit Information Report (CIR) and the credit score. The cost of the same is Rs 450/-. Should you desire to have only the CIR, it can be got for Rs 142/-, however, the CIR will come to you via courier and is not sent online.
Sample Report is here.