CIBIL Score is a very important factor for all kinds of credit applications in India. Before an individual can access the CIBIL report, she/he needs to register himself/herself for CIBIL login on CIBIL online portal. The procedure for CIBIL login is very simple and free of complications. Composed of basic information, the login procedure contains details of previous credit lines. Both enterprises and individuals can apply for this.
CIBIL Login Process for Consumers
CIBIL has different portals for individual and business logins.
The bureau allows for a one-time free credit score and report for all individuals. Customers can go to the CIBIL login portal and obtain free score and report by filling the form.
When you need normal access to credit score and report, all you need to do is register online and get your CIBIL login details.
Consumers need to subscribe before they can receive reports at discount prices.
The one-time score delivered by CIBIL comes at INR 550 for a month, INR 800 on bi-annual basis and INR 1,200 for one year. The subscription gives unlimited access to CIBIL Score and Report.
For a company, a single report and rank will cost INR 3,000.
CIBIL Login Process for Companies
A. In the Company Credit Score segment on the official CIBIL portal, you need to complete the form. This means you have to fulfil these details before you get your personal CIBIL login details:
Applicant name and position in the enterprise.
Data such as mobile, email and landline.
Send along authorised signatory’s proof of identity and proof of address.
Additional Information such as Loan Account Number, Company Identification Number, Tax Identification Number, Director Identification Number and Company PAN.
After filling all these details, click on proceed to payment.
B. Make payment towards this CCR via net banking, credit or debit card or cash card.
C. A CIBIL Registration number and the payment transaction ID is mailed to you on the provided email address. The payment transaction id is used for CIBIL login.
D. Upload the KYC Documents of your company.
After successful updating of the registration process, CIBIL verifies your KYC Documents and delivers the CIBIL Rank and Company Credit Report for your company.
The CIBIL Rank is a figure ranging between 1 and 10. 1 being really good and 10 being really bad. A rank of 4-1 is ideal for getting loans from the various credit bodies.
Documents Required for CIBIL Registration
As a way of making sure that the correct individual gets the CIBIL report, CIBIL requires users to submit KYC documents. Read on to see the KYC documents checklist for individual and enterprise users to get your personal CIBIL login details.
A. For Individuals:
Proof of identity- PAN Card, Passport, Voters Identity Card, Driver’s Licence, Aadhaar Card.
Proof of address- Bank statement, Electricity Bill, Telephone Bill.
B. For Enterprises:
Address Proof- Bank statement, Electricity Bill, Telephone Bill.
Remember that individual and business users both require that the address filled for CIBIL registration is same as the one on KYC papers.
Also, the verification of the identity of a business is done with the PAN and other papers. The purpose of the address proof is to ensure that Company Credit Report goes to the required address.
Benefits of CIBIL
CIBIL scores are important for availing loan approvals. Lending bodies access your CIBIL score and reports via CIBIL. The CIBIL score helps you in deciding the creditworthiness.
When you apply for a credit line at a financial institution, the lender checks the credit or CIBIL score first to decide if the applicant should be given the loan.
The lender will not consider or reject an application if the CIBIL score doesn’t meet their expectations or if it is too low. In case of a good credit score, the lender takes the application and evaluates other factors before approving the application.
Also, the score given by CIBIL is the first exposure of your creditworthiness in the lender’s eyes. The higher the score, the better are the chances of approval.
1. What is CIBIL Score and what elements affect my CIBIL Score?
It is a 3-figure capsule of your credit history. Composed of basic information, the login procedure contains details of previous credit lines. Both enterprises and individuals can apply for this. Composed of the accounts & enquiries section on your CIBIL report. Scores range from 300 to 900. The closer you are to 900, higher is the possibility of your loan approval.
2. There is a mistake in my report. How do I raise a dispute on that mistake? How long will it take to solve the dispute?
To register a CIBIL dispute, you need to log in at www.cibil.com/dispute/ and register a dispute.
Once the dispute is given to CIBIL, the agency will state the required field or segment on your credit report that requires dispute resolution.
The time taken for dispute resolution is usually 30 days.
3. How can I improve my CIBIL Score?
CIBIL scores can be improved by the use of a good financial discipline, as needed for credit approvals.
Follow the steps given below:
A. On time payment: Late payments are always wrong.
B. Minimise Credit Use: Always be in control of your credit utilisation ratio.
C. Keep Good Credit: Having a mix of secured and unsecured loans is a good idea. Far too many unsecured loans are bound to gather negative light from the lender.
D. Indulge less in new credit: You should not give signals that you are needy.
E. Monthly Observation of joint accounts: Remember that you are equally responsible for missing payments.
F. Frequent Review of Credit History: Observe your CIBIL score & report frequently to override not so pleasant surprises such as rejection of loan application.
4. How many credit bureaus are there in India?
Besides CIBIL, there are three other RBI Approved credit bureaus in the country. These are Experian Credit Information, Equifax Credit Information Services, CRIF High Mark Credit Information Agency. Scores vary as per the methodology used.
5. What is the effect of late payments and high utilization of credit on the credit score?
In case you have missed out instalments on any of your loans in the recent years, then your credit score would be bad. More utilization means more repayments and a negative effect on your score.
6. How do a greater number of personal loans affect your score?
A higher number of personal loans also affect the scores negatively, considering that such loans have a high rate of interest when compared to car or home loans and therefore, have higher possibilities of default.