Help and Advice

Do I Have To Pay For My CIBIL Score?

Do I Have To Pay For My CIBIL Score?

Getting Your CIBIL Score Can Be Free Or Paid

A credit score or CIBIL score is a three digit numbered summary of your credit history. It gives a clear picture of how you manage your loans and how much responsible you are at your payments that you owe. CIBIL (Credit Information Bureau India Ltd.) gathers this information through banks with the help of associated partners and lending institutions. Information related to credit is obtained by CIBIL every month on the basis of which it calculates the credit score. This information by CIBIL is licensed by RBI and is governed by the Credit Information Companies Regulation Act,2005.

CIBIL score can obtained by paying a nominal fee. Yes, there is a charge to be paid to let you know your CIBIL score. The following are the steps that will lead you to know your credit score-

  • Log on to the official website of CIBIL and complete the request form. It is both easy and convenient.
  • Fill the online application form by filling the personal details.
  • After filling all the details in the application form, you will be redirected to a page where you need to make the payment. Fee of Rs 470 is to be paid via credit card, debit card or bank transfer.
  • After making the payment, few authentication details need to be submitted. After that the CIBIL will be emailed within 24 hours.
  • After obtaining the reports, one can know his CIBIL score and can take the necessary steps to improve it.
  • If you are not tech savvy, then you can obtain your CIBIL report by sending a printed application to CIBIL along with CIBIL transaction ID, a copy of your ID and address proof. After accepting the application you will get the credit report as hard copy at the address mentioned.

Suggestion: It is always better to accept your CIBIL report personally than telling anyone else to receive it. In case any asymmetric information erupts, it can hamper your credit score which can affect your creditworthiness in the long run.

Also, there is one more option to know your credit score. If you are not interested in paying to know your CIBIL score, then you can visit our calculator. This link will help you in knowing your CIBIL score for free, without any fees. The link pretty much says that the accuracy of your score by this link will be 93%, which is not a bad deal if you have been checking you CIBIL scores in the former months. Such accuracy may work for some individuals, but those who are robust enough to maintain highest scores without any flaw should go for the steps mentioned above.

Last but not the least: You can request CIBIL to send your reports, ask for reports for some months and check your score at the same time on the link posted above. If it matches and you come across any sort of synchronisation in the scores you can go for checking CIBIL scores free for some months.

Jay Kaul

About Jay Kaul

Jay is a financial and credit expert and freelance contributor to CreditSmart. He's always keeping his eyes open for the latest credit card trends in India and provides a sharp insight on new entries into the market.

Visit My Website
View All Posts

Leave a Comment