CIBIL Score – Charges And Impacts

Cost to check your CIBIL Score

In India, you have the option of paying a fee to check your CIBIL score on the official CIBIL website or check free CIBIL score on the official CIBIL partner websites. For two credit reports per year, TransUnion CIBIL costs INR 550 for a basic credit report and INR 800 for a standard credit report. If you wish to check your CIBIL Score more than twice in the same year, you’ll have to pay an additional cost. 

The official CIBIL website also offers a variety of subscription packages. 

The Basic Pack:- The Basic Pack will cost you INR 550 for a month. You will have unrestricted access to your CIBIL dashboard and Score Simulator with this set. With this pack, CIBIL will personalise loan offers for you.

The Standard Pack:- The Standard Pack is priced at INR 800 and has a 6-month validity period. This plan includes credit monitoring with CIBIL alerts 24 X 7 and 365 days. The benefits above are in addition to all of the benefits of the Basic Pack.

The Premium Pack:- The Premium Pack costs INR 1200 and is valid for 12 months. The advantages of this pack are identical to those of the ordinary pack. The main distinction is that it is only good for a year.

Significance of CIBIL Score

Your credit score is an indicator of how well you manage your money. You can evaluate where you are and what topics you need to focus on by looking at your report. Your CIBIL is a report that summarises your current and past credit actions. Monitoring your report might also help you identify and address any irregularities that led to a lower score. 

Most financial organisations and lending platforms consider a CIBIL score of 750 or more to be acceptable. Therefore, having a credit score and history is critical since it allows you to qualify for loans with favourable terms. If you have no credit history or score, lenders find it difficult to assess your creditworthiness.

How bad is it to have a Low CIBIL Score?

A low CIBIL Score has a variety of drawbacks, including the fact that your loan application may be denied outright, that you will have to wait longer than usual, that additional documentation will be necessary, and that you will pay a higher rate of interest. A low CIBIL Score impacts you in a number of ways, whether you realise it or not. Many times, your CIBIL score is low due to poor repayment habits or an inaccuracy in your credit record that you are unaware of. As a result, it is essential that you monitor your credit report on a frequent basis to ensure that there are no inaccuracies.

What to do if your CIBIL Score is Zero?

Having a zero CIBIL score is not always a negative thing; you may still apply for and acquire loans or credit cards from many banks or NBFCs; nevertheless, having a zero CIBIL score reduces your prospects to obtain the best deals when compared to having a decent CIBIL score. This occurs if you have not obtained a loan or a credit card, or if credit bureaus lack sufficient information on your credit practises. In this situation, your credit score includes a statement regarding their lack of credit history. Building a credit history takes time, anything from six months to a year, depending on how successfully and regularly you use and manage your credit.

Can CIBIL Score Impact Your Credit Card Eligibility?

Banks always do a background check on the application before providing a credit card, verifying several information about the applicant such as the applicant’s CIBIL score. If the applicant has a CIBIL score of 750 or more, banks consider him or her to be low-risk, and the odds of receiving a better deal on a credit card are significantly higher than if the applicant has a low CIBIL score. Many banks may not consider you qualified for a credit card if your credit score is less than 750.

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