November 6, 2024 · 11 mins read
Santosh Kumar
In the modern digital world, more and more people are turning towards credits to meet bulk financial needs. Credit is a powerful tool for making large purchases that you dreamt of without paying instant cash. Credit can be a loan or credit card, and both are different borrowing strategies that will help you achieve your financial goals. With credit becoming more popular, credit scores and credit reports are also becoming prevalent. These are tools to help lenders validate your creditworthiness and thereby make a wise lending decision so that they can be risk-free.
The Reserve Bank of India (RBI) has licensed a few credit bureaus in India that collect information about the credit activities of the customers of various affiliated banks, lenders and financial institutions. Along with the credit report, the credit bureaus evaluate credit scores for individuals and businesses based on their credit history.
Among India's four main credit bureaus, the Credit Information Bureau (India) Limited, now TransUnion, is a popular one. The CIBIL credit score, which is a 3-digit score ranging from 300 to 900, is a parameter that many banks and lenders consider to judge the creditworthiness of an individual borrower while approving a new loan or credit card. A score of more than 650 is usually considered a good score for credit approval. The credit rank is a score given to businesses ranging from 1 to 10, with 1 as the best.
Whether you are an individual or a business entity that relies on credit for financial support to improve to the next level, you should keep an eye on your credit report and score to always be ready to avail of loans or credit cards. To check the CIBIL report, you need to have access to these reports, for which you need to create a CIBIL account. Let’s understand the CIBIL registration process and login process and its importance.
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CIBIL offers separate modes of registration and login for individuals and companies.
Creating a CIBIL account for personal use is easy and requires fewer documents for verification. Let's see the steps below.
1. Visit the URL https://www.cibil.com/
2. Click on the “New User” button in the top right corner or the "Get Your CIBIL Score" button on the page.
3. You will land on a page where various plans are displayed.
4. Choose the plan that best fits you and click the “Subscribe” button corresponding to that plan.
5. You will land on the enrolment page where you will have to enter some basic details about yourself like email address, name, phone number, date of birth and details of the ID that you are using for verification.
6. Now click “Accept and Continue”, and you will land on the "Verify Your Identity" page.
7. You can upload your documents and follow the process to complete the verification process.
8. Once verification is done, navigate to the payment page and make the payment to complete your registration.
9. Once registered, you will receive the login credentials via email.
You need documents to prove your identity and address. Aadhar, PAN card, passport, voter's ID or any other government-recognised ID can serve as a document for identity proof. For address proof, you can provide a copy of your Aadhar, passport, bank statement or the latest utility bills that include your address.
Read More:: Can Gold Loan Affect Your CIBIL Score?
The Login process is super easy.
1. Visit the CIBIL website.
2. There is the "Existing User" button in the top right corner. Click on it.
3. Select “Individual” from the dropdown menu.
4. By entering your login username and password, you can log in to your account.
Alternatively, you can navigate to the login page from the home page or subscription page as below:
1. If you are on the home page of the CIBIL website, you will find the "Log In" button just below the "Get Your CIBIL Score" option.
2. If you are on the subscription plans page, you will find the "Log in" button in the top right corner.
3. Once on the login page, you can enter your login credentials, i.e. username and password, to log in to your account.
It is human to forget things. That is why the CIBIL website has been designed with solutions in case you forgot the username or password or both.
1. The login page has a "Forgot username" button if you forgot your username. Click on it, and you will be directed to a page where you can enter your email id and phone number, and you will receive an email with your username.
2. If you forgot your password, you have a "Forgot password" button on the login page. Click on it, and you will be directed to a page where you can enter your username, and you will receive an email with the link to reset your password.
Read More:: CIBIL Score Role in Loan Application Process
Like creating a CIBIL account for individuals, creating and accessing the CIBIL account for business is also easy and requires no expertise.
1. Visit the CIBIL website. https://www.cibil.com/
2. If you scroll down, you can find the “Check Your CIBIL Rank” button. Click on the button.
3. You will land on a new page where you can find the different plans for companies and their benefits listed.
4. You can click on the best plan that suits your needs.
5. You will be redirected to a new page where you will be left with two options. If you have a GSTIN, you can enter your GSTIN, complete the process paperless, or opt for "Continue without GSTIN to upload document". Remember to authorise TransUnion to verify your details by clicking the "I hereby authorise" button.
6. You will land on the company details page. If you have entered GSTIN, all details will be filled in automatically. Otherwise, you will have to fill in the basic company details like company name, entity type, official email address, PAN, phone number, etc. By agreeing to the terms and conditions, uploading the necessary documents and paying the fee, your CIBIL account will be successfully created.
7. Upon successful registration, you will receive the login details via email.
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You will have to provide one address proof, which can be the latest utility bills like an electricity bill or a telephone bill, a registered lease agreement, a GST certificate, proof of address provided by a bank or the registration certificate.
The ID proof of the authorised signatory submitting the request for CCR is required. It can be his/her PAN, passport, driving license or any other ID proof.
Based on your business entity type, you will require additional documents that should be attested by the Company Secretary/any Board of Directors/proprietor/Partner/Authorised person. The additional document can be a bank statement that is not 3 months older, the company PAN, a Copy of the board resolution, a Copy of the Committee resolution, Registration Certificate.
The documents required are different for various entities like Public/Private Limited Companies, Corporates, Proprietorship firms, Partnership Firms, HUBs, trusts, Registered Societies and Government bodies. You can find the detailed list of documents by visiting the documents required page on the CIBIL website. https://www.cibil.com/document-checklist
1. The login process is easy.
2. Visit the CIBIL website.
3. Click the "Existing User" button in the top right corner.
4. Select “Businesses” from the dropdown menu.
5. You will land on the subscription plans page. You can click the "Already have an account? Login Now” button.
6. By entering your login username and password, you can log in to your account.
7. If you are on the home page of the CIBIL website, you will find the "Log In" button just below the "Check Your CIBIL Rank" option.
8. Once on the login page, you can enter your login credentials, i.e. email ID and password, to log in to your account.
There is a "Forgot password" button on the login page. You will receive the password reset link in your email by clicking it and entering the username.
Note that the username is your email ID itself. So you don't have the “Forgot username” option.
Read More:: Is 720 a Good CIBIL Score?
Whether you are an individual or a business entity, here are a few reasons why you should have a CIBIL account.
Emergencies can occur at any time, and it is important to proactively be ready to face any challenge that unexpectedly pops up. If it is a financial emergency, loans or credit cards would be a great solution to face the situation. So you should always be credit score-ready to avail the credit products as early as possible to tackle emergency financial needs. Many banks and financial institutions check CIBIL scores to analyse the borrower's creditworthiness. To check whether your credit score is good enough to avail of credit products, you need a CIBIL account.
You can frequently check your credit score to understand whether you are on the safer limits. Also, before applying for loans or any credit products, it is better to check your CIBIL credit score, for which you should have registered in CIBIL. If your CIBIL score is very low, then you can consider the steps to improve the score and then opt for credit products. Because whenever you apply for credit products, the lenders will check your credit score which will be counted as a hard inquiry. Hard inquiries are negative factors in the formula of credit score calculation. But if you check your score, that will be counted as a soft inquiry, which has no impact on the score value. So, to avoid unwanted hard inquiries that damage your CIBIL score, you can check your score via your CIBIL account before applying for credit products.
Wrong data can spoil your CIBIL credit score. Even wrong data like an invalid phone number, address or other personal information can damage your score. Wrong personal details can create an illusion that you are not genuine.
On the other hand, wrong payment details will also drastically bring down your score. If your repayment date is wrongly updated, that will be considered as a delayed payment or failing to update your payment details will make it a missed payment. So it is your duty to protect yourself from these mishaps. Register for a CIBIL account and check your credit report frequently to verify if every detail is correct.
If you find anything wrong or suspicious, immediately file a dispute and get it resolved.
With selected plans, you will receive the best loan offers with lower interest rates. So it will be easy to make the choice when needed.
Read More:: What is the Use of CIBIL Score?
CIBIL is one of the popular credit bureaus in India that evaluates the credit report and credit score for individuals and companies. And, many banks and financial institutions are relying on the CIBIL credit score to make the lending decision. So, registering in CIBIL will be beneficial to cross-check your credit score and payment history frequently. Thereby you can be assured that you have a good credit score or can take steps to improve your credit score if it is low then and there. At any time, you may need large funds for your lifestyle improvement, achieving your dream goal or handling emergency situations. Whatever be, be always ready with a good CIBIL score that is above 650 to avail credit products with ease quickly.
Do I need separate CIBIL accounts for my personal use and company use?
Yes. You need separate accounts for both. Both the credit scores are different and follow different factors to calculate the score. The CIBIL credit score will consider the credit products that you have availed as an individual and their repayment history. Your CIBIL rank will consider the business loans and the credit products that you availed for the business needs and its repayment history along with your payment behaviour reported by your suppliers.
Can I check my CIBIL score frequently? Will there be any effect on my score if I check frequently?
Yes, once registered, you can check as many times as you want, and it will have no impact on your credit score as it will not be considered a hard inquiry.
I lost my CIBIL login credentials. Should I register again?
Not necessary. If you are an individual, you can visit the login page, and there are options for "Forgot username" and "Forgot password". By providing your email and phone number, you can get the username or password reset link in your mail. For business, the username is your email ID. But there is a "Forgot password" option on the login page.
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