November 5, 2024 · 11 mins read
Santosh Kumar
Whenever people apply for loans or credit cards, banks and other financial institutions check their CIBIL scores before they approve their applications. A CIBIL score, commonly known as a person's credit score, is a part of their credit report created by four credit information companies in India - TransUnion CIBIL, Equifax, Experian and High Mark Credit Information Services. An individual's credit score is an indication of their credit history. In simpler terms, the CIBIL score shows how well or how poorly someone has handled credit in the past. Therefore, the factors influencing a person's CIBIL score include their repayment history of loans and EMI bills, their credit utilisation ratio, credit mix, the number of credit enquiries they have made, etc. So, it would not be wrong to say that your CIBIL score directly reflects your creditworthiness and is a major factor when banks decide your eligibility for loans and credit cards.
Since a person's CIBIL score matters so much, it is also important to know your CIBIL score. You can check your CIBIL score online for free in a few simple steps and by uploading a few required documents. A lot of people want to know how to check their CIBIL score using an Aadhar card. Your Aadhar card can be used as valid identity proof while checking your CIBIL score, but you cannot know your CIBIL score by Aadhar card alone. Let us explain it all in detail.
An individual's CIBIL score is essentially a clear reflection of their past financial behaviour and is calculated based on their spending habits and credit usage. This is why the main document required for you to check your CIBIL score is your PAN card, which contains all your financial details. Providing merely your Aadhar card is insufficient because it cannot tell anything about your finances. Aadhar card is essentially a proof of identity; that is how it can be used while checking your CIBIL score. In the absence of a PAN card, some other documents might work as well, but not your Aadhar card.
When it comes to checking your CIBIL score, the PAN (Permanent Account Number) card is more than just an identification document; it plays a vital role in linking your financial history to your credit score. As the primary document used to trace financial transactions in India, the PAN card is indispensable for accurately calculating your CIBIL score.
Since your CIBIL score is determined by analysing data from multiple financial institutions, the PAN card acts as a unique identifier that consolidates all your credit activities. It helps banks and credit bureaus assess your creditworthiness by providing insights into your loan repayment history, credit card usage, outstanding dues, and any defaults. Unlike other ID proofs like the Aadhar card, voter ID, or passport, the PAN card is directly tied to financial transactions, which makes it essential for retrieving an accurate CIBIL score.
When you check your CIBIL score on platforms like credit bureau websites, bank portals, or FinTech apps, you are often asked to submit your PAN card number to access your credit history. This helps the system locate your financial data from various sources and comprehensively assess your credit score. Without the PAN card, the evaluation process may lack crucial financial information, leading to an incomplete or inaccurate credit score.
In addition, the PAN card's role extends to fraud prevention. Since it connects with all financial accounts, using the PAN card while checking your CIBIL score reduces identity theft risk, as only accounts linked to your PAN are included. This ensures that your score reflects your credit history, making the PAN card essential for accuracy and security in the credit evaluation process.
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While there are multiple ways of checking your CIBIL score yourself, there are some documents that you must have and upload in order to do so. Here is a complete guide for you in case you plan on checking your CIBIL score:
1. Personal Information: The very first thing you will be asked to provide while checking your CIBIL score is some personal information to verify your identity. This includes your full name, date of birth, registered mobile number, email address and PIN code. This is mandatory, and you cannot skip any of these details.
2. Documents Required: After you are done submitting your personal details you will now be prompted to submit a valid ID proof. If you do not have a PAN card, you can choose your Passport, Voter ID, Ration card, or Driver's License. Enter the number of whichever ID you choose to proceed with.
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Now that you are informed about all the information you will have to provide and the required documents let us provide you with a detailed step-by-step guide on how to check your CIBIL score. We will discuss methods that will let you check your CIBIL score online for free in just a few clicks.
1. There are four major credit bureaus in India: Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian and CRIF High Mark. You can check your CIBIL score on any of these four credit bureaus' online platforms (website or mobile app) in just a few quick and easy steps.
2. Firstly, you will be requested to provide them with some personal information and basic account details.
3. Once you have entered them, you will be prompted to submit a valid ID proof. In case you do not have a PAN card you can choose another of these four options: Passport, Voter ID, Ration card, or Driver’s License.
4. Hit on submit. You will then be shown your credit score on the screen for free.
One thing to keep in mind is that each of these CICs provides only one free annual credit report every calendar year. If you wish to check your CIBIL score more than once a year, you can always go for their paid subscription plans or choose another method to check your credit score online.
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1. Other than FinTech platforms like PhonePe and the four major credit bureaus of India, most banks also offer their customers the facility to check their credit score themselves online on their official websites or mobile applications.
2. Not just banks but Non-Banking Financial Companies ( NBFCs) such as Bajaj Finserv, Muthoot Finance, IIFL and other credit card providers also provide similar services to their customers.
3. All you need to do is log in to your net banking account, the website or app of your specific bank, or another financial institution. You simply have to use your credentials to log in to your account.
4. Once logged in, you will see an option that says 'Check Credit Score' or 'Check CIBIL Score' on your screen. Click on that to proceed.
5. Now, enter all the personal information and account details that they ask you for. Fill them out carefully and hit on the 'submit' button.
6. Your CIBIL score will immediately flash on your screen.
Unlike the CICs, most banks let their customers check their credit scores multiple times a year.
Read More:: Is 772 a Good CIBIL Score?
One of the best and easiest methods to check your CIBIL score yourself is to visit the official website or mobile app of FinTech platforms such as PhonePe, Bankbazaar, Paytm, Cred, Paisabazaar, etc. FinTech is short for financial technology. These platforms have sprung up to provide financial assistance and services to individuals and companies alike. Here's how you can check your CIBIL score on FinTech platforms:
1. First of all, open the official website or install the mobile app of your desired FinTech company on your device and sign up if you are a new user. This will not take more than a few minutes, or log in if you already have an account.
2. Find a section that lets you check your credit score and click on it.
3. After that, you will be requested to provide access to your credit information to fetch all your details. To proceed, click on 'Allow Access.'
4. You will further be requested to enter some basic details such as your full name, PAN, and date of birth. Fill them up correctly and hit submit.
5. Once verified, you will then be given your credit score on the screen.
Read More:: Is 776 a Good CIBIL Score?
It is important for everyone to regularly check their CIBIL score so that they can take the necessary steps to maintain it and improve it in case it is very low. Your CIBIL score decides your creditworthiness and impacts your banking experience greatly. You can check your CIBIL score for free on many online platforms, such as the official website or mobile app of all of the four credit bureaus of India, of banks and credit card providers, and of FinTech companies such as PhonePe, Paytm, Cred, Bankbazaar, Paisabazaar, etc. Whenever you check your CIBIL score, ensure you correctly provide essential personal information - name, date of birth, PIN code, and email address. Remember, you cannot check your CIBIL score with your Aadhar card. You need to upload your PAN card number. In case you do not have a PAN card you can upload your Passport, Voter ID, Ration card, or Driver's License.
Regularly reviewing your score empowers you to stay on top of your financial health, address any discrepancies, and make better borrowing decisions. By keeping a steady check, you can work towards improving your score over time, which will open up more favourable financial opportunities in the future.
1. How to calculate my CIBIL score?
You cannot calculate your CIBIL score yourself. Four credit bureaus in India calculate it - Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian and CRIF High Mark. However, you can check your CIBIL score yourself either on the official websites or mobile apps of these credit bureaus or those of banks, credit card providers and FinTech companies.
2. Can I change my CIBIL score?
Yes, you can change your CIBIL score, but not immediately. You can change it over time by adopting habits such as timely repayment of loans and EMI bills, maintaining a healthy credit mix, keeping a low credit utilisation ratio, and keeping your credit enquiries to a minimum.
3. Do I need an Aadhar card to check my CIBIL score?
You can use your Aadhar card as proof of identity while checking your CIBIL score, but you need to provide your PAN card to get the CIBIL score. If you do not have a PAN card, you can provide a Passport, Voter ID, Ration card, or Driver's License.
4. Do I need a CIBIL score to get a loan?
Yes. You definitely need to check your CIBIL score to get a loan. Banks check your CIBIL score to see if you are financially responsible and if they can trust you with timely repayments. Check your CIBIL score to see if you are eligible to get a loan.
5. Is 500 a good CIBIL score?
No. 500 is not considered to be a good credit score. A score above 700 is generally considered a good credit score that will make you eligible for getting your loan and credit card applications approved, getting lower rates of interest, higher amounts of loans and high credit limits.
6. Do I need to pay any money to check my CIBIL score?
No. You can check your CIBIL score for free on the four India credit card bureaus' official website or mobile app once every calendar year. If you want to check your score multiple times in one year, then you can visit the online platforms of banks, credit card providers and FinTech companies.
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