Just like we were judged and assessed based on our academic performance in school, we are also judged and assessed based on our financial behaviour and performance. Just like we used to receive a report card based on the assessment, there is also a report card created based on our financial behaviour. This report card is called the Credit Report.

As is evident from the name itself, the credit report is a detailed document that contains all the information about one's credit handling and usage. Let us understand this a little better and in more detail. Whenever we take any form of credit, be it loans, credit cards, EMIs, etc., our usage of that credit is recorded. This includes things like how many times you applied for any form of credit (hard enquiries), how many of those applications got approved or rejected, how timely you repay your dues, what is your credit utilisation ratio, how much secured and how much-unsecured credit you have, etc.

Now, you must be asking two questions—why is it essential to record all this information, and who records it? Let us start by answering the latter first.

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Who Creates CIBIL Report?

Creating a credit report is a task of great responsibility and cannot be handed over to just anyone. Trustworthy agencies must do it since people's financial experiences depend upon it. In India, the credit report of all individuals is created by four credit bureaus only. Nobody else can create credit reports. These credit bureaus are also called credit information companies (CICs). These four credit information companies are TransUnion CIBIL, Experian, Equifax and CRIF Highmark. These credit bureaus gather data and information about people's credit usage from a variety of different sources such as banks, public records, credit card providers, etc.

This collected data is then used to create their credit reports and an algorithm is used and a scoring model applied in order to generate their credit score. The credit score is an extremely important part of the credit report. It is basically like a summation or an indicator of how good or bad the detailed report is and how well or how poorly the person has used available credit in the past. This score is a three-digit number that can fall anywhere within the range of 300 and 900. A lower number is assigned to people with poor credit performance, and a higher score is given to those who have handled credit wonderfully. A score that is above 700 is mostly considered good and satisfactory by most financial institutions.

The credit report and the CIBIL report are basically the same thing. A credit report generated by the credit bureau TransUnion CIBIL is labelled as the CIBIL report. Similarly, an individual's credit score is also commonly called the CIBIL score. This is also because CIBIL is the oldest and most well-known credit bureau in India.

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Why Should You Check Your CIBIL Report?

Let us now answer the first question: Why is it essential to record all this information about people's credit behaviour, and why must everyone check their CIBIL report regularly?

First of all, the credit report of people is used by banks Andrew and add QR all other kinds of lenders when people approach them for loans and credit cards. There is an obvious reason behind this. When providing loans and/or credit cards, the lenders are basically trusting the borrower with a huge amount of money. Naturally, they want to be assured that the borrower will repay the money on time and that they will not have to face a loss. By looking at an applicant's CIBIL score, the lenders can see if that person has been financially responsible in the past and if they can trust him with additional credit.

While this is why the CIBIL report is significant for lenders, it is also very important for individuals to keep a regular check on their CIBIL report. This is because the CIBIL report and the CIBIL score play a huge role in deciding their eligibility for loans and credit cards. The rejection or approval of their credit applications is dependent, to a large extent, on their CIBIL score.

Not only does it decide whether or not a person will receive credit, but it also impacts the terms and conditions they will have to face. A good CIBIL score would get them lower rates of interest on loans, a higher loan amount, longer tenure to repay, high credit limits on credit cards, etc. A bad CIBIL score, on the other hand, will put them in a position of disadvantage and make the borrowed credit burdensome and difficult to repay.

Since your CIBIL score influences so many things, it is a good habit to check it regularly to see if any improvements are required to achieve a high score.

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How to Download CIBIL Report from CIBIL Website?

Now that you have been informed of the importance of checking your CIBIL score, here is a detailed and comprehensive step-by-step guide on how you can check and download your CIBIL report from the official CIBIL website:

Step 1: First, you must register and create an account on the official CIBIL website, www.cibil.com. If you already have an account, simply use your username and password to log in.

Step 2: Once you are successfully logged in, click on the section that is labelled 'Get Free CIBIL Score and Report'

Step 3: You will now be asked to enter some personal information and details. This will include information like your full name, date of birth, email ID, and PAN card number.

Step 4: After carefully filling it up, hit 'submit'.

Step 5: Your details will then be verified, and you will be shown your CIBIL report.

To download this CIBIL report, follow the next steps:

Step 6: Log in to your CIBIL account and go to your dashboard.

Step 7: Click on the option that says 'Check CIBIL Score'

Step 8: Now you will see a 'View My Report' Option. Click on it.

Step 9: Now, you can see your credit report. To download it, click on the 'Print Report' option, and the report will be downloaded to your device as a PDF.

This is how simple, quick and easy it is to download your CIBIL report from the CIBIL website. However, there is one thing you must be informed of. You can only get one free credit report from each credit bureau every year. If you wish to see and check your credit report more than once annually, purchasing their paid subscription plans gives you more frequent access to your credit report and credit score.

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Alternative Ways of Checking Your CIBIL Report

There are other ways to check your CIBIL report and score. Most Indian banks offer their customers the facility of checking their CIBIL report and score on their websites and mobile apps free of cost. Many credit card providers and NBFCs also provide the same facility. FinTech platforms such as Paisabazaar, Paytm, Cred, and Bankbazaar also let individuals check their credit reports and scores online free of charge.

Conclusion

It is always advised that you regularly check your CIBIL report as well as your CIBIL score. It is because the CIBIL report is a detailed indicator of your past financial behaviour and credit handling and is checked by every lender when you apply for a loan or a credit card to judge your creditworthiness. If you check your CIBIL report frequently, you can stay updated and keep track of your own credit details. This way you can make any required improvements and changes in order to maintain a healthy CIBIL report and a high CIBIL score.

To download your CIBIL report from the official CIBIL website, you merely have to register/log in. Then, you will be able to navigate to a section that allows you to view your free credit report and CIBIL score. Once you have filled in the form and submitted it, it will be verified, and your CIBIL report will be shown to you. To download it, you have to click on 'print report' and save it to your device as a PDF.

You can check and download a free CIBIL report once every year or get a paid subscription plan to check it more often.

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Frequently Asked Questions (FAQs)

1. Is the CIBIL report and credit report the same thing?

Yes, a person's CIBIL report is his credit report. It is called a CIBIL report because TransUnion CIBIL is the oldest credit information company in India. It has been given the task of calculating people's credit scores and creating their credit reports. Since it is so well-known and trustworthy, the credit report is commonly referred to as the CIBIL report.

2. Can I see my credit score in my CIBIL report?

Yes, you can see your credit score in your CIBIL report. In fact, it is one of the most important parts of the CIBIL report. The credit score can be seen in the top right corner of your CIBIL report.

3. Can I check my CIBIL report myself?

Yes, you can easily check your CIBIL report yourself. You can do it for free once every year on the official website of each of the four credit bureaus in India or try alternative options such as purchasing their subscription plans or checking CIBIL reports on the websites of banks, credit card providers, NBFCs, and FinTech companies.

4. My name is misspelled on my CIBIL report. How can I change it?

If your name is misspelt on your credit report, you must take immediate action to get it corrected; otherwise, you can face a lot of problems. To get it corrected, raise a dispute on the CIBIL website. Once you have raised a dispute, it can take around 30 days to resolve and for your name to be correctly spelt on the CIBIL report.

5. Why does my bank want to see my CIBIL report?

A bank or any other lender will want to see your CIBIL report if you have filled out an application for getting a loan or a credit card. They do this in order to check your past credit behaviour and assess your creditworthiness.

6. How much money do I need to pay in order to download my CIBIL report from the CIBIL website?

You can get a free CIBIL report on the official CIBIL website once every year. If you want to check your CIBIL report more than once a year you can choose one out of their four paid subscription plans. The Basic plan costs Rs 550 per month for a one-time report. The Standard plan costs Rs 800 for 6 months, and you are entitled to getting 2 CIBIL reports during this subscription period. The third plan, which is the premium plan, will cost you Rs 1,200 for one year, in which you can get a CIBIL report four times.

7. What does write-off mean on my CIBIL report?

If you see 'written-off' on your CIBIL report, it means that you have not been able to repay a lender for more than three months, and the lender has given up the hope of receiving payment from you and has, therefore, written off your loan. This can affect your CIBIL report and CIBIL score quite negatively. You must take all possible measures to prevent it and remove it in case it has appeared on your CIBIL report.