- Get full CIBIL statement for free
Know the interesting story of CIBIL before you download the absolutely free statement -This interesting scoring system influenced by the 'numbering system' or 'Social Score' of colonial era when most of the people were recognized as number one person, number two person....or may be number ten.
The Britishers used to categorize Indians by giving them good or bad score for every activity they do and these activities were recognized and reported by the Chaudhary, Rao Sahab, Numberdar, Malik, Pradhan and Jaildars of the community which were appointed by the government.Asus Laptop only for Rs. 30990
Similarly, there is a numbering system in India to analyze the credit behavior of the citizens and this is generally called your CIBIL score or credit rating.
If you take any loan or credit from any organized institution and repay it on time, you get better score. If your repayments or installments break or stop, your score gets negative impact and the CIBIL organization keeps deducting your points till the time your payments are received or settlement is done the legal way.
This system has become not only general but a baseline of their decisions for all the financial institutions to decide whether a loan is to be offered or not and the value of it of course.
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This system has few interesting stories which should be known by everyone -
- CIBIL is not a government department but has become a necessary organization for govt and private banks and financial institutions.
- Your CIBIL profile is linked with your PAN.
- There are four scoring companies in India - TransUnion CIBIL Limited , Equifax , Experian , CRIF Highmark .
- The famous CIBIL is an American company and started its India operations in 2000.
- The primary work profile of this company is Research, Risk and Policy Advisory
- CIBIL now has 600 million individuals and 32 million businesses.
- CIBIL now has 600 million individuals and 32 million businesses.
- The company offers paid plans for individuals and businesses.
How it works -
CIBIL has APIs integrated ( automatic communication system) with banks and financial institutions and dashboard of all the individuals as per PAN. Whenever an individual performs any credit query or transaction, the CIBIL data gets updated.
- This typically refreshes every month.
- Cibil and other companies fetches only credit score. They can not observe your banking behavior.
- We generally talk about cibil score in numbers which are typically above 600. This sounds that a person has scored 600 out of 1000 but this score is actually out of 900, not 1000.
- Above 700 is an excellent score. Above this, banks decide your loan eligibility, rate of interest and repayment schedule.
- Cibil and other companies fetches only credit score. They can not observe your banking behavior.
- We generally talk about cibil score in numbers which are typically above 600. This sounds that a person has scored 600 out of 1000 but this score is actually out of 900, not 1000.
- Above 700 is an excellent score. Above this, banks decide your loan eligibility, rate of interest and repayment schedule.
Cautions one must Keep as an individual-
- Your portfolio gets debited with 3 points if your credit card or loan application is rejected. So, don't open your queries with all the banks if you need a loan or credit card.
- You can download free CIBIL score with full statement from this link of Policy Bazar.
- Never share your PAN with all the bankers or tele callers who claim to get you a loan or credit card. They instantly raise a query at CIBIL to check your score before proceeding your application and if your application gets rejected, your portfolio goes negative with 3 points.
- Don't open postpay accounts unnecessarily. Now a days, all the B2C apps are aggressively selling post pay accounts (basically lending) of everyone which is a loan on the backend. By any chance, if you miss the repayment of these small unknown loans, you get busted by that financial institution and they destroy your CIBIL score like anything.
- Your portfolio gets debited with 3 points if your credit card or loan application is rejected. So, don't open your queries with all the banks if you need a loan or credit card.
- You can download free CIBIL score with full statement from this link of Policy Bazar.
- Never share your PAN with all the bankers or tele callers who claim to get you a loan or credit card. They instantly raise a query at CIBIL to check your score before proceeding your application and if your application gets rejected, your portfolio goes negative with 3 points.
- Don't open postpay accounts unnecessarily. Now a days, all the B2C apps are aggressively selling post pay accounts (basically lending) of everyone which is a loan on the backend. By any chance, if you miss the repayment of these small unknown loans, you get busted by that financial institution and they destroy your CIBIL score like anything.
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