A credit score and report have come to play an important role in our financial lives. Financial institutions increasingly rely on your credit score to provide loans. A bad credit score number can shatter your plans for that dream home.
Remember, a good credit score is 750+ (out of 900).
Hence it is important to look at your credit report on a regular basis and ensure that it reflects the correct picture. While you can always buy a report from one of the credit bureaus, you can now get it for FREE too.
In 2016, RBI through a notification had asked the credit bureaus to issue one credit score and report to every user on request. This one credit report can be accessed once a calendar year and comes without any cost, that is, FREE.
Finally, after some back and forth, the credit bureaus have started to provide one free credit score and report every year.
I too accessed my Credit Score and Report from CIBIL. There are other players too including Equifax and Experian, however, I feel CIBIL has the most comprehensive records of credit data.
You can also access your free report from other financial websites such as Bankbazaar but they ask you a ton of data which they are most likely storing with them too. Not too comfortable with that.
So, I used CIBIL to get my free credit score and report.
Here’s a step-by-step on how to access your Free Credit Report and Score from CIBIL.
#1 Click on this link or copy and paste https://www.cibil.com/freecreditscore/ in your browser. This link is not easily visible on the main www.cibil.com website. In fact, it is hidden somewhere like this.
#2 Once you click, you will come to a page where you need to enter information. Submit your email address, date of birth, gender and PAN.
#3 Once you click on submit, CIBIL will try to confuse you by showing a premium version of the report as well. You have to ignore it. This is how that screen looks like. You have to scroll down and click on “No, Thanks.”
#4 Once this information is authenticated, you will receive an email from CIBIL with your login credentials to the CIBIL website.
#5 Click on the link in the email and login. Post login, you will be asked to confirm your details and may be provide a missing mobile number.
After you submit, the dashboard appears – like this.
How to use your free credit score and report
This is hugely beneficial for you. There are times when your loan provider may report incorrect data to the bureau and this affects your credit history and the score. This further affects your chances of getting future loan.
You can use the free credit report to find out any incorrect data and take up for redressal. You can use Disputes section with the login to raise any dispute and track them there.
This ensures that you live a clean credit life. Remember this, a good credit history has uses beyond a loan application.