How To Check Credit Score?

A credit score is a measure of your ability to repay the debts you have availed. It ranges between 300 and 900 and represents your creditworthiness.

Credit score, also known as CIBIL score, is a three-digit number and the number closest to 900 is said to be the best. So, you should work on keeping the number closest to 900 to get a business loan approved.

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Benefits of High Credit Score

The following are the benefits of having a high credit score:

  • Low-Interest Rate: you are charged low-interest rates on credit cards and business loans with high score. Having a good score means you instantly qualify for a loan, and since there is less risk for the lender to provide you money, he is willing to offer it at lower interest rates as well.
  • Better Chances for Loan Approval: borrowers with high credit score have the high chances of getting their loan application approved. Although other factors such as income, other running debts, etc. are also taken into consideration, a good score is undoubtedly a plus point.
  • Negotiating Power: a high CIBIL score gives you negotiating power. You can negotiate on the interest rate and other terms. You can take advantage of the same and grab attractive offers for yourself.
  • Get Higher Limit Loans: the borrowing is based on income and credit score. Getting a higher amount of loans sanctioned is one of the significant benefits of the high score as it demonstrates that you repay all your debts on time. You may get your loan sanctioned at a bad credit score, but either the amount would be less, or the interest rate would be high.

How to Check Credit Score?

You can get a credit score from several agencies in India. One such agency is the Credit Information Bureau (India) Limited, authorised by the Reserve Bank of India. It issues credit scores and ratings of individuals.

As per the guidelines by RBI, every agency is mandated to provide a free CIBIL score check to an individual once a year.

To check credit score online, follow the following steps:

  • Login to the CIBIL website by clicking here.
  • Submit a request to receive your CIBIL score for a business loan.
  • After submitting a request, provide the requisite documents, such as identification and address proof.
  • Make a payment to CIBIL if it is not your first credit report in the given year. However, if you are checking your report for the first time in the year, it is free for you.
  • Lastly, the credit report will be sent online via mail.

You can also check your credit report offline by personally visiting the bureau and furnishing all the required documents. Once the identification and documentation are authenticated, the report will be provided.

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