When you check CIBIL score regularly, you can learn a great deal about your financial wellbeing. For instance, you get insights into your current score and get a glimpse of the factors affecting it. Knowing and understanding how your actions ultimately affect your score can help you make informed decisions.
With digitisation, you can now easily check CIBIL score by PAN card and get results in a matter of minutes. A majority of the lenders now allow you to check CIBIL score from their website and give you quick, hassle-free access to your score. Making the most of this service is key to improving your score until you are eligible for new credit at competitive and affordable terms.
To know how you can check CIBIL score and the benefits that come with it, read on.
Steps to check CIBIL score by PAN card
While you can check CIBIL score on the official CIBIL website for free, the service is available only once a year. To check CIBIL score multiple times in a year, you need a subscription plan that starts from Rs. 550 for a month. An alternative to this is to check CIBIL score using a third-party digital provision. Lenders who are official partners of TransUnion CIBIL can grant access to your CIBIL score.
To know whether a lender is an official partner, you can look for the ‘Powered by CIBIL Part of TransUnion’ logo on the website. For instance, you can check CIBIL score by PAN card through the Bajaj Finserv portal.
The steps are as follows:
Step 1: Visit the Bajaj Finserv website
Step 2: Click on ‘Check Score’ on the main page
Step 3: Fill the easy form by sharing basic details
Step 4: Share the OTP sent to your mobile number and verify your identity
Step 5: Check CIBIL score details
Keep in mind that the steps to check CIBIL score by PAN card may vary with other service providers. Once you get access to your score and report, carefully read through the report to understand the factors that are considered for calculating your score.
Based on this information, plan your next steps to maintain and improve your credit score. As a rule, you should check CIBIL score information before you apply for new credit. This can minimise rejections and help you borrow wisely.
Crucial information to note when reviewing your credit report
A credit report contains a lot of vital financial information. These factors are generally categorised into the following sections:
- Personal and account information
This section has information about your employment, contact details, address, income, and open credit accounts. Make sure that all the information is accurate when you check CIBIL score or other credit scores. If you find any discrepancies, report it to the credit rating agency and resolve the issue at the earliest.
- Repayment behaviour
Your repayment track record is important and you must check it whenever you check CIBIL score or other credit scores. Having a good record will boost your credit score and improve your eligibility for credit solutions.
- Credit types
There are two credit types, secured and unsecured. Try to maintain a balance between these types as it indicates responsible behaviour. Over relying on unsecured credit can cause problems down the line.
- Credit utilisation
This refers to the credit you have used against your total limit. It is an important factor of your overall credit health. As a general rule of thumb, try to keep your credit utilisation ratio under 30%. A high ratio lowers your score.
- Number of hard inquires
Hard inquiries are recorded on your profile when lenders review your credit profile due to a new credit application. These inquiries reduce your score temporarily, and so multiple such entries can lead to a significant dip. Ideally, you should apply for new credit once every few months. Wait between applications, and use the time to improve your score by repaying your existing debt.
Now that you know how to check CIBIL score by PAN card, make sure you inculcate this habit to be eligible for better offers. Be sure to read through the credit report to understand the areas that need attention. With Bajaj Finserv, you can check CIBIL score in a few simple clicks and get instantaneous results. This facilitates quick action, allowing you to make the right decisions when you trying to improve your CIBIL score. To get started, simply check CIBIL score details by going to the official webpage and work toward building a healthy profile.