Credit Score is an integral part of anyone’s financial status. Piramal Finance offers free CIBIL reports. These reports can help you determine your credit score, creditworthiness, and the cost of credit. Check how to generate a free CIBIL report with us and why it’s an excellent idea.
What does it mean?
A CIBIL Score between 750 and 900 is excellent. It shows consistent payment history and a great payment track record. Banks consider you a low risk of defaulting on payments because of your credit score. This means they are likely to offer you loans and credit cards.
Chances of loan approval
A CIBIL report is a comprehensive overview of a person's credit history. It contains information about their borrowing activities in the credit sector. It is a valuable source of insight and information. CRAs keep track of a person's borrowing activities. This information is used to calculate their credit score .The score ranges from 300 to 900.
This credit report powered by CIBIL helps CRAs to equate someone’s credit score, which in turn helps lending institutions comprehend the risk involved in lending money to that individual.
The average cost of a CIBIL report from an agency is INR 1000 or less. However, with Piramal Finance, you can get a free credit score without any hassle. Here are the steps on how to create a CIBIL report with us:
The CIBIL report includes your credit score, payment history, credit card utilization, age of accounts, total accounts, and inquiries on your account. Here you can also download your credit report for future reference.
Note: Piramal Finance will keep all your personal and financial information confidential and private. The generation of the credit score from our site won’t affect your credit score in any manner.
A credit report is also referred to as a credit history, a credit file, or a credit information report. It is a detailed, insightful record of your line of credit, including details of your loans and credit cards.
A CIBIL report provides information about a person's financial history. It includes details about their credit mix, payment history, and credit management. This information helps any lending institution make decisions.
Credit scores are indicators that allow a financial institution to assess your ability to repay the debt on time. The credit score is thus crucial in determining the risk of an individual or an asset.
A credit score is a comprehensive document prepared by a credit bureau that outlines your credit history. These credit bureaus gather and assess your financial information and prepare reports based on such details.While computing your CIBIL score, the following factors are considered:
What happens when your free credit report shows a low credit score? Does that close all the doors for you in terms of lending opportunities? Worry not! Piramal Finance is here to show you the ways to improve your credit score:
Maintaining a high CIBIL Score has plenty of benefits, from more lender choices to low-interest rates. Let’s check these benefits in detail:
You can get a free online credit report in India from Piramal Finance. Additionally, there are many benefits to checking your credit score here. These include:
The key differences between a credit score, credit report, and credit rating are outlined in the table below:
|Credit Report||Credit Score||Credit Rating|
|It is a comprehensive, summarized copy of your credit history and resembles your creditworthiness. Most lenders use this document as your credit reference.||It is a 3-digit summarized version of your credit report. It considers all the information on the report, measures your credit risk, and computes an overall score ranging between 300-900.||After determining whether you can fulfil your financial commitments, credit bureaus provide credit ratings to businesses and even governments. Credit ratings show lenders how likely you’re to repay loans.|
|NA or NH||NA stands for Not Applicable, and NH stands for No History. NA in your credit report means there is no information available about your credit history. Since there isn’t any credit information to include in the report, this is also referred to as NH.|
|STD||STD in credit report stands for ‘Standard.’ You’ll find this term in your loan accounts and credit report. In your report, `STD` indicates that you have paid all outstanding amounts within 90 days, or on the due date.|
|SMA||SMA stands for Special Mention Account. This indicates that a designated account has been established to record Standard Accounts that have shifted to Sub-Standard. In such cases, payments are received after 90 days of the due date.|
|DBT||DBT here stands for Doubtful. It means that one of your loan accounts has stayed/remained as a Sub-Standard account for a year (12 months).|
|LSS||It stands for Loss. It implies one of your accounts where loss has been detected. LSS on your credit report means that you haven’t paid that loss amount, and it’s still uncollectible.|
|DPD||The full form of DPD is Day Past Dues. It serves as a track of your credit accounts’ payment schedules. Your payment is shown in the DPD area even though it is one day late. DPD can be modelled in one of two ways: Note or Numeric|
Personal Loan For Low CIBIL Score And How To Improve Credit Score... Read more
It is natural for your credit score to keep changing over time. Your credit scores are updated and altered whenever new data is submitted to the three national consumer reporting agencies (CRAs).
A personal loan requires minimum score of between 720 and 750 on your credit report. If you have a good credit rating, banks will easily grant your request for a personal loan. They might also give you the loan amount you want at a low-interest rate.
Your credit report cannot be viewed by just anyone. A company needs to have what is known as a “permissible purpose” to see your report.
The three national credit reporting agencies typically offer one free credit report each calendar year. You can also get it for free by providing just your mobile number on the Piramal Finance website.
Since the credit score is linked to the PAN card number, a PAN card is required for a credit report check. Also, PAN cards are needed for tax return filing and address verification.
A hard credit query may lower your credit score by up to 10 points. This harm may not always be that severe.
A phone number is used to verify the identity of the person receiving the credit report. This ensures that only an authorized person is able to access it.
No, there isn’t any limit. You can always request free access to your credit report on Piramal Finance.
A CIBIL report is a useful tool for banks and NBFCs. It helps them to assess an individual's reliability and creditworthiness. This helps them to determine their ability to repay any debts in a timely manner. The significance of the credit score thus lies in the individual’s risk assessment.
Credit scores typically range from 580 to 899. Scores between 580 and 669 are considered fair. Scores between 670 and 739 are considered good. Scores between 740 and 799 are considered very good. Scores of 800 and above are considered exceptional.
Score calculation in your credit report includes several factors. Common and significant ones include repayment records, credit history, and credit inquiry.
Your credit reports contain various types of information about your credit lines, repayment history, and credit limits. They also provide other details.
Your credit report does not include: - Marital status - Health information - Shopping patterns - Financial transactions - Income - Bank balances - Criminal history - Level of education
Unfavourable data that is true cannot be changed and usually stays on your credit reports for seven years. Creditors look at your CIBIL reports to evaluate your past debt repayment history. They use this information to decide if they will give you credit and what terms to offer.
The first step you must take if you find an inaccuracy in your credit report is to dispute the data with the credit reporting agency. You must provide copies of the supporting documentation for your claim and a written explanation of what you believe to be incorrect.
A credit report includes personal information such as a PAN number, name, residence, gender, and other facts in addition to financial information. The CIBIL report is a crucial tool for tracking all of your credit-related information. Using client credit information obtained from multiple banks and lending organizations, CIBIL generates a CIBIL report.
Your credit score can be checked by prospective lenders, your present creditors, insurance providers, and occasionally even your employer. These individuals and entities can evaluate your record whenever you make a credit request or after they have granted you a loan or credit.
Prospective lenders review your credit score to determine your likelihood of repaying the money you borrowed. A solid credit history shows that you have been a reliable borrower, and creditors will be more eager to give you that new loan or credit.
You have unlimited access to your credit report. This is so that your inquiry, apart from those conducted by creditors whenever you request a loan, is logged as a soft inquiry. The credit report has no effect from soft inquiries.
The minimum score required to apply for any type of loan is 750. Although you can also apply with a lower score, your chances of approval won’t be that high. A score of 750 or above will help you get your loan application approved quickly.
Pay your debts on time, accrue a high score, and your credit score will improve. To avoid worrying about missing deadlines, use a program that enables automated bill payment. You should avoid doing anything too much: Apply for credit responsibly. Do not take on much debt at once.
You can download the report in a few simple steps on the Piramal Finance website. If you’re an existing member, sign in to the Piramal Finance customer portal, select the “My Account” option in the upper right corner of the website, and then click the “Get your Free Report” button.
Even though it is a little below average, obtaining a CIBIL rating of 700 technically puts you in the decent credit report category.