CIBIL score holds a prominent place in the process of borrowing. It is vital to be aware of your CIBIL score to ensure a smooth loan application and approval procedure.
Before approaching banks, financial institutions, or even online lenders for a loan, borrowers must check their CIBIL score to understand their eligibility for their desired loan amount.
As a borrower, there is no limit on the number of times you can check your CIBIL score. The process of borrowers checking their CIBIL scores through CIBIL or other methods is called a soft inquiry. These soft inquiries have no impact on your CIBIL score, so you can freely check it whenever you want to.
It is advisable to regularly check your score to ensure it is up-to-date and devoid of any errors. Due to uncommon errors in your CIBIL report or out-of-date information, your CIBIL score might be affected negatively.
Frequent checks can bring to light such issues and you can raise a dispute on CIBIL to correct any misinformation reported.
Additionally, the frequent inspection of your CIBIL score will help you understand where you stand on your financial health. You can make changes in your credit habits accordingly to improve your CIBIL score, in case the score is low.
Borrowers can check their scores any number of times and at any time of the day. However, it is crucial to check the CIBIL score during the following:
Before approaching a bank or other lenders for a loan
While building your credit score from scratch or when improving a bad CIBIL score
Once you have paid back all your loans check if the same has been updated in your report
You can easily check your credit score thanks to the RBI's convenience. You are permitted to check your credit score and credit report with any of the credit bureaus for free per their mandate. However, the free report is restricted to one per year.
Along with your CIBIL score, you must also check your CIBIL report. The report provides a detailed insight into your credit habits, spending habits, repayment consistency, and other issues that impact your score.
CIBIL score is one of the most important factors that impact your loan approval rate. Every borrower has to frequently check their credit score and be aware of their credit habits for faster loan approval and better financial health.
There is no cap on the number of times an individual can check their scores. Visit the CIBIL website or several other CIBIL score providers online and check your scores with just your PAN number.
No. On the contrary, it is good to check your CIBIL score as frequently as you wish.
Several online applications offer CIBIL scores and reports for free. You can also see the score for free on the official website of CIBIL.
CIBIL score is a measure of your credit health. To have a healthy financial life, maintaining a good CIBIL score is a must, and you can do this by frequently checking your credit score.
That is entirely up to you. However, it is recommended that you check your score at least twice a year, regardless of your loan necessity.
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