A Step-by-Step Guide to Check Your Credit Score for Free

In the current economy, your credit score is critical in deciding your loan eligibility, credit card availability, and even house rent. So, it is essential to check your credit score, and you can happily do that for free. In this blog, we will walk you through step-by-step instructions on how to get your free CIBIL report download and enhance it for improved financial prospects.

What Is Credit Score?

A credit score is a three-digit figure that indicates your creditworthiness. It is derived from your credit history, payment habits, and outstanding balance. In India, the credit score usually ranges between 300 and 900, with a higher figure indicating better creditworthiness.

A credit score of 750 or higher is usually regarded as good and signifies that you are a good borrower. Lenders like banks and financial institutions utilise this score to assess your capacity to repay loans and set the terms of credit facilities.

Steps for Checking Your Credit Score for Free

It is an easy process to check your credit score, and you can do it through various websites that provide a free CIBIL report download. The process is easy, and we will simplify it into easy steps for you to undertake.

Step 1. Go to a Trustworthy Credit Bureau Website

The first thing to do is check your credit score. To do so, go to the website of a trustworthy credit bureau. The best credit bureaus in India are CIBIL (TransUnion CIBIL), Equifax, Experian, and CRIF High Mark. You can go to their official websites to view your score. For instance, you can go to CIBIL's website to download a free CIBIL report. CIBIL is among India's most reliable credit bureaus, and lenders accept its reports widely.

Step 2. Register for an Account

To view your credit score, you must register on the credit bureau's website. Registration is usually done by entering basic personal information like your name, email address, date of birth, and mobile number. A few bureaus might also ask you to get your identity verified with documents like an Aadhar card or PAN card.

Step 3. Enter Your Personal Details

Once you have registered an account, the next is to give more specific personal information. This could be your address, your working information, and your credit history. The credit bureaus employ this information to authenticate your identity and retrieve your credit score. Ensure all information you enter is correct so as not to create any mistakes when retrieving your report.

Step 4. Confirm Your Identity

All credit bureaus need identity verification to make sure that the report you are asking for is yours. The process can include responding to security questions, such as questions related to your previous loans, credit cards, or other financial transactions. If you cannot reply to any of the questions, the bureau may request that you upload official documents, such as a scanned copy of your Aadhar card or PAN card.

Step 5. Ask Your Credit Score

After verifying your identity, you can ask for your credit score. Usually, the credit bureau will offer you to download a free CIBIL reportonly once a year. However, if you're taking services like Bajaj Markets, they tend to provide you with your credit score free of cost. You just need to click on the 'Request Report' option or something similar, and your score will be in front of you.

Step 6. Download the Report

When your credit score is shown, you can examine it. If you are pleased with the report and the score, you can obtain a free PDF download of the report. Keep a copy of this report for yourself. A few credit bureaus might provide extra services, such as monitoring your credit score or personalised recommendations, for an additional fee. However, basic credit scores and reports tend to be offered for free.

Essential Tips to Improve Your Credit Score

Maintaining a good credit score is essential in order to acquire loans with beneficial terms. Some valuable tips on how to increase your credit score in the long run are:

1. Pay Your Bills Timely: This keeps your payment record in check, and this accounts for a significant percentage of your credit score.

2. Maintain Low Credit Utilisation: Attempt to keep your credit card balances low, below 30% of your total credit limit.

3. Avoid Loan Defaults: Defaulting on loans or missing EMIs can severely damage your credit score.

Conclusion

By merely following the easy steps given above, you can guarantee that your credit score is healthy. Keep in mind that your credit score determines your financial future, so act today to keep it strong and work to improve it. Companies such as Bajaj Markets offer instant access to your score, making the whole process even easier for you.