Nowadays, it’s very easy to mess up your credit score or cibil score. There are N number of lenders around the world that are not leaving the slightest chance to lure you to avail of their credit services. They attract you by offering lucrative discounts and premium plans for the most desired products of this era: cars, homes, laptops, smartphones, and more.
Events That Leads To Deterioration of Your CIBIL Score
After getting a credit card or EMI card or BNPL account, many individuals make their first or second purchase on the basis of need. But soon their impulsive buying behaviour takes over their minds, luring them to make hasty purchases which they can’t pay off on time. Moreover, when they find that the credit limit from one lender is not enough, they try to apply for a loan from multiple financial institutions. All these reasons lead to only one direction, the direction where your CIBIL deteriorates severely and getting a loan even during very needful times becomes impossible. That’s why we are here to help. The most effective method to avoid the reduction of your CIBIL score is to check and keep track of it on a regular basis.
Factors That Affect CIBIL Score Negatively
- Not paying due amounts or EMIs on time.
- Applying for loans with multiple lenders
- Apply for multiple loans in a short time with the same or different lenders.
- Clearing your dues partially.
- Applying for a credit card too often.
- Using the full credit limit each month. Remember, utilise only 30 per cent of your credit limit monthly, but if the occasion calls for it badly then don’t go over 50 per cent.
- Not creating a long relationship with one lender. Because the length of your credit history matters.
- Not having a healthy credit mix.
- Lastly, if all the things are in place, then there may be an error on your CIBIL report or credit report. You can get it rectified by making claims with the linked credit bureau.
Checking A Credit Score or CIBIL Score
It’s very easy to check your CIBIL score or credit score online for free with a PAN card. Having a PAN Card in the financial world is like having a key to unlock all the doors. Equifax, TransUnion (formerly known as CIBIL), Experian, and CRIF Highmark, currently these are the credit bureaus that keep the record and track of all your credit activities. However, in this article, we will focus on checking the credit score that CIBIL provides. As it is the country’s most preferred credit bureau by all the major lenders.
Here’re The Steps To Check Your CIBIL Score Online For Free Via PAN Card.
- First, visit the official website of CIBIL.
- Then either create an account or log in to the account.
- In very bold letters there will be an option to ‘Get CIBIL Score’. Press it.
- Then fill in all your required details and create a password. Then log in using that password again.
- In the required ID type select Income Tax ID (PAN).
- Then enter your PAN card number or permanent account number.
- Now click on ‘Verify Your Identity, and verify yourself by answering a few questions.
- After this, log in to your CIBIL account using the OTP verification, which you will receive on your registered mobile number.
- Now fill up your form without making mistakes.
- Next, you can check all the details of your Credit Report that includes your score, your number of loan accounts, your payment history and faults in it, missed payments and payments on time and much more.