The Credit Information Bureau (CIB) maintains a repository of borrowers’ credit information in India. The CIB assists lenders in knowing the risks. A credit score helps lenders figure out if a borrower is financially stable and can pay back debt. Wishfin CIBIL is an official partner of TransUnion CIBIL. It gives CIBIL reports and has over 3.9 crore customers. Based on your score, it also offers you financial products. Also, you can choose the best course of action to improve your CIBIL score.
The CIBIL score helps you know your eligibility for loans. It is an index of how well you manage credit. CIBIL stands for Credit Information Bureau India Limited. The CIBIL score is calculated based on your previous loans and credit card usage from the past 36 months. It is a three-digit score ranging from 300 to 900. A higher credit score increases loan ability. It also gives access to premium credit cards and lowers interest rates. Almost 57.6% of the approved loans are for people with a credit score > 800. As much as 22.7% of the approved loans are for people with credit scores between 750 and 799. A CIBIL score above 750 helps with the quick approval of a loan. A good credit score is needed for personal loans without collateral.
Credit Score Versus CIBIL Score
TransUnion CIBIL is the benchmark for checking your credit health in India. It maintains monthly reports from banks, financial firms, and credit card payments. CIB can track your credit information using your PAN. In India, there are three authorized credit rating agencies:
- TransUnion CIBIL
Checking Wishfin CIBIL Score Online For Free
It is essential to check your credit score before applying for a loan. Lenders check your CIBIL score even before processing your loan application. So approval depends on your credit score. It is quick and easy to get your Wishfin CIBIL credit report online.
It is an excellent way to keep track of your monthly changes in credit health. It enables you to check your credit repayment status and ongoing EMIs. Wishfin is free of cost. After you create an account, you can check your credit score by logging in using your registered mobile number. It offers security and privacy to keep your data safe. Wishfin provides two ways to get your credit report in minutes.
- PAN card: You can visit the Wishfin website or download the Wishfin app (on the Google Play Store or iOS App Store). Fill in your PAN, name, DOB (as it appears on your PAN card), email ID, address, and phone number. After submitting the form, you can download your Wishfin CIBIL report.
- WhatsApp: Wishfin offers an easy way to check your CIBIL score using WhatsApp. Give a missed call to +91-828751151. You will receive a message from Wishfin in the chat box. Next, you receive questions about your name, PAN, address, and email ID. Respond to these questions to download your latest Wishfin CIBIL report.
A good CIBIL report has the following structure:
A credit report contains complete data on the credit you have used. For example, credit cards, personal loans, and automobile loans. The CIBIL report has the following sections:
- CIBIL score: 300 to 900.
- Personal details: name, PAN card number, DOB.
- Contact details: All the addresses that various lenders provide.
- Employment details: annual income.
- Account details: type of credit, account numbers, date opened, last payment date, current balance, loan amount (records of up to 3 years).
- Enquiry details: Details of lenders who enquired about your credit details.
Improve Your CIBIL Score
The CIBIL score is affected by payment history, credit exposure, and credit type and time. For banks and NBFCs, a healthy credit score is a must before considering an application. Take these measures to improve it.
- On-time payments: always paying the EMI on time improves the score.
- Reduce the number of loans and credit cards if not needed: pay off higher interest debts. By getting a personal loan with a lower interest rate, you can keep your credit utilization rate in a healthy range.
- Use balance transfer options: select loans with better interest rates and terms.
- Using a basic credit card or small loan in the case of no credit history (if the CIBIL score is 0, -1)
- Credit Limit: restricting to < 40% use of credit limit improves CIBIL score.
- Multiple credit applications can damage credit scores. They show the ‘credit-hungry’ behavior of the applicant.
- Requesting frequent increases in credit card limits negatively affects your CIBIL score.
Benefits of a Good Credit Score
A higher CIBIL score can help you get a higher loan amount and lower interest rates. Income, age, current EMIs, and CIBIL scores influence the approval rate. The pros are listed below:
- Improved eligibility and loan approval rate.
- Access to premium credit cards.
- Lower rate of interest.
We hope you now know all about Wishfin CIBIL. If you are planning to apply for a loan, you should check your credit score regularly and maintain a healthy CIBIL score. You can download the latest CIBIL score report online for free using Wishfin CIBIL. Be patient with the steps to improve your CIBIL score. It is a time-consuming process, but the benefits outweigh the effort. To learn more about CIBIL scores and credit ratings, you can take the help of experts at Piramal Finance. Help yourself to the knowledge of wide-ranging financial products and services on their website, especially credit cards and personal loans.