A Simple Guide to Check Your Credit Score Online

Financial emergencies can occur at any stage of life. In these uncertain times, you may feel the need to turn to banks, non-bank financial institutions, or online lenders for loans. Whether you need a loan such as a student loan, business loan, marriage loan, medical loan, or home loan, credit history is very important.

When you apply for a loan, lenders review your credit report and score to determine your eligibility based on your previous credit history. Whether you get a loan at a lower interest rate depends a lot on your three-digit credit score. Therefore, it is very important to check your civil online score regularly and take steps to keep it high.

There are various approaches to finding out your results. This includes the Cibil Score website and app. Let's take a closer look at how you use these platforms and who makes up your credit score.

RESPONSIBLE FOR CALCULATING YOUR CIBIL SCORES

There are mainly four credit bureaus in India that are responsible for preparing credit ratings and reports for each person. They:

1. CIBIL
2. Equifax
3. Experian
4. CRIF High Mark 

These bureaus collect all data about every person who takes loans from banks and lenders. After analyzing this data, they use their proprietary algorithm to calculate a score and report.

Here you need to remember that banks usually update all information about your recent financial activities every 30-45 days. Therefore, it will take almost 1-2 months to collect this data.

To get an accurate result, you need to check the CIBIL score online after 2 months off.

Read the complete information to Check your Credit Score Online.