If you are interested in seeking bank loan today or in future, you need to take care of your CREDIT score. This is one thing banks rely heavily while deciding on your loan eligibility. What exactly is CIBIL? How do I find my credit score? hold on, be patient and read on :-)
Background :
CIBIL stands for Credit Information Bureau (India) Limited and in simple terms is responsible for keeping records of all types of financial transactions of borrowers. Whether you open a bank account, whether you apply for a credit card, whether you get a loan, etc..every financial information is kept at a central repository with them.
How to obtain my credit score : Its a very simple process
1) Create a DD of Rs 142/= in favor of "Credit Information Bureau (India) Limited" Payable at Mumbai Branch.
2) Send above DD along with your ID proof and Residential proof photocopy to below address. You will have to fill a simple online form also (link provided below).
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 6th Floor,
193 Back bay Reclamation,
Nariman Point,
Mumbai 400 021
Once you complete those steps, you will receive your CREDIT score within 15 days. It will be something like this (its mine)
Why you need to know your CREDIT SCORE :
Because this is what any financial institutions rely on, and there are few instances where mistakenly Credit Score is damaged. If you have your report you can point them and ask for rectification so that you don't have to go through any hassle in case of need.
For more information you can visit this link http://www.cibil.com/
A passing thing I will tell you :
If you apply for lots of credit cards, it may have adverse effect on your score. But if you CANCEL it in a short span or without plan, it can have MUCH MUCH adverse effect on your credit score. Now what affects your CREDIT SCORE isn't the topic of this post :-)
Background :
CIBIL stands for Credit Information Bureau (India) Limited and in simple terms is responsible for keeping records of all types of financial transactions of borrowers. Whether you open a bank account, whether you apply for a credit card, whether you get a loan, etc..every financial information is kept at a central repository with them.
How to obtain my credit score : Its a very simple process
1) Create a DD of Rs 142/= in favor of "Credit Information Bureau (India) Limited" Payable at Mumbai Branch.
2) Send above DD along with your ID proof and Residential proof photocopy to below address. You will have to fill a simple online form also (link provided below).
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 6th Floor,
193 Back bay Reclamation,
Nariman Point,
Mumbai 400 021
Once you complete those steps, you will receive your CREDIT score within 15 days. It will be something like this (its mine)
Why you need to know your CREDIT SCORE :
Because this is what any financial institutions rely on, and there are few instances where mistakenly Credit Score is damaged. If you have your report you can point them and ask for rectification so that you don't have to go through any hassle in case of need.
For more information you can visit this link http://www.cibil.com/
A passing thing I will tell you :
If you apply for lots of credit cards, it may have adverse effect on your score. But if you CANCEL it in a short span or without plan, it can have MUCH MUCH adverse effect on your credit score. Now what affects your CREDIT SCORE isn't the topic of this post :-)
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