How To Get Free CIBIL Report?

It is important to check your CIBIL report, as errors and old data can adversely impact your credit score

When processing your loan application, banks and financial institutions look at various factors. One of the important things that are checked is your credit score and credit report. It is important to check your credit score and report, especially if you have been denied loans or the amount sanctioned is less than expected.

How to get free CIBIL report?

To help consumers, the CIBIL report is provided free of cost once every year. This allows users to review their credit score and credit report. If there are any errors, the same can be fixed by informing the respective credit bureau. The CIBIL score and report in India is provided by TransUnion. New users just need to access the CIBIL website or app to download their credit report and score. Some basic information has to be provided such as email address, date of birth, mobile number and ID proof (PAN, Passport, Voter ID, Driver’s License or Ration Card).

Once the basic verification is complete, users can access and download their CIBIL score. While the CIBIL score and report can be downloaded for free once every year, users can also choose paid plans. For example, the Starter plan allows access to the CIBIL Credit Report for Rs 118. However, it does not show your CIBIL score. Other plans are Basic (Rs 550 / month), Standard (Rs 800 for 6 months) and Premium (Rs 1200 for 12 months). With the Premium plan, users can access various other features such as Score Simulator, Score History and CIBIL Alerts.

Will checking CIBIL score and report reduce the score?

There is a general perception that accessing your CIBIL score and report will result in negative marking on the CIBIL report. However, this is not entirely true. When an individual accesses their own CIBIL score and report, it is treated as a soft enquiry. In such cases, there is no impact on your CIBIL score and report.

However, the situation is different when any bank or financial institution accesses your CIBIL score and report. In such cases, the action is treated as a hard inquiry. If you have approached multiple banks for a loan, each of these may have accessed your credit score and report. And each of these will be treated as a hard inquiry. This can lead to a reduction in your credit score.

For most individuals, checking the CIBIL score and report once every year will be appropriate. However, if you have a more complex and fast evolving credit history, you may need to check the CIBIL score and report more often. The goal will be to ensure that your credit score and report are up to date. It will make it easier to get approvals for loans, access higher amounts and get the most economical interest rates on loans.