CIBIL score is a three-digit number that shows how likely you are to pay back your debts and meet your financial responsibilities. CIBIL score is the most well-known and influential credit scoring system in India. CIBIL score is important in finance because it determines how trustworthy you are with money. Credit bureaus carefully review your credit history to determine CIBIL score. They take into account your track record of repaying loans, your credit card usage, and various other financial activities. CIBIL score helps banks and lenders decide whether to give you a loan or trust you with credit, so it is a crucial part of your financial profile.
Difference Between CIBIL Score vs. Other Credit Scores
In India, there are four main credit information companies: CIBIL, Experian, Equifax, and CRIF High Mark. Each of these credit information companies provides a credit score, a numerical representation of your creditworthiness based on your credit history. However, each of these credit information companies uses different algorithms and scoring models to calculate credit scores hence they may be slightly different.
- CIBIL Score: CIBIL stands for Credit Information Bureau (India) Limited. It was the first credit information company in India, and hence, it is the most popular and widely recognized. It provides a CIBIL Score ranging from 300 to 900, with 900 being the best score. This score is calculated based on your credit history, including your repayment history, the type and amount of credit you have, and how long you have had credit.
- Experian Score: The Experian score in India ranges from 300 to 850. While it uses similar factors as the CIBIL score for calculation, the weightage given to each factor might vary.
- Equifax Score: Equifax provides a credit score between 1 to 999. The high score range is because Equifax uses a different model to calculate credit scores. It considers factors such as credit history, type, utilization, and recent credit behavior.
- CRIF High Mark Score: CRIF High Mark offers a credit score that ranges from 300 to 900. Like the others, it uses credit history to calculate the score, but it also considers the size of your loan and the number of loans you have.
While these credit scores are calculated differently, they all aim to measure your creditworthiness. Lenders in India look at these scores when deciding whether to approve your loan or credit card application and what terms to offer you. It’s also worth noting that while all these scores are important, the CIBIL score is the most commonly used by lenders such as Bajaj Finserv in India. This is because CIBIL was the first credit information company in India and has the largest consumer database, so many lenders trust the CIBIL score more.
The Process to Check CIBIL Score Free Online By PAN Number
- Visit the official website of Bajaj Finserv at for CIBIL score check free online by PAN number.
- Look for the section “Check Your CIBIL Score.”
- Click on the link “Check Score.”
- You will be prompted to enter your mobile number, and after entering your mobile number, you will receive a One Time Password (OTP) for verification.
- Enter the OTP received on your mobile and click the “Submit” button.
- Fill out the form with accurate details, including your name, date of birth, PAN card number, and other required information.
- Read and accept the terms and conditions.
- Click the “Submit” button to complete the process.
- Upon submission, your CIBIL score and report will be promptly displayed on the screen, providing valuable insights into your creditworthiness and financial standing.
Benefits of CIBIL Score Check Free Online By PAN Number
- Effective Financial Planning: Consistently doing CIBIL score check free online by PAN number enhances your financial management skills. This provides a rational understanding of your credit standing, enabling you to assess your creditworthiness accurately. With this knowledge, you can make informed decisions, whether navigating loan applications or exploring new credit card options.
- Prompt Error Detection: Through regular CIBIL score check free online by PAN number service, you can promptly detect and correct any inaccuracies or inconsistencies in your credit history. These timely interventions can prevent unnecessary harm to your credit rating, thus securing the integrity of your credit report.
- Credit Score Enhancement: Using the CIBIL score check free online by PAN number service enables you to identify specific areas in your credit behavior that require refinement. This crucial information illuminates the path toward steadily enhancing your CIBIL score. Such regular self-assessments not only help maintain good credit habits but also lead to responsible financial management.
CIBIL Score and other credit scores serve the same fundamental purpose of evaluating the creditworthiness of individuals. However, there may be differences in their calculation methods and the specific factors they consider. While the CIBIL Score is widely recognized and influential in India, other credit scores or credit bureaus may have unique characteristics. CIBIL score checks are free online by PAN number from Bajaj Finserv official platform and provides the details of individual creditworthiness.