Yes, you have heard it right - now you can get a free Credit Score from CIBIL instead of paying around 500 but with some conditions. As per RBI guidelines you can get once in a year a free CIBIL report to track your Credit Score and plan accordingly.
What is Credit Score?
Credit Score is nothing but the financial status of you - in fact based on this score your loan approvals will be finalized. The more good score the more chances of you getting the loans specially Housing Loans. Before approaching any bank for Home loans - check your financial credibility first.
What is the best Credit Score?
It depends on the different vendors of Credit Report Information Bureaus. It might vary from CIBIL to EQUIFAX or may be other. In CIBIL it is capped at 750 on scale of 300-900 and in Equifax it is capped at 690.
Your CIBIL Score must be above 750 on a scale of 300-900 for a eligibility of any type of loans. Hence you can plan your financial activities to maintain a better score.
Just you need to provide your basic details along with a few answers for simple questions - don't panic its an authorized by Govt of India and no problems with data protection. You might need to enter a few details of your credit cards / personal loan account numbers.
We already posted an another way of getting a Credit Score with free of charge you can read that post here. i.e. CREDIT MANTRI
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