Credit Score is a number representing the creditworthiness of an individual. This is one of the most basic parameters used by financial institutions including Cashfin to evaluate the creditworthiness of a loan applicant.

Credit score is generated by credit bureaus, who are authorized by the RBI (Reserve Bank of India) as official credit rating agencies. TransUnion CIBIL Limited (previously known as - Credit Information Bureau India Limited), is one such trusted and leading credit agency in India. They are known for estimating accurate scores and help the financial institutions to process loan applications made by individuals as well as businesses.

CIBIL score or credit score as it is generically known, is one of the important factors that we look into when prospective borrowers apply for loans. Good credit score represents the economic stability of an individual which in turn makes financial transactions easier.

However, at times, it may not be very easy to understand how to read and interpret your credit report properly. There is a vast difference between a CIBIL report and score. A credit report is the detailed document of your credit history consisting of credit card transactions, the total number of loans, employment details, contact information, etc. On the other hand, the credit score is a three-digit number representing the summary of the credit report.

1. Directly from the Bureau Website

Most credit bureaus allow individuals 1 free credit score check. For instance, if you would like to know your CIBIL score, you can login to the CIBIL website and create a free account. Enter your details. A valid ID such as your PAN, Voter ID, Ration card, Passport etc. and the corresponding number is required. After successful account verification, you will be able to see your CIBIL score.

2. From your Existing Bank

Some banks allow their customers to know their CIBIL score for free once a year through the logged in section of their websites (Netbanking) or mobile app. You can contact your bank or login to their netbanking / mobile banking applications to check if they provide this facility.

3. Third Party Apps

Certain apps allow registered users to view their credit score and credit report for free. For instance, if you are registered with a third party payment, credit or any fintech app, you can avail their free credit score check facility which are available in most cases.

CRIF High Mark

CRIF High Mark is a full service credit information bureau that has a strong presence across MSME, commercial, retail as well as microfinance segments including agri and rural. It was founded in 2007 and has since then become one of the largest credit bureau database in India. CRIF credit score ranges between 300 to 900.

CIBIL (TransUnion Credit Information Bureau (India) Ltd.)

TransUnion CIBIL is one of the first credit information companies in India and is one of the four bureaus to provide detailed credit report for individuals as well as businesses. The credit score or CIBIL score as it popularly known, helps individuals assess their credit score for applying for loans or credit cards and helps companies identify any potential risks of an applicant. The CIBIL score ranges between 300 and 900.

Experian

Experian is a multinational credit reporting company that launched operations in India in 2010. Like most other bureaus, Experian also caters to individual consumers as well as businesses. The credit score for Experian ranges between 300 and 850.

Equifax

Equifax India is a credit information company in India and is a joint venture between Equifax Inc. USA and seven leading financial institutions in India. It provides credit related services to lenders, consumers and businesses.