How bank check CIBIL score?

The CIBIL scores are one of many criteria that lenders use to determine how much loan can be disbursed into your account. Your payback history, financial behaviour, and credit rating are all rated in your three-digit CIBIL score. Hence, it is imperative that you keep your CIBIL score in check especially if you are planning to apply for a loan. Since you want to know how bank check CIBIL score, let me help you figure that out.

How banks will check CIBIL score?

Every time you apply for a loan or a credit card, the banking firm first verifies your CIBIL score to determine your credibility and risk status. Bank gathers all the information provided by financial institutions and other banks. It includes EMI payments, late payments, prepayments, etc. The CIBIL report enables the bank to check your credit record, especially whether you have repaid past debts on time. It also reveals how many loans you have currently accepted, together with the sum and length of the prior credits. Loans and credit cards are both included. It lowers losses by assisting banks in reducing loan default.

What role does your CIBIL score play when applying for a home loan?

Before considering your loan request, banks consult your credit report and repayment history with CIBIL. Your home loan request will be granted or denied by the bank based on the information submitted by CIBIL and your credit score. By doing this, banks are able to efficiently avoid taking on risky clients that have a record of defaults.

How can you find your CIBIL score?

• Provide information on the CIBIL official website including your name, birth date, address, phone number, ID document, and loan and income information.

• Submit the form.

• You will then be taken to a payment page where you must enter your preferred payment method and complete the transaction.

• You will be required to answer three to five questions regarding your loans and mortgages in order to continue following the payment.

• Your verification will be completed if you provide the answers to the questions.

• CIBIL will then email your credit score to you within 24 hours.

You are now aware of how bank check CIBIL score.