myCIBIL: Credit Report & Other Benefits

CIBIL is licensed by the Reserve Bank of India (RBI) under the Credit Information Companies (Regulation) Act, 2005. One of India’s leading credit bureaus, Credit Information Bureau (India) Limited (CIBIL), keeps track of all credit-related transactions, including loans, for both businesses and people. CIBIL receives information regularly from the registered member banks and other financial institutions. CIBIL provides applicants and financial institutions with Credit Information Reports (CIRs) and credit scores based on the data given by these organisations.

CIBIL provides a credit score, an individual credit report, and a company credit report. CIBIL is a database of credit information, not a loan decision-maker. Banks and other lenders can rapidly and effectively sort through the many loan applications they get daily using the information it offers. 

Did you know? Apart from India, RBI has also served as the Central Bank of Pakistan till 1948 & Myanmar till 1947.

How does your Cibil score work?

• Your CIBIL score depends on an overview of your credit history and how you managed credit in the past. Since it considers characteristics such as timely repayment of EMls, credit utilisation, credit inquiries and current debt, your credit score demonstrates your dependability to lenders.
• The CIBIL Report & Score acts as a gauge of your creditworthiness, allowing lenders to assess your application as a possible borrower based on your financial history.
• Your CIBIL score & report are simply one of many factors taken into account when deciding your eligibility for a loan and the approval of your application. Your income and place of residence, current debt, and employment play a factor in your credit score and rating.
• CIBIL Transunion offers a free credit report once a year to all consumers. As soon as you apply for a loan with a bank or a non-bank financial organisation, the lender will assess your borrowing capacity based on your income level, age, salary, and credit score. Your credit report provides information on your credit history and your debt repayment history, among other things.

Also read: What are Debit, Credit Note and their Formats?

What is myCIBIL Portal?

1. myCIBIL is a single online platform that allows you to access all of the services provided by CIBIL, which are as follows:   

• obtaining your CIBIL score for a fee 
• seeing the results of your CIBIL report 
• apply for a loan 
• raising an issue at CIBIL 
• renewing your subscription.  

2. You will be able to access your myCIBIL account as soon as your CIBIL Score and Credit Information Report (CIR) request have been successfully processed. The login details for the MyCIBIL Portal will be sent to you by email or speed post/express delivery, as appropriate. 
3. You can access the myCIBIL Portal on www.cibil.com/mycibil

How to Download CIBIL Report in PDF?

1. First, you need to have a subscription to access the myCIBIL portal to view your CIBIL Report. If you don’t already have one, you can get one using the following link: https://www.cibil.com/select-plan. 
2. Now, you can access your latest Credit Information Report by CIBIL and your CIBIL score by logging into the myCIBIL Portal. You will get your myCIBIL Portal login credentials through email or speed post. 
3. Once you have logged in, you can access your CIBIL Report pdf by clicking on the ‘View Report’ tab on the Home Page, as has been shown here: 

4. The View Report section has been divided into five categories to make it easier to navigate based on the information that would be included on your credit report: Enquiry information, Account information, Contact information (including address), Personal information (including name), and Employment information.  
5. Also available on the myCIBIL Portal is the ability to download the CIBIL Report in PDF format or transmit a copy of the report by selecting either “Download” or “Email” from the drop-down menu.

Also read: What Are Debit and Credit? Bookkeeping Basics Explained

What is the CIBIL Report PDF password?

Numerous clients are out there who can provide you with the CIBIL report pdf. They have been listed below, along with their password:

1. myCIBIL pdf password – your date of birth in DD/MM/YYYY format.

2. SBI CIBIL pdf password – your date of birth in DD/MM/YYYY format.

3. PaisaBazaar CIBIL Score pdf password– your date of birth in DD/MM/YYYY format. 

The default password to open your CIBIL Credit Information Report pdf is your date of birth in DDMMYYYY format.

But, that doesn’t hold for all credit reports, for example, the one provided by Experian. 

1. Experian notifies the password for its credit report to the viewer via email.  
2. More often than not, the Experian Credit Report pdf password is the first four letters of your name and the last four digits of your registered phone number.

CIBIL Xpress Acquire: What is it & How to Access?

What is CIBIL Xpress Acquire?

• It is one of the many perks of the myCIBIL subscription. Pre-application procedures for loans and credit cards may be cumbersome, difficult, and time-intensive. You can streamline the purchase process with the new CIBIL Xpress Acquire platform. 
• The CIBIL Xpress Acquire runs checks against bank requirements and eligibility criteria and provides credit card and loan offers from banks for which you are pre-approved.

Accessing & Benefitting from CIBIL Xpress Acquire

It is necessary to perform the steps outlined below to access and utilise CIBIL Xpress Acquire’s features: 

1. CIBIL TransUnion can provide you with a CIR and a score after purchasing it. Additionally, you will be provided with a nine-digit Control Number and a Score Value in addition to knowing about your credit score. Suppose you bought your CIBIL TransUnion Score and Credit Information Report within the last three months. In that case, you will automatically qualify for the CIBIL Xpress Acquire platform and will not be required to purchase it again in the future.  
2. To access CIBIL Xpress Acquire, enter your Control Number and Score Value into the appropriate fields. A customised dashboard will be created for you, from which you will be able to manage all of the offers received from different lenders.  
3. Loans (home loans, personal loans) or credit cards are the products you should choose as your desired option. Choose the category of things that you are interested in learning more about in a completely user-friendly environment.
4. Comparing offers from several lenders might help you get the best bargain for your needs. Depending on your product selections, several offers from various lenders will be shown. Interest rates, repayment periods, interest-free days, annual fees, and the bank’s rating are just a few of the factors to consider — and this platform allows you the ability to do so. All that is left is for you to make your selection and click.  
5. Note the lender’s contact information and the day and time the procedure begins. Following that, you will call the lender about the product you picked. They will want a verified copy of your documents, and when they have been checked, they will grant the loan or credit card on your behalf.  
6. After benefitting from the services provided by the CIBIL Xpress Acquire platform, please do leave your comments or feedback on the portal as this will help CIBIL improve your experience in future.

Also read: Everything You Need To Know About MIS Report

Conclusion

This article has extensively covered how you can access your credit report. It helps you identify and work on facets that affect your credit score. Doing so will help you get approval for a loan or any other credit facility. All Credit Institutions (CIs) use Credit Reports and Credit scores while considering a borrower to assess how reliable the person is, what is his creditworthiness and should they be granted the loan or not. The article also discusses how to download the CIBIL Report in pdf and their passwords. 

Furthermore, we have discussed CIBIL Xpress Acquire. It is a platform that helps you view your loan and other credit facility options you are already qualified for and saves a lot of time and hassle involved in applying for availing of such credit services. We sincerely hope that the given information helps you out in the hour of need and aids you in making financially sound decisions by understanding the areas you can work on after viewing your CIBIL Credit Information Report (CIR).

Follow Legal Tree for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.