Steps To Download CIBIL Report And 4 Tips To Improve Your Credit Score

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Your loan eligibility is greatly dependent on your CIBIL score. This is because your score gives the lender an overview about your repayment capabilities and past credit behaviour. Through this, they can assess whether you have a high or low risk of default and offer you credit accordingly. High-risk borrowers generally get loans with stringent repayment terms whereas low-risk borrowers can enjoy relaxed terms, making repayment easier.

One of the ways to ensure that you have a good credit score and be eligible for quick, easy, affordable loans is to check your score regularly. For that, you can visit the official CIBIL website and generate your CIBIL login credentials. A regular credit score check will allow you to better understand your credit health and take actions that help improve your score.

Here are the steps to download your credit report and a few tips on how to improve your CIBIL score.

Steps To Download Credit Report From CIBIL Website

Before you can download your credit report from the CIBIL website, you first need to create your account and generate CIBIL login credentials. The steps for that are:

  • Visit the official CIBIL website
  • Click on ‘Get Free CIBIL Score & Report’
  • Fill up the form with the required details
  • Submit the form and complete the verification

Once you are done, you can use the CIBIL login credentials that you set while filling out the form and logging in to your account. After you log in to your account, follow these steps to download your CIBIL report.

  • Go to dashboard
  • Click on ‘Check CIBIL Score’
  • Click on ‘View My Report’
  • Check your credit report
  • Click on ‘Print Report’ and save your credit report to your device

Tips To Improve Your CIBIL Score

  • Pay your monthly dues on time

Repayment discipline plays a big role in determining your credit score. If you make timely payments, you show that you are a responsible borrower, and therefore have a low risk of default. This results in a good credit score and easy availability of new credit. You can set up reminders to ensure that you do not miss out on any of your monthly payments.

  • Be mindful of your credit utilisation

Credit utilisation refers to the credit you avail against the limit provided by the lender. Generally, you should keep your credit utilisation to 30% of your total credit limit. Having the ideal credit utilisation shows that you can manage your finances and can live within your monthly income. If you need to use more credit, you can ask your lender or bank to increase your credit limit. This will help you keep your credit utilisation ratio at an ideal level.

  • Avail different types of credit

Borrowing different types of credit shows that you have experience in dealing with both, secured and unsecured credit. It also shows that you can handle all types of credit and thus have a low risk of defaults.

Keep in mind that in order to avail different types of loans, you do not apply multiple times in a short period. With each application, lenders check your CIBIL score, which registers a hard inquiry. Hard inquiries lower your credit score and having too many in a short span can have a lasting effect on your credit score. This is because it shows that you are credit hungry and hence may have a higher risk of default. So, borrow a mix of credit over time after making sure you have a proper repayment plan in place.

  • Maintain a low debt-to-income ratio

Like the credit utilisation ratio, your debt-to-income ratio is the per cent of the income you pay in monthly dues. Ideally, you should have a debt-to-income ratio of 30-40%. Doing this ensures that your monthly repayment is within your budget, lowering your risk of defaults and improving your score.

An important thing to remember about increase your credit score is that you will not see the results overnight. Improving your credit score is a gradual and continuous process. You can monitor your progress by regularly checking your credit score and report. Good credit health is essential in availing of new credit at affordable terms and securing your future credit decisions as well. You can check your credit score and report for free only once on the CIBIL website. Ideally, you should check your CIBIL score at least thrice in one year.

To that end, opt for free credit score checking services offered by other lending institutions. Bajaj Finserv is one of the top NBFC offering free credit score checking services. Through this service, instead of creating CIBIL login credentials, you can check your credit score by simply providing your basic information. This can give you results instantaneously and allow you to take swift measures. Check your CIBIL score today to monitor your credit health and take prompt actions to improve your score.

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