A credit score is mainly designed to show the risky factor of your credit risk. It is nothing but a three digit number which is represented between 300 and 850; this shows the calculation of the risky factor. Only based on the CIBIL score credit score is evaluated. Mainly it depends on paying your bills on correct time. Initially CIBIL score can be checked in online itself the score can be checked for that the following steps are first we should check what are the loan products do you have in your name such as personal loans, auto car loans, home loans, gold loans and credit loans. Along with that number of loans should be mentioned here the details should be marked carefully, even a single mistake will change the CIBIL score.

Next step simple questions related to your credit history will be asked such as when did u first take loan in your credit card and then the next question is current outstanding amount in your credit card. Then it will check how many number of loan application is taken in last three months. When did u last miss your EMI payment recently? Then monthly take home salary will be asked. Then is there any current EMI is going on. Like this these questions will be asked after carefully answering the calculator button is pressed and is calculated. And there arrives a score.

How to access your report

There are three major leading agencies where your credit card report can be requested they are Equifax, Experian and TransUnion. There is an another easy method to view your CIBIL score is by following three methods through online first u have to create an account with username and password as if your regular process as your name email ID and mobile number. And the second step is entering your personal details such as your date of birth, address, identity proof such as PAN card and Aadhar card main note here is the details should be filled as they appear in your ID proofs, only then it is valid. The third step is verification of your identity that is an OTP will be send to verify the details, mainly more concentration falls on loan documents if it is clear then the process will be succeeded. Once after completing the CIBIL score will be generated this can be viewed.

For banks this score is very important since only based on this score financial institutions will provide loans. Banks will be very happy only when you pay amount in advance. Credit score mainly depends on paying the bills on time without any late fee. Based on the content of your credit report the method of credit score is calculated. There are three different ways to calculate credit score the first one is by accessing in online by logging into your account or by statement method also we can get our credit score. It can also be purchased directly in any of the bureaus. Or by accessing through some sites also credit score can be taken. Mainly if you pay you bill in late there occurs a bad credit score which will be a black mark for you which will be revealed when we go to banks for loan purposes. Bank will refuse or thick lot times to provide you loan.

It’s a good idea to check your credit report regularly to ensure that the information given is accurate; this shows your credit score is perfect. Once in every 12 months you can receive the copy of a statement of the credit score where you can maintain the uniformity. At any time you can contact your lender or creditor for which if any of your information given is inaccurate or incomplete. Another method is you can also file a dispute in credit bureau with the report.

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