Steps to download the CIBIL report and 4 tips to improve your credit score

Your eligibility for the loan largely depends on your CIBIL score. This is because your score gives the lender an overview of your payment abilities and past credit behavior. Through this, they can assess whether you have a high or low risk of default and offer you credit accordingly. High-risk borrowers typically get loans with strict repayment terms, while low-risk borrowers may enjoy relaxed terms, making repayment easier.

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

Here are the steps to download your credit report and some 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 must first create your account and generate your CIBIL login credentials. The steps for that are:

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

Once you’re done, you can use the CIBIL login credentials you set up by filling out the form and logging into your account. After logging into your account, follow these steps to download your CIBIL report.

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

Tips to improve your CIBIL score

  • Pay your monthly installments on time

Payment discipline plays an important role in determining your credit score. If you make your payments on time, 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 reminders to make sure you don’t miss any of your monthly payments.

  • Take into account the use of your credit

Credit utilization refers to the credit you have against the limit provided by the lender. In general, you should keep your credit utilization at 30% of your total credit limit. Having ideal credit utilization 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 utilization ratio at an ideal level.

  • Take advantage of the different types of credit

The loan of different types of credit shows that you have experience in handling both secured and unsecured credit. It also shows that it can handle all types of credit and therefore has a low risk of default.

Keep in mind that to take advantage of the different types of loans, you should not apply for them multiple times in a short period of time. With each application, lenders check your CIBIL score, which records a thorough inquiry. Hard inquiries lower your credit score, and having too many in a short period of time can have a lasting effect on your credit score. This is because it shows that you are credit hungry and therefore may be at higher risk of default. So, borrow a combination of credit over time after making sure you have an adequate payment plan.

  • Maintain a low debt-to-income ratio

Like your credit utilization ratio, your debt-to-income ratio is the percentage of your income that you pay in monthly installments. Ideally, you should have a debt-to-income ratio of 30-40%. Doing this ensures that your monthly payment is within your budget, which reduces the risk of default and improves your score.

One important thing to remember about raising your credit score is that you won’t see results overnight. Improving your credit score is a gradual and ongoing process. You can monitor your progress by regularly reviewing your credit score and report. Good credit health is essential to obtaining new credit on affordable terms and also to secure your future credit decisions. 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 three times in a year.

To that end, opt for free credit score checking services offered by other lending institutions. Bajaj Finserv is one of the leading NBFCs that offers 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 instant results and allow you to take quick action. Check your CIBIL score today to monitor your credit health and take immediate action to improve your score.

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