When it comes to credit reporting, in India, there is a government mandate that all lending authorities, such as banks and NBFCs, report your credit to credit bureaus. This also comes in handy for other credit givers, such as banks and non-banking financial corporations considering your applications for new credit cards, home loans and so on. There are three credit reporting bureaus in India, namely CIBIL, CRIF, Experian and Equifax.

What is CIBIL?

CIBIL is India’s first credit information company, established in 2000. It collects and maintains records of individuals’ and businesses’ credit-related transactions, such as loans and credit cards. Banks and other lenders submit these records to CIBIL monthly, and the bureau uses this data to generate CIBIL reports and scores.

A CIBIL score ranges from 300 to 900, with 900 being the best possible score. This score is calculated based on your credit history, credit mix, duration of credit history, and other factors. Lenders use this score to assess the risk of lending money to you. A high CIBIL score indicates that you are a low-risk borrower, increasing your chances of loan approval and better interest rates.

Why you need a CIBIL Subscription

Among the various credit bureaus in India, the Credit Information Bureau (India) Limited, popularly known as CIBIL, is the most recognised and trusted. A CIBIL score can significantly influence your ability to secure loans and credit cards. With such importance attached to this number, having a CIBIL subscription becomes beneficial and essential for everyone.

You can move on from this post if you are not exposed to credit. However, all banks and other financial intermediaries use this number, which is essential to track. Now, one is eligible for one free copy of the CIBIL report per year, but that does not allow you to keep a tab on your financial health throughout the year. While it is possible to get a copy of your report from various financial service providers for free, that also means that these agencies who pull the report and provide you one also keep it on their file and sell you services or hound you with spam calls.

Enter the CIBIL Subscription, which allows you to keep a tab on your CIBIL report 24/7 on an app and the website. You can update your score once a day, simulate the impact of another query on your account, and do a lot more. Here are some of the reasons you should have a CIBIL subscription.

• Credit Health Awareness: A CIBIL subscription allows you to check your credit score and report regularly. Doing this lets you always be aware of your credit standing and make informed financial decisions.
• Detecting Errors: Your credit report may contain errors that could negatively impact your CIBIL score. These errors could be due to incorrect information provided by lenders, identity theft, or administrative mistakes. With a CIBIL subscription, you can regularly check your report, detect errors early, and take corrective actions to dispute and rectify them.
• Preventing Identity Theft: Identity theft is a growing concern, and the financial consequences can be devastating. Regularly monitoring your CIBIL report can help you identify any unauthorised or suspicious activities on your account, such as loans or credit cards taken out in your name.
• Unlimited Access to Your CIBIL Score and Report: With a CIBIL subscription, you get unlimited credit score and report access. You can check your credit health as often as you like without additional cost. Regular monitoring helps you stay informed and proactively maintain or improve your score.
• Credit Monitoring Alerts: CIBIL subscription services include credit monitoring alerts, which notify you of any significant changes to your credit report. Whether it’s a new loan application, a change in your credit limit, or a missed payment, these alerts keep you informed about any activity that could impact your credit score. This feature is useful for detecting unauthorised activities and protecting yourself against identity theft.

Who Should Get a CIBIL Subscription?

• Individuals with Existing Loans or Credit Cards: If you already have loans or credit cards, monitoring your credit score is crucial. A CIBIL subscription helps you keep track of your credit behaviour, ensuring that you maintain a healthy score and avoid any negative impacts due to missed payments or high credit utilisation.
• Prospective Homebuyers or Car Buyers: Planning to buy a home or a car? Your CIBIL score will play a significant role in securing a loan with favourable terms. By subscribing to CIBIL, you can monitor your score in the months leading up to your loan application, ensuring you’re in the best financial position to get approved.
• Young Professionals: If you’re just starting out in your career, now is the perfect time to build a strong credit history. A CIBIL subscription can guide you on managing your finances effectively, establishing a good credit record, and avoiding common pitfalls that could harm your credit score.
• Frequent Borrowers: If you frequently apply for loans or credit cards, a CIBIL subscription is a must-have. Regular monitoring helps you keep your score in check and ensures you’re always aware of your credit standing before making any new applications.

CIBIL Subscription available at a 50% Discount

CIBIL, on its website, CIBIL.com, offers three subscription versions: monthly, six-monthly, and annual. The annual and six-monthly subscriptions offer all the features on the website and the app.

 

However, for new subscribers, there is an opportunity to sign up for a subscription at 50% off using the code CIBILGFF50. This promotion is currently valid for all subscription plans. That brings the annual plan down to INR 600, translating into INR 50 per month, which is next to nothing for a product that powers all the banking partners who provide credit cards.

Additionally, if you head to www.cibil.com/referral and punch the code 601B24C2 in the referral box, you will also get 100 points, which can be offset against fees. The value of each reward point is INR 1. That brings down the net cost of the sign up to just INR 500.

Bottomline

CIBIL, the oldest credit union in India, is currently offering a discount on their subscription plans, a flat 50% discount with the coupon code CIBILGFF50.You can get an additional bunch of points for using the referral code 601B24C2.

Do you have a CIBIL Subscription? Or are you signing up for one just now?

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