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CIBIL's Transunion score is a three digit number that the
equivalent to marks that you get in an exam. Often due to blunders
and ignorance, your credit score can be very poor. Luckily, the
score can be improved and CIBIL regularly re-examines the elements
of credit report and adjusts the credit score to reflect it. So if
you are looking to improve your CIBIL score you need to understand
the scoring pattern.
There are 5 parts to your CIBIL report
1. Actual Score
Your score is shown at the top of the report on a scale. Score
of people with credit history longer than 6 months are between 300
and 900. The higher the score, the better your credit report. An
ideal score would range between 800 and 900. If your score is below
700, it is time take a serious look at your finances and make some
important changes.CIBIL has also provided for a risk index for
people with less than 6 months of credit history. They will
be graded on a risk index ranging from 1 to 5, where 1 would mean
highest risk and 5 would mean lowest risk of default.
2. Personal Data
This section has nothing to do with your score, it is just
information available for the creditor. It includes the borrower's
name, date of birth, gender, PAN card details, other identifying
proof details that have given for the Know Your Customer (KYC)
norms including address and contact numbers.
3. Employment information
Again this section does not affect your score. It gives the
employment information that has been mentioned while applying for
the loan or credit card. At times lenders give preferential rates
or pre-approved loans to borrowers working for certain employers
such as large Indian or Multinational Companies.
4. Account information
This is the juiciest and longest part of the report. It is where
different elements affect your score, pushing it up or bringing it
5. Enquiry information
This is a list of all of the people who have enquired about your
credit: yourself, a lender, or any other authorized organization.
Multiple "Hard" enquiries bring down the credit score they are
enquires which come to CIBIL from lenders when you apply for a loan
or a credit card. "Soft" enquiries do not affect your credit score.
These soft enquiries generate when you ask for a report or a lender
asks one without an application from you.
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
How to get your CIBIL credit score online ?
Want to improve your Cibil Score? Try our 'Score Builder'