CIBIL score is a crucial aspect that determines the access of an individual and companies to various loan and credit facilities. It narrates a loan applicant’s creditworthiness to a lender and allows the latter to determine whether to grant a loan to the borrower or not. Any individual or company looking to access a CIBIL report, CIBIL score, or CIBIL rank must create a CIBIL login by registering on the official website of Credit Information Bureau India Ltd (CIBIL).
CIBIL calculates and updates credit scores once every year for both companies and individuals. They can avail their scores for free once a year and reports can be sought through a separate CIBIL login and registration process. CIBIL refers to companies as ‘CIBIL Members’. Individuals are referred to as ‘CIBIL Consumers’.
What is the CIBIL login registration process?
Individuals and companies have to follow different processes for CIBIL login registration. However, both must complete the registration process through the official CIBIL website. The CIBIL website also allows members and consumers to avail the facility of product and service subscriptions, including dispute resolution, credit monitoring, etc. CIBIL offers bi-annual and quarterly subscription options for the same.
Steps for CIBIL consumer login registration
The steps for CIBIL consumer or individual login registration process are as below:
- Visit the official CIBIL website for credit score at – cibil.com/creditscore.
- Choose the subscription type and enter all the required information, including email address, PAN, gender, and date of birth. Once selected, click on ‘Proceed to Pay’.
- The next step is to make payment for the chosen subscription through one of the online payment facilities like credit card, net banking, wallets, etc.
- In the next step, the consumer must answer all questions pertaining to his/her credit cards and loans. As per this information, CIBIL will then reach out to the respective banks and financial institutions to gather information for preparing the credit report.
- Once successful authentication is done, a personalized credit score and report are mailed to the consumer and can be accessed using CIBIL consumer login.
Steps for CIBIL member login registration
The CIBIL members or businesses/companies belong to different industries, such as banking, telecom, banks, insurance, financial establishments, etc. Here are the steps for CIBIL member login registration:
- Go to the official CIBIL website and select ‘Company Credit Score’. On this page, complete the form with the following details:
- Name of the company
- Registered address
- Legal constitution
- Name of the applicant and his/her relationship with the business or company
- Company contact details like email address, phone number.
- CIBIL also asks members to provide the Identification Number of Company, Account Number of Loan, Tax Identification Number, PAN of the Company, and Director Identification Number
- After filling the above-mentioned details, click ‘Proceed to Payment’. To register a business or company on CIBIL, a payment has to be made via credit card, debit card, or net banking.
- Pay Rs. 3,000 through one of the online transaction options, like net banking, credit cards, etc.
- Post this, CIBIL will mail a unique Transaction and Registration ID to the business email. A unique registration and transaction id pertaining to CIBIL is then sent to the email address provided. These IDs can be used for future CIBIL logins.
- Last step is to upload the KYC documents. A member must then upload the company’s KYC documents. Upon successful completion of the registration process, CIBIL performs verification of the KYC documents. Post verification, the Company Credit Report (CCR) and CIBIL Rank of the company can be sought from CIBIL.
What are the fees to access CIBIL report and score?
Individuals or consumers who want to have one-time access to CIBIL reports and scores must pay Rs. 550. For a bi-annual subscription, the fees are Rs. 800, whereas quarterly subscription costs Rs. 1,200. A company can avail one-time access to credit report and score by paying Rs. 3,000.
How can CIBIL login registration benefit individuals and businesses?
CIBIL assesses the creditworthiness of an individual and business and summarises the same through the CIBIL score and CIBIL rank. Most banks and lenders use this score and rank as guidance for loan approval. A credit score can range between 300 to 900, whereas a CIBIL rank ranges between 1-10. The higher a credit score, the more worthy a loan applicant candidate is. The closer the CIBIL rank is to 1, the better the business’s credit standing in the eyes of lenders. To avail CIBIL scores and ranks, both members and consumers must set up CIBIL login through the CIBIL login registration process steps. Here are some of the main benefits of the same:
- Easy access to credit reports: With a one time login registration process, individuals and businesses can have easy access to their credit reports from time to time. Being aware of one’s credit standing is an important step towards maintaining a good financial discipline.
- Faster loan approval: With a good CIBIL score or rank, it is easier for individuals and businesses to get faster loan approval. By following the login registration process, an individual and business can regularly check credit score and work towards improving it from time to time.
- Easy negotiation: Individuals and businesses who have a good credit score are preferred by banks and lenders. This allows them the power to negotiate the interest rate and other terms. By checking credit reports regularly through a login registration process, one can retain the power to negotiate with lenders.
- Hassle-free checks: In case a bank or lender is not approving a loan within timelines, the individual or business applicant can verify credit standing through the CIBIL login registration and contest any discrepancy on part of the lender.
What documents are required for CIBIL login registration
Mentioned below are the KYC documents required by CIBIL for login registration:
- For individuals
- Identity proof–Passport, PAN card, driver’s license, voter’s identity card, Aadhar card.
- Address Proof–Electricity bill, bank statement, telephone bill.
- For companies
- Address Proof–Electricity bill, telephone bill, bank statement.
To get easy online access to CIBIL score and report, consumers and members can use the login registration facility of CIBIL. Through this, it is easier to check one’s credit health regularly and either dispute any issues found or avail various benefits of having a good credit health.
Unlimited access to CIBIL score can be availed through a time-based subscription plan. This allows one to refer to their CIBIL score & report. During the subscription, one can refresh CIBIL score & report daily. One can choose between a 1 month (Rs. 550/-), 6 months (Rs. 800/-) or 12 months (Rs. 1200/-) plan.
If you are unable to see your CIBIL score, chances are that you have already availed the free access that is provided to all once a year. Beyond this, you must pay the subscription fees to access your CIBIL score.
To clear the “Settled” status from your CIBIL report, you must pay the outstanding dues on your loan or credit cards and obtain an NOC (No Objection Certificate) from the lender. After this, you need to raise a dispute on the CIBIL website to clear the ‘settled’ status.
To get a credit report for a company from the official website of CIBIL, you have to pay a subscription fee of Rs. 3,000. This will allow you access to the company credit report.
Companies can improve their CIBIL rank by ensuring a good financial track record. Taking loans in the name of the company, ensuring accuracy of credit transactions in the company credit report, using credit within the applicable limits, are some of the ways to improve CIBIL rank.