What Is the Difference Between CIBIL Score and CIBIL Report?

Whether you are an individual or a business, your credit speaks volumes about you as a borrower. Credit history is built over time through discipline, diligence, and dedication. It may take a single default on your repayment for the credit score to nosedive. Your credit history is possibly the biggest determining factor in lenders providing you with financing. You need a good CIBIL score to achieve your financial goals without any hiccups.

CIBIL is one of the credit rating agencies in the country that calculates the creditworthiness of an individual based on which, lenders and banks make their decision. They generate a credit score called consumer’s CIBIL Score and a credit report called CIBIL Report. By analyzing the meaning and features of both credit scores and credit reports, we can learn the importance of credit score and how it is different from a CIBIL report.

What is CIBIL?

CIBIL stands for Credit Information Bureau (India) Limited. It is one of the four major credit rating agencies in India, registered with RBI. A credit score and credit report are provided by all four agencies. However, lenders mostly prefer CIBIL. Lenders are wary of giving loans, especially unsecured loans like personal loans without a CIBIL check. However, it is also possible to increase credit score through a personal loan. By availing of a low-amount personal loan and making timely repayments, you have a chance to improve your CIBIL score.

What is a CIBIL Score?

A CIBIL score or credit score is a number that is used to signify the creditworthiness of an individual. CIBIL scores are derived from credit-related customer data released by lenders registered with CIBIL. A credit score by CIBIL lies in the range of 300-900. A score above 750 is considered a good CIBIL score and anything below it diminishes the creditworthiness of the individual. The chances of you getting a new loan or credit card increase if you enjoy a good CIBIL score and vice versa. CIBIL employs various parameters to arrive at the score. A person should have at least six months of credit history to generate a score. If it is less than six months, the term ‘No History or Not Available’ reflects against their name. Many online platforms provide a CIBIL score calculator by which an individual can check your CIBIL score.

What is a CIBIL Report?

A CIBIL Report is a comprehensive report that contains personal, employment, and financial information, credit score and credit history, loan details, etc. Customers should periodically check their CIBIL report and intimate the agency in case of any discrepancy. You can apply online with CIBIL to access your report and score. In short, your CIBIL Score is an indicator of your creditworthiness and a CIBIL Report is indicative of your credit behavior.

Some banks and lenders may reward credit-conscious, high-scoring consumers with preferential pricing loans at discounted rates of interest. Similarly, loans for CIBIL defaulters may be priced higher.

What is the Difference Between CIBIL Score and CIBIL Report?

Even if you are not applying for a loan right now, understanding the difference between CIBIL Score and CIBIL Report could impact how you approach financing in the future. This will also help you find ways to improve your credit score if it is currently unsatisfactory.

CIBIL ScoreCIBIL Report

It is a detailed record of your credit history consisting of your personal information, contact details, employment information, loan account and credit card information, and enquiry information.It is a 3-digit numeric summary of your CIBIL Report, reflecting your credit worthiness.

It includes the last 36 months of your credit history.It is based on the last 24 months of your credit history.

It gives a better perspective of your overall credit behavior.A single missed payment is enough to bring your score down.

It is indicative of your credit behavior.It is an indicator of your creditworthiness.

How to Check your CIBIL Online?

On the official CIBIL website, you can check your CIBIL Report and CIBIL Score free of cost online. Many other sites also publish CIBIL details but there may be a fee involved.