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CIBIL or Credit Information Bureau (India) Limited, renamed TransUnion CIBIL, offers one-time free access to their scores and reports for creating credit awareness and checking creditworthiness. These reports and scores are made available to individuals and companies through separate platforms. Companies are termed as ‘CIBIL Members’, while individuals are referred to as ‘CIBIL Consumers’.
A CIBIL Consumer can be any individual wanting to view his/her own credit score and report. On the other hand, a ‘CIBIL Member’ can be companies across fields like insurance, telecom, reconstruction, banks and financial institutions and other credit rating agencies, who want to evaluate their own creditworthiness.
To log into CIBIL’s website, customers and companies have to visit the official portal of CIBIL and click on the ‘Free CIBIL Score and Report’ button. Subsequently, they will be led to a page where they have to enter some details regarding credit cards and loans to log into view their scores and access their report.
However, customers and companies will have to complete the registration process through the website to be eligible for accessing CIBIL’s credit reporting services. A CIBIL Subscription also enables them to avail other services and products like credit monitoring and dispute resolution. CIBIL offers quarterly and bi-annual subscription to the reports at discounted prices. For individuals, the charges are Rs.550 for one-time access to their score and report, Rs.800 for a bi-annual subscription and Rs.1,200 for a quarterly subscription. As the terms suggest, CIBIL allows individuals unlimited access to their reports on getting enrolled for the subscription. For companies, the charges are fixed at Rs.3,000 for one-time access to CIBIL Company Credit Report (CCR) and CIBIL Score.
Individual or companies with a good credit score can avail several benefits in comparison to individuals or companies with a poor or no CIBIL score. Here are the benefits:
Higher eligibility for credits and loans : The higher the CIBIL score, the higher will be the eligibility for getting loans and credits from banks and financial institutions. This is because a high CIBIL score indicates at a healthy credit history, that is, the ability to pay the loan within the stipulated due date.
Speedy approval of loans : A good CIBIL score makes the loan approval process quick, easy and hassle-free. On the other hand, an individual or company with a poor credit score has to submit several documents to prospective lenders during the loan disbursal process to support their ability to pay back the loan on time. This makes the process a time-consuming one.
Greater ability to negotiate : As individuals and companies with a good credit score are viewed as prospective audience whom lenders are eager to lend money, it gives the scope to negotiate on the interest rate being offered and settle with the best available loan deal.
Low interest rate on credits : Individuals and companies with a good CIBIL score are offered loans at lower rate of interests in comparison to those with a low or no credit scores.
Approval for higher loan limits : A high score not only helps companies and individuals to be entitled to lower rate of interests, but they can also avail higher limit of loans.
Eligibility for offers on Credit Card : A good credit score also increases the chances of receiving credit card offers with greater limits from various banks. Such offers also include amazing cashbacks and other benefits.
Easy loan approval on leased and rented properties : Getting loans even on leased and rented properties like residential and commercial complexes also becomes easier with a good credit score.
To access the credit score and report of your company, you have to follow these steps:
Visit CIBIL’s official website and then click on the ‘Company Credit Score’ button. Enter information - name of your company, registered address, legal constitution, applicant’s name along with the relationship that he/she shares with the company, company PAN, company mobile number, company landline number, email ID of the company, address and identity proof of the authorised signatory, Company Identification Number, Loan Account Number and Director Identification Number. Then, click on the ‘Proceed to Payment’ button.
Select one from the available methods of payment like Debit/Credit Cards, Netbanking and Cash Cards to complete the payment process.
A payment transaction ID and CIBIL Registration ID will be generated and emailed to your registered email ID. The CIBIL Registration ID will be required to log in to CIBIL.
Upload the company KYC (Know Your Customer) documents to complete the registration process. The KYC documents will then be verified by CIBIL to generate your CIBIL score and Company Credit Report (CCR). The CIBIL score is measured on a scale between 1 and 10, with 1 being the highest and 10 being the lowest. A score between 1 and 4 is considered to be the ideal range for being eligible for loans.
Individuals and companies need to submit the necessary KYC documents to complete the registration process. CIBIL has enlisted the acceptable documents that will be required.
Identity proof for individuals: Aadhaar Card, PAN Card, Passport, Voter Card or Driver’s License
Address proof for individuals and companies: Telephone bill, Statement of Bank or electricity bill
The document for address proof should be the same as the one that has been mentioned during the registration process. This is applicable for individuals as well as companies. As the identity of companies has already been verified through their PAN Card and other documents that have been uploaded by them, they do not need to submit proofs of their identity any further. Hence, they only need to upload an address proof, so that CIBIL can send the Company Credit Report to the registered address.
What is myCIBIL?
myCIBIL is a platform that enables CIBIL customers to regularly access updates about their CIBIL score and report. Keeping a close tab on your CIBIL score will enable you to manage your finances accordingly, so that you can maintain a high rank. Further, it also makes you entitled to a host of benefits on loans and Credit Cards.
Why should I register on myCIBIL?
Registering on myCIBIL will make you eligible for availing these benefits:
Do companies have credit reports like individuals?
Yes, CIBIL reports and scores are made available to individuals and companies through separate platforms. Companies are termed as ‘CIBIL Members’, while individuals are referred to as ‘CIBIL Consumers’.
Why do companies need credit reports?
When companies require commercial loans, they too require a good CIBIL score and a healthy credit history to be eligible for these loans, like it is for individuals. A good CIBIL score places them in a position where they can select a loan from a wider range of banks and financial institutions, negotiate on the rate of interest being offered and also become eligible for higher loan limits.
How is a credit report of a company different from a credit report of an individual?
The credit report of an individual reflects their personal financial management, while credit reports of a company considers the company as a whole and not an individual employed by the company.
What is a DUNS number?
The DUNS number refers to the unique numerical with which a company is identified when it wants to access its credit history.