You Can Check Your CIBIL Score for Free on WhatsApp
What
is a CIBIL score?
A
CIBIL score is a credit score that measures your creditworthiness. It
is computed by taking into consideration an individual’s detailed
credit history and repayment behaviour. A CIBIL score is a 3 digit
number that ranges between 300-900. Your CIBIL score should always be
in the range of 750-900, as it increases your chances of getting an
approval for a loan. With a high CIBIL score, you also are in a
position to negotiate for better interest rate and discounts on the
processing fees.
How
to get your CIBIL score on WhatsApp for free?
The
Reserve Bank of India (RBI) has made it mandatory for all the credit
bureaus in the country to offer 1 credit report and score free of
cost to its consumers in a calendar year. There are four credit
bureaus in the country - TransUnion (CIBIL), Equifax, Experian CreditInformation Company and High Mark Credit Information Services. This
means, you are entitled to receive 4 credit reports in a year from
the aforementioned bureaus. Going forward, you can now get your
credit score on your mobile via WhatsApp. This way, you don’t have
to go through the process of filling up lengthy forms which is a true
hassle. Wishfin has integrated with Whatsapp to launch ‘Whatsapp
for Credit Score’. The fintech startup enable users to get their
credit score on WhatsApp within minutes.
Let’s
check out the steps to check your credit score for free on WhatsApp:
Step
1: You have to give a Missed Call on 8287 151 151.
Step
2: Once you give a missed call to the above number, your number will
be added to the WhatsApp Chat.
Step
3: You will now have to enter process your name, date of birth and
gender.
Step
4: Next up, enter your PAN Number.
Step
5: Also, provide your Residential Address. It should match with your
banking details.
Step
6: Now, enter your city of residence, state and pincode.
Step
7: Lastly, provide your email ID.
Step
8: Your latest CIBIL Score will not be seen in your WhatsApp chat
box.
Users
should also know that, you will be required to answer a couple of
more questions just to ensure your identity. After you finish all the
aforementioned steps, you will receive a one-time password (OTP) to
your mobile number and email ID. You will need to enter the same for
further verification. Once you have received your CIBIL score and the
entire process is completed, your number will be removed from the
WhatsApp group created earlier.
Final
Thoughts
WhatsApp
has over 250 million users in India and now they can access their
CIBIL scores instantly on their mobile. One of the most common myths
associated with credit scores is that checking your credit score
quite often will bring it down. Although, a large number of people
are aware of their credit score, most of them are not clear about the
frequency at which it should be checked. Ideally, you should check
your score 4-5 times a year as it gives you an idea of your current
credit status. When you check your own credit score, it does not
fall. On the other hand, when you ask a bank for a credit, they will
go ahead and check your credit score, this is termed as hard inquiry
and it has a negative impact on your credit score. Therefore, you
should be careful and not make multiple inquiries at the same time.
Checking
your credit score is a good financial habit that you should start
following at an early age. You can improve your credit score by
taking simple measures like making all the bill payments on time,
maintaining a low credit utilisation ratio, paying off all the dues,
and not removing old accounts with good credit history. It must be
noted that, your CIBIL score cannot be improved overnight as it takes
a lot of patience and disciplined payment behaviour.
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