How Much Does It Cost to Check CIBIL Score?

Your CIBIL score is important in determining your creditworthiness and financial health. It is one of the first things lenders check when you apply for loans or credit cards.

While knowing your CIBIL score is essential, many people are unsure about the cost of accessing it. This blog will discuss how to check CIBIL scores, CIBIL score charges or CIBIL score fees, and other aspects of CIBIL charges.

What is a CIBIL Score?

A CIBIL score is a three-digit number that ranges between 300 and 900 and represents your creditworthiness. The higher the score, the better your chances of getting loan approvals or credit at favourable terms. Your CIBIL score is calculated based on your credit history, repayment behaviour, credit utilisation, and other factors.

For example, a score above 750 is generally considered excellent and indicates that you have been responsible for your financial obligations. On the other hand, a lower score may make it challenging to secure loans or credit cards.

Also Read: Difference Between CIBIL Score and CIBIL Report

Why Should You Check Your CIBIL Score?

Regularly checking your CIBIL score is important for several reasons:

1. Understand Your Credit Health: Knowing your score helps you evaluate your financial standing.
2. Identify Errors: Mistakes in your credit report can lower your score. Checking it helps you identify and correct such errors.
3. Plan for Loans: If you're planning to take a loan, knowing your CIBIL score in advance helps you understand your chances of approval.
4. Monitor Changes: Regular checks let you track how your financial decisions impact your creditworthiness.

What's the Cost to Check CIBIL Score?

To check your CIBIL score, you may need to pay a fee. The exact CIBIL score charges depend on the service you choose. Here's a breakdown of the costs:

Free CIBIL Score Check

Many financial platforms allow you to check your CIBIL score for free, often as part of promotional offers or limited-time services. However, free checks may only give you basic information about your score and not a detailed credit report.

CIBIL Score Fees for Paid Services

You can go for paid services to get a more detailed understanding of your credit profile. The charges typically include:

1. One-Time Report Fee: This fee allows you to access your CIBIL score and report once. It usually ranges between ₹300 and ₹500.
2. Subscription Plans: Subscription plans give you multiple accesses to your score and credit report over a specific period. The charges for such plans typically range from ₹800 to ₹1,200 per year, depending on how many times you can check your score and other added features.
3. Additional Features: Some premium plans include features like credit monitoring, alerts for changes in your score, and tips to improve your credit profile. These may come at a higher cost, up to ₹2,500 annually.

Factors Affecting CIBIL Charges

The cost of checking your CIBIL score depends on:

1. Frequency: If you need regular updates, subscription plans are more cost-effective.
2. Details Required: Basic score checks cost less than detailed credit reports.
3. Service Provider: Different platforms may offer varying rates for similar services.

How to Check Your CIBIL Score?

Here are the steps to check your CIBIL score:

1. Go to the official CIBIL website or a trusted financial platform offering CIBIL score services.
2. Create an account or log in with your credentials.
3. Enter details like your name, PAN card number, date of birth, and contact information.
4. Select whether you want a one-time report or a subscription plan.
5. Pay the applicable CIBIL score fees.
6. Once the payment is processed, you can view your CIBIL score and credit report.

Is Paying for a CIBIL Score Check Worth it?

Paying for a CIBIL score check is worth it if you:

1. Want detailed insights
2. Need regular updates
3. Aim to improve your score

Alternatives to Paid CIBIL Score Checks

While paid services offer comprehensive insights, there are ways to check your CIBIL score for free:

1. Promotional Offers: Some financial platforms allow free score checks as part of their promotions.
2. Annual Free Check: In some cases, you are entitled to one free credit report annually from credit bureaus.
3. Banking Services: Certain financial institutions provide free CIBIL score checks to their customers as part of their services.

Impact of CIBIL Score Checks on Your Credit Report

It's important to know that checking your own CIBIL score is considered a soft inquiry and does not affect your credit score. However, if a lender checks your score as part of a loan application, it is considered a hard inquiry and may temporarily impact your score.

Things to Keep in Mind About CIBIL Charges

1. Verify Authenticity: Ensure the platform you use to check your CIBIL score is legitimate.
2. Understand the Fees: Know the exact CIBIL score fees and services included before paying.
3. Avoid Overpaying: Compare charges across platforms to ensure you get the best value for money.
4. Track Your Score Regularly: Regular monitoring can help you maintain financial health.

Conclusion

Checking your CIBIL score is a crucial step in managing your financial health. While there may be CIBIL charges involved, the cost is often justified by the valuable insights and benefits you gain.

Whether you opt for a free score check or a detailed paid report, understanding your creditworthiness can help you make better financial decisions and improve your chances of securing credit when needed.

By staying informed about CIBIL score fees and options, you can choose the service that best fits your needs and budget.