When it comes to managing your finances, your CIBIL score plays an important role. Whether you are applying for a loan or a credit card, your Cibil Report is the first thing lenders look for. However, have you ever wondered how often it is updated, why your CIBIL matters, and how you can track it. In this blog, we will also look into how you can check CIBIL score online, and more.
What is a CIBIL Score?
It is usually updated on a monthly basis. However, this doesn’t mean your score will change every month. The CIBIL updates depend on your lender’s report when they provide your credit report to CIBIL bureaus. Banks and NBFCs usually report to CIBIL once every 30-45 days, but the exact timing can vary.
Factors Affecting the Update of CIBIL Score
There are various factors that influence how often your score gets updated. Some of these factors include:
- Repayments of Loans: Timely repayments improve CIBIL score , while missed or delayed repayments lower your credit score.
- Credit Utilization: Using a high portion of your credit limit can negatively impact on your score, while a low credit utilization helps improve your score.
- New Credit Inquiries: Every time you apply for a credit card or a loan, lenders check your score, too many inquiries in a short period of time can reduce your credit score.
- Loan Settlement or Defaults: If you settle a loan for less than the outstanding balance or default on a repayment, it reflects negatively on your score.
- Errors in Credit Report: Mistakes in your credit report, such as incorrect loan details, can impact it. Regular monitoring helps identify and correct such errors.
Why Check Your CIBIL Score Regularly?
Keeping track of your credit score is bottom-line for maintaining good financial health. Regular monitoring helps you:
- Detect any errors or unauthorized transactions
- Track your credit improvement efforts
- Prepare better for loan applications
- Understand your creditworthiness
How to Check When Your CIBIL Score Was Last Updated?
If you are thinking about the last update of your CIBIL score , you can check your credit score report online easily. Many financial platforms such BigMudra offer free credit score checks.
To monitor updates, you can:
- Visit the official CIBIL website
- Log in to your account
- View your latest credit report and score
- Check the date of the last update
If you find any errors in your CIBIL report, you can raise a dispute with CIBIL to get them corrected.
How Can I Check My CIBIL Score for Free?
If you are thinking, “I want to check my CIBIL score free,” there are several ways to do it.
- Visit BigMudra’s official website.
- Navigate to the CIBIL section.
- Provide personal details like name, contact, and PAN.
- Verify identity through OTP sent to your mobile.
- Access your score instantly.
Tips to Improve Your CIBIL Score
If you check your score on a regular basis and if you think it needs improvement, here are some effective ways to improve your score:
- Pay your bills on time and never miss any payment due dates for loans or credit cards. Set up automatic payments if possible.
- Keep credit utilization low, try to use less than 30% of your available credit limit.
- If you can maintain old credit accounts then don’t close old credit cards as they contribute to your credit history length.
- You can also limit your credit applications, too many credit inquiries in a short period of time can negatively affect your credit score.
- Monitor your credit score regularly to keep track of your score through official channels to ensure accuracy.
Common Myths About CIBIL Score Updates
Let’s clear up some misconceptions:
- Checking your own CIBIL score doesn’t lower it
- Salary changes don’t directly affect your score
- Closing all credit cards won’t improve your score
- Your score isn’t affected by checking account balances
When to Expect Score Changes
Once you make positive changes to your credit behaviour, you might wonder when you will see improvements in your score. Remember:
- Recent activities take 1-2 months to reflect
- Significant improvements might take 3-6 months
- Major negative events can take years to overcome
Conclusion
Your CIBIL score is one of the most important tools that requires regular attention. While your score changes depend on your credit behaviour and lender reporting patterns. You can utilize free CIBIL score check options available through official channels and maintain good credit habits to ensure a healthy credit profile.
Always remember a good CIBIL score takes time to build but can be damaged in minutes. Regular monitoring of your credit score and responsible credit behaviour are key to maintaining a strong credit profile that will serve you well when you need financial help in the future.
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