Free credit score on WhatsApp (CIBIL Score): It is imperative to have a good credit score at the time of availing of home and personal loans at cheaper rates. A credit score is a three-digit number that indicates whether you are paying your bills on time. The score is used by lenders to determine your ability to repay loans.
The score is compiled from lender data and included in the Credit Information Report, or CIR. Financial institutions check your credit history and score at the time of disbursing a loan and also help in determining how much, and at what interest rate. Credit rating agencies, such as Credit Information Bureau (India) Ltd, collect data and compile credit scores.
There are several credit reporting agencies that provide free CIBIL score checks online, but getting obtaining a CIBIL score via WhatsApp can be one of the best options.
Last month, Experian announced a service that allows customers to check their credit scores on WhatsApp for free, reported the Financial Express. Experian India is the first credit bureau to be licensed in India under the Credit Information Companies (Regulation) Act 2005.
Last month the company said the initiative introduces a quick, secure, and convenient way to access one’s Experian credit report anywhere, anytime. Consumers can check their Experian credit report, track any irregularities, detect fraud immediately and rebuild their credit score, enabling them to gain control of their credit profile, the company said.
Know steps to Check Free Credit Score on WhatsApp (CIBIL Score)
How to check CIBIL scores for free on WhatsApp?
- Send ‘Hey’ to Experian India’s  WhatsApp number +91-9920035444, or go to https://wa.me/message/LBKHANJQNOUKF1 or scan the Barcode.
- Share some basic information, such as your name, email address, and phone number.
- Instantly receive your Experian credit score via WhatsApp. A password-protected copy of the Experian credit report can be requested and sent to the registered email address.
What are the benefits of checking your credit score?
1. Aware of the Impact of Your Actions on Your Credit Score:
Regularly checking your credit score can help you monitor your financial actions. This way, you’ll know whether your actions are affecting or your credit score. If you know what can affect your credit score, you can avoid it and get better deals on personal loans, Â home loans, and other loans when you need them.
2. Ensure Information Accuracy:
A low credit score can sometimes be the result of an error or inaccuracy in your credit report. If this is the case, you should immediately report it to the appropriate credit bureau as well as your bank to have it corrected.
3. Know Better Credit Card or Loan Offers:
If you are aware of your most recent credit score, you can locate better credit card or loan offers in the market. A high credit score increases your creditworthiness and allows you to obtain additional credit on more favourable terms. In a nutshell, it gives you barg
FAQ
What is a credit score (CIBIL Score)?
A credit score is a numerical three-digit summary of your entire credit history. Lenders use your credit score to determine your ability to repay loans. It is compiled from lender data and is included in the Credit Information Report, or CIR. Financial institutions consider your credit history and score when deciding whether to lend you money, how much, and at what interest rate. Credit rating agencies, such as Credit Information Bureau (India) Ltd, collect data and compile credit scores.
What is a good credit score (CIBIL Score)?
If your credit score is between 725 to 759 it’s likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score. The credit score range is anywhere between 300 to 900. The higher your score, the better your credit rating.