TransUnion CIBIL

TransUnion CIBIL is a Credit Information Bureau operating in India. This is the first Credit Information Bureau that was established on the recommendations of the Reserve Bank of India. The other Credit Information Bureaus established subsequently are Equifax, Experian and CRIF. Every bank/NBFC and Insurance Company is by default the member of TransUnion CIBIL and provides information about the credit profile of the customers once a month. TransUnion CIBIL has credit information of over 600 million individuals from over 32 million Companies. With the credit information, individual credit reports are compiled. The credit report comprises personal details like name, email id, contact address, PAN, employment details, loan payment history, the number of loans, type of loans, loans past due, credit utilisation limit, and a number of loans and credit card enquiries made.

TransUnion CIBIL Score is then awarded based on the individual's creditworthiness, financial capacity and repayment behaviour. The CIBIL Score TransUnion ranges from 300 to 900, wherein 300 is the lowest score, and 900 is the highest score. A CIBIL score ranging from 750 to 900 is considered a good CIBIL Score range and will spike up the chances of loan approval.

Additional Read : CIBIL Dispute

Before approving the applicant’s loan application, the most crucial parameter considered by lenders is your CIBIL score. A credit score shows the creditworthiness of applicants, allowing lenders to assess whether they are risky borrowers or not. Hence, your chances of getting a loan approval majorly depend on your TransUnion CIBIL score. For most lenders, a CIBIL score of 750 or above is considered ideal in India. If you have a score below 750, you may face difficulty or even rejection in obtaining a credit. Even if some lenders approve your loan application with a poor credit score, the rate of interest on such a credit would be on the higher side. For these reasons, it is crucial to check your CIBIL score regularly. You can check your TransUnion CIBIL score free once a year through CIBIL’s website.

TransUnion CIBIL Score certifies your creditworthiness and repayment responsibility. It is a mandatory requirement when you approach the lender for any loan or credit card. Reviewing your CIBIL score periodically is essential to maintain a good credit score. There are certain additions that can happen to your credit report without your knowledge which may hamper your credit score. To check for the accuracy of information and detection of fraudulent transactions and identity theft, credit monitoring through TransUnion CIBIL Score review is important.

Is there a way to check free CIBIL Score? As per RBI guidelines, all Credit Bureaus have to provide one free Credit Report in a year. So you can avail yourself of the TransUnion CIBIL Score free facility once a year. To check free credit score, you will have to follow the procedure given below:

• Access the official website of CIBIL.
• Click on the 'Generate Free Credit Report' on the extreme top corner to the right of the screen.
• You will be navigated to a simple application wherein you will have to give your name, contact address, date of birth, email ID, PAN or any other government identity card number.
• Within no time, your credit report, along with a credit score, will be displayed on the screen.
• You can download the free CIBIL Report.

With TransUnion CIBIL Login, you can get a free Credit Report. Else, some of the lenders provide the option to check CIBIL Report and CIBIL Score for free on their official websites.

Additional Reading: How to check cibil score by pan card?

Nowadays, no lender approves a loan or credit card application without checking the CIBIL Score and TransUnion CIBIL Report. How does TransUnion CIBIL calculate the Credit Score? Read further to understand how to calculate cibil score.

All Credit Bureaus have their proprietary algorithm to calculate the Credit Score. TransUnion CIBIL also calculates the CIBIL score through a special mathematical algorithm and allocates a score which is a three-digit number ranging from 300 to 900. The closer the score is to 900, the better are the chances of loan approval. The higher the score, the better are the deals. This score is based on the credit information TransUnion CIBIL receives from various financial institutions periodically, i.e., once in 30 days. The score is mainly dependant on the payment history, the duration of credit history, the credit mix, credit utilisation, and credit enquiries. Every attribute gets a percentage of the score as given below:

• Credit history (30% weightage): The credit rating agency checks the past repayment history of the individual by compiling the data gathered from all financial institutions. Any delay or default in instalments payments can drastically impact your overall credit score.
• Credit utilisation ratio (25% weightage): Your credit utilisation ratio (CUR) reflects the total amount you have used against your credit limit. You should try to maintain a CUR below 10% if it is viable, to get a high TransUnion CIBIL score.
• Credit mix (25% weightage): There should be a good balance between the secured and unsecured loans in your credit portfolio. A healthy credit mix shows that you can manage all kinds of debt efficiently.
• New credit enquiries (10% weightage): When you apply for a credit, the lender makes enquiries about your credit report from CIBIL. These attempts to check your credit report usually get registered in your credit report as hard enquiries. Too many hard enquiries within a short period can make you look credit-hungry and significantly reduce your TransUnion CIBIL score.
• Average of loan account (10% weightage): The credit agency also looks for the average age of all your debt accounts when assessing your credit report. For this reason, you must not close your loan accounts even if they are not active for a long time. 

The Credit Score not only impacts the credit decision but also on the terms and conditions that are associated with the loan, like the interest on the loan, quantum of loan and the loan tenure. The higher the score, the more confidence the lender will have in your repayment capacity and financial worth. So it is of prime importance to maintain a healthy score if you want to reap the benefits of a good deal.

TransUnion CIBIL score ranges from 300 to 900. CIBIL Score ranging anywhere between 700-750 is generally considered as a Good TransUnion CIBIL Score. A good CIBIL score signifies the chances of getting loan at reasonable interest rate is possible as this indicates that risk of loan defaulter is less. A TransUnion Score below this is an indicator that loan approval being rejected by banks and financial institutions.

Follow the tips given below to improve your CIBIL score:

• Repay your dues timely: Make sure you pay your credit dues on time. Making late payments or defaulting payments can badly affect your CIBIL score.
• Keep your CUR in control: If you keep spending more than 50% of your credit limit every month, lenders will feel you cannot manage your finances well. Limit your expenses and make sure you spend around 30% of your credit limit a month to maintain a good CIBIL score.
• Track your credit report: Keep track of your credit report regularly. You may have errors in your credit report. If so, report it immediately and get it rectified. 
• Do not apply for credit cards constantly: Although credit cards are quite helpful in building a credit history, having too many credit cards can make you look like a counterproductive person.
• Increase your credit limit: Increasing your credit limit can lower your credit utilisation ratio instantly, making your CIBIL reports better.

Let's take a look at some of the major factors responsible for Low TransUnion CIBIL Score:

• A late payment was reported
• Incorrect personal information provided to the bank or borrower
• You have a high balance on your credit cards
• You either closed a credit card account or paid off a loan
• You paid off an instalment loan
• You recently applied for fresh credit
• You are the victim of identity theft

Other than providing CIBIL score, you can avail various business solutions and products from TransUnion which are listed below:

• Analytics and Consulting
  • CreditVision Debt Management Model
  • CreditVision Premium Algorithms
  • CreditVision Score
  • Market Insights
  • Market Sizing and Competition Benchmarking
• Collections Management
  • Bureau Credit Characteristics
  • CIBIL Commercial Report
  • CIBIL Consumer Report
  • CIBIL MSME RANK
  • CIBIL Score
  • CreditVision Debt Management Model
  • Detect
  • Locate Plus
  • Personal Loan Score
  • Portfolio Review Report
• Credit Reporting
  • CIBIL Commercial Report
  • CIBIL Consumer Report
  • CIBIL Credit & Farm Report
  • CIBIL MSME RANK
  • CIBIL Microfinance Report
  • CIBIL Score
  • Credit Scores
  • CreditVision Premium Algorithms
  • CreditVision Score
  • FIT Rank
  • CreditVision New-to-Credit Score
  • Personal Loan Score
• Customer Acquisition
  • Bureau Credit Characteristics
  • CIBIL Commercial Portfolio Surveillance
  • CIBIL Commercial Report
  • CIBIL Consumer Report
  • CIBIL MSME RANK
  • CIBIL Microfinance Report
  • CIBIL Score
  • CreditVision Premium Algorithms
  • CreditVision Score
  • CreditVision New-to-Credit Score
  • Custom Scorecards
  • Detect
  • FIT Rank
  • Income Estimator
  • Market Insights
  • Market Sizing and Competition Benchmarking
  • Mortgage Check
  • Portfolio Review Report
  • Propensity Score
  • Triggers
  • e-Verification
• Fraud & ID Management 
  • CIBIL Commercial Report
  • CIBIL Consumer Report
  • CIBIL MSME RANK
  • CIBIL Score
  • Detect
  • Income Estimator
  • Locate Plus
  • Mortgage Check
  • Personal Loan Score
  • e-Verification
• Portfolio Management
  • Bureau Credit Characteristics
  • CIBIL Score
  • CreditVision Debt Management Model
  • CreditVision Score
  • Market Insights
  • Market Sizing and Competition Benchmarking
  • Mortgage Check
  • Personal Loan Score
  • Portfolio Review Report
  • Propensity Score
  • Triggers
• Financial Inclusion
  • CIBIL Credit & Farm Report
  • CIBIL Microfinance Score
  • FIT Rank
  • CreditVision New-to-Credit Score

In case of any query, request, feedback or complaint regarding your CIBIL score, you can contact CIBIL through any of the following ways:

Contact numbers: 91-22-6140 4300/ 91-22-6638 4600

Address: TransUnion CIBIL Limited, One World Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013

Email: nodalofficer@transunion.com

Additional Read : How To Improve CIBIL Score