A three-digit number ranging between 300 to 900 points reflects how well borrowers manage their loans. It plays a relevant factor as lenders make sure to check it before deciding on the loan tenor and amount. A well-maintained CIBIL score will land borrowers with quicker loan prospects from lenders while availing of loans.

Hence having a favourable creditworthiness of or above 750 points is necessary to get loan approval from financial institutions. Borrowers having less than 750 points or worse, even below 300 points should repair CIBIL score for landing better prospects in future. Here are some methods to follow for the fastest way of fixing it.

  • Repay pending debts on time

This will enable borrowers to improve their payment history in the least time possible. On the contrary, not repaying these will lead to a negative impact on credit scores.  For this borrowers need to check their debt-clearing timeline and clear those accordingly. Alternatively, if possible, they can also make prepayments to steer clear of the burden of mitigating those in future.

  • Clear existing EMIs timely

Delayed EMI payments will reflect in credit report’s history. Hence it is advisable to check that those are paid in a timely manner to repair CIBIL score. To make things easier setting up an ECS (electronic clearance service) will deduct the said amount every month. However, borrowers should make sure they have adequate funds in their account for this as it’ll get subtracted automatically every month.

  • Limit Credit Utilisation

Even after paying off the credit card dues borrowers need to maintain their credit utilisation ratio to debar from affecting their credit scores. The credit shouldn’t exceed half of borrower’s income amount. It is also advisable to use as much credit as borrower’s ability to repay. This will avoid the possibility of getting into further debt.

  • Check any credit report errors

Oftentimes borrowers get faulty credit scores in their credit reports. Hence mandatorily checking the credit reports and looking out for these errors will ensure that it remains properly updated. Moreover, there can also be a delay in updating the credit report which should also be reported accordingly.

How to check CIBIL score?

It is better to check the online CIBIL score before moving ahead with the application process for any kind of loan. This way borrowers can have an idea of their credit score while applying for any loan. Following are the steps to check the CIBIL score online.

Step 1: Visit the official website of CIBIL

Step 2: Create an account to get free access to the credit history report

Step 3: Fill in the necessary details 

Step 4: An OTP will be sent to the given phone number for verification

Step 5: Go for the final login on the official CIBIL website page

Step 6: Go to ‘see your CIBIL score’ to check the credit score

How to download CIBIL score report?

Whether it is a CIBIL score for home loan, loan against property or any other loan, it is necessary to carry the document to the respective lender. Lenders will look into the CIBIL report to check if it meets their set eligibility criteria for availing of the home loan or any other loan. Here are the steps to download it from the website.

Step 1: After following the above procedure of checking the CIBIL score, choose the language and month in which you want to download the credit report.

Step 2: Click on the Download button 

Step 3: Enter the required password to initiate the download

Note: Borrowers facing issues with this can always raise a dispute against the CIBIL authority.

Moreover, many financial institutions also give customised offers to borrowers. This will help in fastening the process of home loan sanctioning. Also in case of high loan amounts these offers can be of great help. Borrowers can check their pre-approved offers by providing necessary details about them. 

These are the many things to watch out for while applying for loans and also to improve credit scores as quickly as possible. Borrowers looking to repair CIBIL score can do so by noting these points.

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