A good CIBIL™ score is essential for maintaining healthy finances. Whether you want a loan, credit card, or other financial services, your CIBIL™ score matters most. It's also called your credit score. 

The way you’ve used credit in the past is what shapes your credit score. This includes elements like making timely payments and how much credit you utilise. A higher CIBIL™ score is better. Banks and financial institutions use it to check your creditworthiness and see if you're financially responsible. 

Knowing your CIBIL™ score is crucial for many reasons, and PhonePe has come forward with a new feature to check your credit score directly on the app without any charges. 

What is a CIBIL Score? 

Your CIBIL™ score, or credit score, is a number between 300 and 900 that shows how creditworthy you are. A higher score means you're a reliable borrower, while a lower score suggests you've missed payments or defaulted on loans. 

Why Check Your CIBIL Score? 

  • Understand Your Credit Health: Your CIBIL™ score gives you a clear picture of your financial health. 

  • Improve Your Credit Score: Identifying any negative marks on your credit history can help you improve your score. 

  • Get Better Loan Terms: A good CIBIL™ score can help you get loans with lower interest rates. 

Check Your Credit Score for Free Here! 

How to Check Your CIBIL™ Score on PhonePe?

PhonePe, your go-to app for quick and easy financial transactions, has teamed up with CIBIL™ to make checking your credit score a simple process.  

Step 1: Open the PhonePe app on your mobile device. If you don’t have the app yet, download it from the Google Play Store or the Apple App Store.

Step 2: Log in to your account. If you’re a new user, register by following the simple sign-up process.

Step 3: On the PhonePe home screen, navigate to the “Loan” section and tap on “Credit Score”, and then select the “Check Credit Score” option on the next screen.

Step 4: PhonePe will request access to your credit information to retrieve your details. Click “Allow” to proceed.

Step 5: Your credit score and a detailed credit history report will be displayed on the screen.

You’ll also have access to a detailed credit report that provides insights into your credit history, including any existing loans or credit cards, and any negative entries that may impact your creditworthiness. 

Tips to Improve Your CIBIL Score 

1. Prioritise Timely Payments:  

One of the most effective ways to improve your CIBIL™ score is to make all your credit payments on time, every time. This includes credit card charges, loan repayments, and any other credit liabilities you might face.  

Late payments can significantly lower your credit score, so consider setting up reminders or automating your payments to stay punctual. 

2. Manage Your Credit Utilisation Ratio:  

The percentage of your available credit that has been used compared to your overall credit limit is known as credit utilisation. Keeping this ratio below 30% is advisable. For example, if your total credit limit is Rs 1 lakh, try to maintain an outstanding balance of less than Rs 30,000.  

Responsible credit use, indicated by a lower utilisation ratio, can have a positive effect on your CIBIL™ score. 

3. Limit New Credit Applications:  

When you apply for a credit card or loan, it creates a hard inquiry on your credit report, which could cause a short-term decrease in your score. To avoid unnecessary inquiries, limit your applications to only when you truly need new credit.   

4. Maintain a Healthy Credit Mix:  

A diverse credit mix, including a combination of secured and unsecured loans, can contribute to a better CIBIL™ score. While it's important to have a mix, avoid taking on more debt than you can comfortably manage. 

5. Don't Close Old Accounts Prematurely:  

The length of time you've had credit accounts significantly affects your CIBIL™ score. Closing old accounts, even if they have low credit limits or high interest rates, can shorten your credit history and negatively impact your score. It’s recommended to keep older accounts open, even if they’re not in use. 

Improve Your Credit Score with CreditMantri 

If your credit score is low due to missed payments or other negative factors, don’t worry. CreditMantri, India’s top credit resolution service, can help you get back on track. 

How CreditMantri Can Help: 

  1. Understand Your Credit Report: CreditMantri experts will review your credit report, identify any errors, and explain how these errors are affecting your score. They will then provide guidance on the best steps to take, including disputing any inaccuracies. 

  2. Create a Repayment Plan: CreditMantri will work directly with your lenders to create a repayment plan that fits your budget. Once you’ve paid off your debts, they’ll follow up with the credit bureaus to ensure negative accounts are removed. 

  3. Get Personalised Advice: CreditMantri will offer personalised advice on how to improve your credit score and build a healthy financial future. They can also help you find the best credit cards and loans for your needs and provide tips on saving money and reducing debt. 

  4. Track Your Progress: With CreditMantri’s credit dashboard, you can monitor your credit score and see your progress over time. 

By working with CreditMantri, you can take control of your credit score and achieve your financial goals. 

Frequently Asked Questions 

1. Can I check my CIBIL™ score for free on PhonePe? 

Yes, checking your CIBIL™ score on PhonePe is free of charge. 

2. Does using PhonePe to check my CIBIL™ score affect my credit score in any way? 

No, when you check your CIBIL™ score through PhonePe, it’s a soft inquiry, so it won’t affect your credit rating. 

3. How long will it take to check my CIBIL™ score on PhonePe? 

It usually takes just a few minutes to retrieve your CIBIL™ score on PhonePe after completing the necessary steps. 

4. Is a detailed credit report available on PhonePe? 

Yes, PhonePe includes a detailed credit report when you check your CIBIL™ score. 

5. What should I do if I notice inaccuracies in my CIBIL™ report on PhonePe? 

If you find errors, you should raise a dispute with CIBIL™ directly to have them corrected. 

6. Is there any documentation needed to check my credit score via PhonePe? 

No, you don't need any physical documents. To check your credit score on PhonePe, you'll need to provide your full name, date of birth, and PAN number. PhonePe will first verify this information, then display your credit score. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.