Why You Need OneScore’s Instant And Free Credit Score Checking Services
A credit or CIBIL score can be defined as a financial report card that reflects how well you manage and have managed all the credit facilities in your name now and in the past. This three-digit number plays a crucial role. How? It affects your eligibility for loans and credit cards and also impacts the cost of borrowing, the tenure options you get, the type of credit card you qualify for, and more.
With the rise of instant personal loan apps, getting short-term loans has become easier than ever. However, a good CIBIL score, usually above 750, is often compulsory for approval. So, knowing your credit score is key to understanding your eligibility and negotiating power.
Although TransUnion CIBIL offers a free credit report once a year, you need to pay a subscription for more regular checks. With the OneScore App, you can check your CIBIL score free for a lifetime. This app, however, is more than just a credit score reviewing app.
OneScore allows you to identify and report fraudulent loans, correct errors in your credit report, and even apply for an instant personal loan seamlessly. Most importantly, it paves the way for you to increase your credit score with personalised insights. Know more about your score and how it affects your eligibility for credit below.
How is Credit Score Calculated?
Your credit score summarises your repayment history, credit experience, total dues, number of applications, and more. It determines your creditworthiness, and here are some factors contributing to your final credit score.
- Timely repayment of credit card bills and loan dues strengthens your credit score, while missed payments can lower it
- Active loans and repayment history impact future borrowing, with defaults or high debt leading to a reduced credit score
- A balanced mix of secured and unsecured loans helps improve your credit score over time
- A longer credit history showcasing responsible borrowing behaviour can increase your credit score
- Multiple loan applications in a short period make you appear credit-hungry and can lower your credit score
- A high credit utilisation ratio negatively affects your credit score, so keeping usage below the approved limit is essential
Why is a Good Credit Score Essential to Secure an Instant Personal Loan?
A personal loan is an unsecured loan that you can get without pledging any collateral to the lender. Thus, the risk that lenders have to bear is higher compared to a secured loan, such as a car loan, where your vehicle is considered as security.
Your credit score is one of the primary factors that decide if the lender will approve this loan application or not. As this score determines your credit history, a high score marks you as a responsible borrower and reduces the lender’s risk.
With a high score, you can get instant approval on your loan application, a more nominal rate of interest and other pocket-friendly loan terms. These include a lower or no processing fee and a longer tenure.
Check Your Credit Score Instantly
Since knowing your score before you apply for an instant loan is essential, find the ideal way to do that. Here are some free and paid options you can try:
- TransUnion CIBIL
The official website of this credit bureau allows you to check your credit score and download your credit report for free once a year. You can do this by navigating to the official CIBIL website and uploading personal information and ID, such as your PAN card, voter ID, ration card or passport to create an account.
This free check is only permitted once a year, after which you will need to pay.
However, getting your credit report just once a year may not help you regularly monitor and improve your credit score.
- Lenders’ Websites
You can check your credit score and even download credit reports from websites and apps of certain financial institutions. If your bank or lender provides this facility, you can enter your details, enter OTP and access your score report. However, some companies only give you free access to your score and not reports. In addition, they may not offer added functionalities like insights, the ability to report errors, and more.
- Third-party Websites
Certain fintech platforms also allow you to check your credit score and report. However, ensure they are genuine and do not share your personal data with others. If you are sure that a platform is genuine, you can enter your information and view your report and score.
- OneScore App
The OneScore app offers a lifetime-free CIBIL score check. This is an all-in-one app that allows you to improve your credit score, download credit reports, and report fraudulent activities. It offers you the ability to check and download credit reports from both CIBIL and Experian anytime, anywhere and without any membership fee.
With its Score Planner feature, you can set a goal to improve your credit score and even get personalised insights to do so. If you find errors in your credit report, such as a fraudulent loan, you can report it directly through the app. Further, with a CIBIL score above 730 or more, you can apply for its OnePL personal loan facility. With it, you can get up to ₹5 lakh with interest rates starting at 12% p.a.
The OneScore app simplifies the loan process as it doesn’t require any additional documentation and helps you calculate EMIs using its free EMI calculator. What’s more, the app is free of spam and protects your data with sophisticated security measures.
With all these features and more, you can work on improving your creditworthiness and unlock better loan offers. Download the OneScore App today to check your credit score and try it out!
