Your CIBIL score is generated using a scoring algorithm that considers a large number of data points and macro-level credit trends. Regular changes to the algorithm are required to incorporate new data points and trends to make the CIBIL score more comprehensive and to further improve the score's ability to predict the probability of default, a consumer's creditworthiness and likelihood. repay a loan. The new CIBIL score offers different benefits at each stage of the credit lifecycle. For consumers who have applied for credit in the past, the new CIBIL score will help provide a more complete picture of their credit behavior. This was achieved by lengthening the credit and payment history taken into account to generate the score. By increasing the accuracy with which lenders can predict the likelihood of a loan default, the new CIBIL score will enable lenders to extend loans more frequently and on better terms. The new CIBIL score also takes into account small nuances in consumer credit profiles and payment behaviors to help lenders more accurately assess risk profiles and potentially extend credit to consumers who have previously been denied credit.
- Why is my new CIBIL score different from my old CIBIL score?
The new CIBIL score ranges from 300 to 900, the same range as the old CIBIL score. However, because the scoring algorithm that generates the CIBIL score has been revised, the numeric value generated for the new CIBIL score may differ from the numeric value generated for the old CIBIL score.
Neuer CIBIL-Score | Alter CIBIL-Score |
Based on 36 months credit history | Based on only 24 months of credit history |
Also qualifies consumers with less than 6 months of credit history | Consumers had to accumulate six months of credit history before being able to receive a numerical score |
- Why has my score dropped even though I'm not in default on any of my loans?
The difference in the numerical value of your new CIBIL score compared to the old CIBIL score is due to differences in the scoring algorithms used to generate each score. As a result, even with exactly the same data in the CIBIL report, a lower numerical value can be generated for the new CIBIL score compared to the old version. This decrease in the numerical value of the new CIBIL score does not mean that your credit profile has deteriorated and should not change the way lenders view your loan application.
- Is my new CIBIL score shown on my CIBIL dashboard lower than my previous CIBIL score? Does this affect my loan application?
The difference in the numerical value of your new CIBIL score compared to the old CIBIL score is due to differences in the scoring algorithms used to generate each score. As a result, even with exactly the same data in the CIBIL report, a lower numerical value can be generated for the new CIBIL score compared to the old version. This decrease in the numerical value of the new CIBIL score does not mean that your credit profile has deteriorated and will not change the way lenders view your loan application.
- Will the new score affect my eligibility for the loan?
The new CIBIL score ranges from 300 to 900, the same range as the old CIBIL score. However, because the scoring algorithm that generates the CIBIL score has been revised, the numeric value generated for the new CIBIL score may differ from the numeric value generated for the old CIBIL score.
Your new CIBIL score should not influence your lenders' decision to approve or deny your loan application. However, for a clearer understanding, consult the individual credit policies of your lenders.
- Why is there a difference between the bank's score and what I see on my CIBIL dashboard?
Your CIBIL score is one of the parameters taken into account by lenders when reviewing your loan application. All of our member banks and credit institutions are in the process of converting to the new CIBIL score. However, while the recalibration continues and the migration is still ongoing, some members will continue to use the older version of CIBIL Score. Therefore, the score that the lender received when reviewing your loan application (the old CIBIL score) may differ from the CIBIL score that you see on your dashboard (the new CIBIL score). However, this difference should not affect the lenders' decision to approve or deny your loan application.
Once all our member banks and credit institutions have migrated to the new CIBIL score, there will be no difference between the bank's CIBIL score and what you see on your CIBIL dashboard.
- I have applied for a loan based on a previous score publication. What happens to this loan application?
The introduction of the new CIBIL score should not affect lenders' decision to approve or deny your loan application. However, for a clearer understanding, consult the individual credit policies of your lenders.
- What if the lender doesn't give me a loan based on the new score?
The decision to grant a loan depends solely on the lending policy of the credit institution. Lenders may have different thresholds for the old CIBIL score and the new CIBIL score. If the lender has evaluated your loan application against the new CIBIL score, the lender already has a defined CIBIL score threshold for the new CIBIL score.
Please note that while the CIBIL Score is one of the criteria in lenders' credit policies, the difference in the numerical values of the new and old versions of the CIBIL Score does not mean that your credit profile has changed and therefore it has not should affect the way lenders view your loan application and their decision to approve or deny your application.
- What factors influence the new CIBIL score?
In addition to factors such as credit utilization, payment history (default and extent of default), loan applications and loan mix, the new CIBIL score also takes into account new variables such as e.g
- Credit Depth (i.e. the length of your existing credit history calculated from the date your oldest credit account was opened)
- Long-term trend of outstanding balances
- History of credit card transactions
- Ratio of the actual reimbursement amount to the total amount due
- Number of newly opened accounts and number of closed accounts
Both the absolute values and the qualitative characteristics of these factors in your credit report can have a positive or negative effect on the new CIBIL score.
- Do I have to do anything to see my new CIBIL score?
Your new CIBIL Score has now been updated on your CIBIL Dashboard. Therefore, you simply need to log into your control panel with your username and password to see your new CIBIL score. As part of our commitment to providing you with the most recent and relevant information about your credit history, you will see the new CIBIL Score each time you update your CIBIL Score and Report.
- Will I get the new CIBIL score with my free annual credit report?
Yes, you will receive the new CIBIL Score with your free annual credit report.
- Can I see my previous score?
Only your most recent CIBIL result is displayed on your dashboard. Therefore, the score displayed on the board at that point is the new CIBIL score. You will continue to see your CIBIL Results from the previous version (up to a 12 month period) in the Results History section of the Dashboard with your active CIBIL Results subscription plan.
- What if I want to see all versions of the CIBIL score, can I select the version of the score?
The last CIBIL score displayed on the dashboard is the new version of the CIBIL score. You cannot change or select the CIBIL Score version in the dashboard. All of our member banks and credit institutions are also in the process of migrating to a new CIBIL score and once this migration is complete there will be a single version of the CIBIL score used by all in the market.
- Can I see the result history of the previous version of my CIBIL result on my dashboard?
With an active CIBIL subscription, you can view your updated CIBIL results (old version) for up to 12 months in the Results History section of the dashboard.
- What has changed in my credit overview?
The Credit Summary feature is designed to provide a quick summary of the most important aspects of your CIBIL report. There are no changes to the data provided in the Loan Summary feature.
- What has changed in my score analysis?
Your new CIBIL score comes with a score analysis. The score analysis provides an explanation of the specific factors affecting your CIBIL score that can potentially be improved. Because the algorithm used to calculate the new CIBIL score considers more factors to calculate the score, the score analysis provided with the new CIBIL score includes explanations of more factors to help you understand the score.
- What should I do to improve my score?
You can improve your CIBIL score by maintaining a good credit history, which is essential for loan approval from lenders. Follow these 6 steps that will help you improve your score:
- Always pay your premiums on time:Lenders take a negative view of late payments.
- Keep your balance low:Always be careful not to use too much credit, control your usage.
- Maintain a Healthy Loan Mix: It's best to have a healthy mix of secured loans (like home loans, car loans) and unsecured loans (like personal loans, credit cards). Too many unsecured loans can be viewed negatively.
- Apply for a new loan sparingly:You don't want to reflect that you're constantly looking for excessive credit; Apply for a new loan wisely.
- Monthly monitor your co-signed, guaranteed and joint accounts:You are equally responsible for late payments for jointly signed, guaranteed or jointly held accounts. The negligence of your co-owner (or the guaranteed person) could affect your ability to access credit when you need it.
- Check your credit history regularly throughout the year:Monitor your CIBIL score and report it regularly to avoid unpleasant surprises in the form of a rejected loan application.
- Will new information be added to the CIBIL report?
There are no changes to the information contained in the CIBIL report. The only thing that has changed is the way the algorithm uses this information to calculate your CIBIL score.
- Can I file a dispute if I discover inaccuracies in the report?
Yes, in the event that you discover any inaccuracies in your CIBIL report, you should immediately file a complaint in the relevant section by clicking on the “File a complaint” link on your CIBIL dashboard. The process of resolving your dispute remains exactly the same as before. You can read about itby clicking here.
- Is a population classification available for the new score?
Your dashboard includes a population rankings section that shows how you rank based on your CIBIL Score compared to other consumers for whom the CIBIL Score is available. The population ranking displayed on the dashboard is now based on the new CIBIL score.
- Will the new score affect the offers I see in the Personalized Loan Offers section?
The Personalized Loan Offers section of your dashboard provides loan offers from lenders based on your credit score. One of the factors used to calculate your credit score is your CIBIL score. The loan offer criteria available in this section have been revised to include the new cutoff points provided by participating members based on the new CIBIL score.
- Why haven't I received a notification when my points balance has changed?
The purpose of the score change alert is to notify you of any score changes that may be triggered by data reported in your CIBIL report such as: B. Late payments, new loan applications, etc. The new CIBIL score displayed on your dashboard may have a different number. Value compared to the old CIBIL score. However, this difference in ratings does not imply a change in the underlying credit profile. For this reason, no notification was sent when your new CIBIL score was automatically updated, since the exact same data in the CIBIL report can still result in different numerical values for the old and new CIBIL score. This difference is entirely due to differences in the grading algorithms used to generate the two versions of grades.
Use:If you later make changes to your new CIBIL score, you will receive a warning message.
- Will the score simulator provide a simulated score based on the new and improved CIBIL score?
Yes, we have updated our Note Simulator feature to include the new CIBIL notes. So from now on, when you use the score simulator to simulate credit behavior and review the likely impact on your new CIBIL score, the simulated score will be based on the new algorithm.