Borrowers can now get their credit score free of cost from TransUnion Cibil, India’s first credit information company.  Cibil said it will offer free annual credit score and report for consumers online.

“We are pleased to provide this new offering, which gives all consumers online access to their Cibil score and report in a few minutes from any computer or mobile phone,” said company vice president and head for consumer interactive Hrushi Mehta.

Cibil score is a three digit numeric summary of an individual’s credit history. It is derived using details found in a credit report, which provides a record of an individual’s loan-related payments and credit card payments.  Banks evaluate loan or credit card applications and determine the limits and terms of a loan or credit line using the credit report and credit score.

Cibil’s new offering will provide consumers an easy way to start the process of taking a holistic look at their total financial picture. “We are confident this new offering will make it easier for consumers to achieve and maintain their financial goals,” Mehta said.

Source: ET Tech