Nowadays, for every customer who have checked their credit report from TransUnion CIBIL, one question arises in their mind curiously. If I Take a paid membership in CIBIL, what are the benefits I will get in future? The answer, definitely you will get some extra advantage for paid membership over the free service.

 

As per the RBI guideline, in 2007 TransUnion CIBIL (Credit Information Bureau India Limited) Started to store the Credit information reported by several Credit institutes (PSU/NBFCs). Based on the repayment history, CIBIL generates a Score (For individual customers) and a Rank (For commercial). Nowadays, if you apply for a loan in any PSU/ NBFC, they will check your Credit report before sanctioning the loan. 

 

So, it’s very important to monitor your credit health on regular basis and maintain the correctness of all of the information. To fulfil this purpose, first, you need to check the credit report from the official website of TransUnion CIBIL (www.cibil.com). 

Subscription plan for membership in CIBIL: 

TransUnion CIBIL provides separate membership plans for Individual Credit Reports and commercial Credit reports.

 

        A. Subscription/ Membership plan for Individual Credit Report:

 

Now, for every individual customers, CIBIL provides a fresh updated report once in a year. But if you want to see a fresh report after that, then you need to take paid membership/ subscription in CIBIL. There are three types of subscription packages available depending on the subscription period.

You need to pay of Rs. 550 for 1 month, Rs. 800 for 6 months, and Rs. 1200 for 12 months.

Benefits for paid membership:

1. Unlimited access to your Credit report:

If you take any one of these membership plans, then you get access to check a fresh report once in every 24 hours. If there is any dispute in any section of your report and already you raised the dispute, then you can check the latest updated report once it will resolve. If the dispute resolution did not match to your requirement, then again you can raise your concern in CIBIL with the latest report.

 

2. Customized loans offer:

Once you took the membership, you will get loans offer through CIBIL MarketPlace. CIBIL Marketplace is an online platform, which offers you personalized loans (Credit Card, Personal Loan, Gold Loan, Home Loan, Business Loan, Auto loan, Loan against Property, etc.) based on the eligibility criteria of different credit institutes.

It also compared the interest rate, credit limit, annual fees, and other features among all Credit institutes and offers you the best loan depending on your Credit score and income, and other parameters.

 

How can you access the customized loan offer services:

1. Log into CIBIL’s official website through your login Id and password and open your dashboard.

1. Click on the ‘Personalized Loan Offers’ section. 
2. Then click on the ‘Log in to view offers’ and put your 10-digit Control Number and CIBIL score.
3. And provide your personal details (Like Name, Address, Income, etc.) and access your customized loan offers.
4. Once you have applied for a loan, the respective lender will contact you and verify the necessary details. If your all details are genuine, then you will get the loan easily. 

    

3. Instant alert:

Once you took the membership plan, you will be notified by the CIBIL for any kind of changes in your report. This service will help you to monitor your credit report and stay alert from any suspicious activity for 24*7.

If there is any change in your credit score, personal information, add any loan account or credit card, add any enquiry, delinquency & utilization change, etc. then you will get a notification in your phone.

Sometimes you gave your personal documents to your loan broker to get a loan from a bank, but he/ She applied to numerous banks without your permission, in that case, you will be aware of all those unwanted activities.

4.Score Simulator:

Score Simulator is an AI-based tool that provides you a simulated score upon your current credit score for different future activities, like opening a new loan account, closing a credit card or loan account by paying its Outstanding, adding late payment days of your active loans, add a new enquiry, etc.

For example, your current score is 750; now you want to close a loan account by paying the Outstanding amounts. Score Simulator shows you what will be your credit score after closing the particular account.

This tool empowers you to take the necessary decision to maintain a good credit score. 

Kindly note that, the score simulator does not any change of your credit score and report, its only help you to take an optimistic decision.

5. Credit monitoring service:

This service helps you to monitor the change in your Credit score through Personalized Score analysis, credit summary, and tracking by the graph.

Pros and Cons for pull out a free report from Banks/ other websites:

 Since you will get one free report in a year from TransUnion CIBIL, so you can take another fresh report for free from the banks or any other website. Though all those reports are free, but there have some bad side effects on your CIBIL report.

As per the TransUnion CIBIL guidelines, when you pull out a fresh report from the official website of CIBIL, that’s considered as a soft enquiry. And it does not affect on your credit score.

But when you pull out your report from any banks or other free website that’s considered as a hard enquiry, and it portrays the hungry behaviours of the customer for a loan. As a result, your credit score will down for that.

And also in that report, full account number and name of the respective bank are not mentioned. So, it’s very hard to solve any kind of problem in account section of your credit report.

B. Subscription / Membership plan for Commercial CIBIL report:

Commercial credit reports or CCR (Company Credit report) represent the repayment history and different credit parameters of the borrower, who took loans for their companies (like Public Limited/Private Limited/ partnership/ proprietorship). By summarizing the credit history, CIBIL generates a CIBIL rank. The scale of CIBIL rank is 0 to 1, and 1 is the best.

If you are already applied for a loan to a credit institute, and your loan is rejected by the banks for some default in your credit report. In that case, your first choice will be to collect the report from the bank and raise your concern problem to CIBIL by that particular report.

But unfortunately, in that report, the account number and the particular bank name are not mentioned. So, it’s became very difficult to identify and resolve the concern problems.

For that purpose, you have to pull out a recent commercial credit report from the TransUnion CIBIL website. As like Individual credit report, TransUnion CIBIL does not provide any free report. So, you have to take Subscription plan for that.

For Commercial Credit Report/ Company Credit Report, CIBIL provide three subscription Plans with different time period and advantages. Those are:

1. Basic (Rs. 3,000 for one month):

For this package, you will get access to your dash board, you can refresh the credit report once in a week for one month. And also, you can get 1 GST report.

    2. Standard (Rs. 6,000 for six month):

Under this package, you will get access to your dash board, you can refresh the credit report once in a week for six months. And also, you can get 6 GST report which you can refresh once in a month.

    3.Premium (Rs. 12,000 for one year):

In this package, you will get access to your dash board, you can refresh the credit report once in a week for twelve months. And also, you can get 12 GST report which you can refresh once in a month.

Once you take the subscription plan, you will get the credit report along with the GST report. The information in your GST report is based on the details filed to your GST Portal. So, it’s more authentic, and helps to calculate the loan eligibility criteria for the credit institutes.

 

So, it’s all about the subscription plans and benefits for Individual and Commercial customers provide by the TransUnion CIBIL. We hope it will help you to take a best decision to monitor your credit health on regular basis.

 

Read more about CIBIL:

• How to improve CIBIL score?
• How to remove “written off” status from CIBIL?
• CIBIL score repair agency