Whenever you apply for a new loan or credit card, your financial institution fetches your CIBIL or Experian Score from the respective credit bureaus, to assess your creditworthiness and offer you an appropriate credit limit or interest rate. Each credit bureau builds up your credit profile and assigns you a credit score.
You can also check your credit score yourself from all major credit bureaus. There are both free and paid methods available for the same. In today’s post, we shall look at PayTM App to check your CIBIL score for free.
Most of us don’t know that Paytm allows you to check your CIBIL score on the app. The official MyCIBIL website charges users for checking their credit score. Paytm is doing it for free of cost. Paytm allows its users to check their Credit score by providing the PAN number and mobile number, registered with the bank account.
However, it will not work all the time, and if you have a lesser age than 21 years or don’t have any financial records, Paytm may not show your CIBIL score.
Before I proceed, I wish to clarify 3 things:
- Your CIBIL Score is just one credit score from the CIBIL credit bureau. There are other credit bureaus like Experian, Crif Highmark, etc. which may assign you a different credit score.
- PayTM is NOT the only way you can access your CIBIL score. There are many other ways to access your CIBIL score. I have already written a detailed post on how to check your CIBIL score online with a list of other CIBIL score providers.
- Checking your credit score DOES NOT have any negative impact on your score. You can check your personal credit score as many times as you want, from any provider.
Paytm allows you to compare your credit score with other peoples on the city, state, and national levels which is a great thing. It shows you the factors that impact your credit score.
On the advanced side, Paytm shows all the Loans and Credit Card accounts linked with your profile. So without wasting more time, lets us know how you can check your CIBIL score using the Paytm app.
Before we begin, let me invite you to our Finance Discussion Community on Facebook: FinTalks. Here we share our experiences and discuss queries related to banking, debit cards, and credit cards, mutual funds, stock markets, and more. We started in September 2020, and at the time of writing this post in January 2021, we have over 4k members. A lot of offers and discounts related to credit cards are also discussed here. Click Here to Join FinTalks.
Steps To Check Your CIBIL Score Using PayTM App:
1. First of all, Download the Latest Version of the Paytm App. (Ignore if you already have)
2. Now, open the app and login/signup with your number.
3. After that, click on the search button and write “Free Credit Score,” and click on the icon.
4. Now, a form will appear where you need to fill in your First name, Last name, Mobile Number, Email, PAN number, Date of birth.
5. After filling in the required details, accept the terms and conditions, and click on the Submit button.
6. Now, you need to verify your mobile number with CIBIL OTP.
7. After submitting the correct OTP, Paytm will show your CIBIL score based on your financial history.
8. A credit score of 300-599 comes under the poor category, 600-699 comes in the Average category, 700-779 comes in the Good category, and 780-900 comes in the Excellent category. In my case, I got a 781 Credit score.
Note: The higher the credit score you have, the higher your credit limit or the loan amount you will get.
Frequently Asked Questions:
1. Are there any charges on checking credit score on Paytm?
No, there are no charges for checking the Credit score on the paytm app. It is completely free of cost, and you can check your Credit Score multiple times.
2. Will Credit Score gets down if we check multiple times?
Nope. Never. Credit score won’t go down even if you check it unlimited times per day. It is just a common misconception between people, and as a consumer, you have full rights to check your credit profile and stay updated all the time.
However, applying for multiple loans or credit cards frequently can affect your credit score. The reason behind this is when you apply for any loan or credit card. Then the financial institution fetches your credit profile from the credit bureaus to check your creditworthiness. So if you approach any financial institution to get a loan or credit card, it can affect your credit score.
3. Is it safe to check credit score on Paytm?
Yes, it is completely safe to check your credit score on Paytm as it is a very safe and secure app used by millions of users daily. PayTM does not sell your data to third parties. In cases where you apply for any credit card from inside the PayTM app, it asks for your permission to share your information with the respective financial institution.
So, overall it is a safe app.
Conclusion:
So it was the post about How you can check free credit score using the Paytm app. I mentioned a step by step guide, which allows you to check your credit score easily. If you still have any doubts about this post, please feel free to ask me in the comment section. I would love to hear from you.
If you need help with financial matters, you are welcome to join our Facebook Community FinTalks to participate in financial discussions. Also, don’t forget to join our Telegram Channel for the latest updates. I will be back soon with another interesting update. Keep visiting HiTricks.
Anuj is a passionate blogger from Bareilly, Uttar Pradesh. Currently pursuing B.sc in Programming and Data Science from IIT Madras. Apart from being an avid learner and a tech enthusiast, he loves playing PC Games and likes to keep himself updated with the latest trends in the tech industry.
