What is the Average CIBIL Score Update Time?

Your CIBIL score update time relies on many factors, including your latest credit activities and the time lenders take to report your transactions to credit bureaus. Before applying for any type of credit, consider these crucial pointers:

• Check your latest credit score and quote that when availing of a loan
• Review your score regularly to ensure it gets reflected accurately once you make loan or credit card bill payments

Read on for a brief overview of why you need a good CIBIL score, when your credit score is updated and more.  

When Does the CIBIL Score Get Updated?

The CIBIL score is one of the most important ways lenders decide if you can afford loans or credit cards. It shows how you handle your money, which helps lenders figure out if you can safely handle credit. But how often is the CIBIL score changed?

CIBIL updates the score every 30 to 45 days based on the data that banks and other financial institutions send. Reporting your credit behaviour, like loan payments, credit card use, and other financial activities, happens simultaneously every cycle. But certain things can cause changes in your CIBIL score more quickly.

1. Report Disputes or Errors

Your score might go up or down after you challenge or report an error on your credit record. Investigations can last up to 90 days, and if your report is changed, that change will show up in your score.

2. Loan/EMI Payments

Making payments on time can raise your CIBIL score, while missing payments can bring it down. The things you do with your credit, like paying off a loan or getting new credit, also affect your score and show up in the monthly changes.

Your CIBIL score will steadily increase over time if you keep good money habits.

Also Read: Understanding CIBIL Score

What is the Significance of a Good CIBIL Score? 

A credit score is a three-digit numerical representation of your credit behaviour varying between 300 and 900. To understand the importance of a good score, remember the cardinal rule:

• The higher the score, the better your loan approval chances

When your score is optimal, your trustworthiness as a borrower increases. Apart from that, here are other benefits of maintaining a good score:

• Reduces the lender’s risk parameter, allowing you to get quick loan and credit card approvals
• Lets you enjoy credit on favourable terms, such as lower interest rates, longer tenure options and much more
• Helps you negotiate better with lenders

While most lenders prefer a score above 750, this criterion varies from one lender to another. Some financial institutions may sanction loans even if your score is around 700. Here’s a tabular view of the credit score range, with each rating signifying your borrowing capability:

Score	Approval Probability
750 – 900	Very High
700 – 749	High
699 – 650	Average
649 – 600	Low
599 – 300	Very Low

When Does the CIBIL Score Get Updated? 

The frequency of your credit score getting updated depends on how often lenders share your credit information with the credit bureaus. The Credit Information Bureau India Limited, or CIBIL, gathers information from various lenders and credit issuers once a month to generate your CIBIL Score.   

In such cases, a CIBIL score update time can vary between 30 and 45 days if there are no other discrepancies. In addition, credit bureaus update your score under two circumstances: 

• You’ve made a payment towards your debt 
• You’ve raised a dispute against your CIBIL report 

Also Read: Check Cibil Score With a PAN Card

Factors Affecting CIBIL Score Refresh Time

When your CIBIL score is refreshed, it shows the most recent things you’ve done with credit. Even though changes happen about once a month, how quickly they show up in your score depends on many factors.

Lender Reporting Frequency

Once a month, lenders usually tell credit companies about things that happen with your credit, like payments, new loans, and credit card use. Changes to your CIBIL score may not happen right away if lenders report late.

Payment Clearing Time

Funds sent to settle loan or credit card bills must clear before they can be reported. Getting the payment cleared can take a few days, especially if it’s close to the reporting due date. This can cause score changes to be late.

Conflicts and Fixes

You can update your score faster if you challenge errors in your credit report. This depends on how long it takes for CIBIL and the lender to settle and fix the problem. It may take up to 30 days to settle a dispute.

New Credit Requests

A hard inquiry is what your lender does when you ask for new credit. This can temporarily lower your score. How long it takes to finish the application and make changes may depend on how the loan works.

Several Transactions

Credit bureaus handle a lot of information daily, so if you make many payments or transactions, it may take a while for your CIBIL score to show those actions.

If you know about these things, you can better plan and handle your credit so that your CIBIL score stays up to date.

How Do You Check Your CIBIL Score 

Annually, you can get one free credit report with your score, for which you must follow these steps. 

• Step 1: Visit the TransUnion CIBIL website
• Step 2: Click on ‘Get Your Free CIBIL Score’
• Step 3: Enter the required details on the form 
• Step 4: Click on ‘Accept and continue’

That’s all and you can review your CIBIL report and score instantly!

Following these steps, you can easily check when your CIBIL score gets updated and apply for a personal loan online accordingly. However, even if you are new to credit, you can apply for an Instant Personal Loan to get up to ₹5 lakhs hassle-free.

Fibe Credit Score Analyser helps you to compare your credit score against Fibe’s best borrowers and understand where you stand. You can get to know the impact of your credit behaviour easily and get tips on actions that can help you boost your score.

CIBIL Score Update Frequency

Credit companies keep credit scores up to date by getting new information from lenders and banks. This process of updating usually happens once a month. Lenders send information about your credit actions, like loan payments, credit card use, and balances due, to credit bureaus on a regular basis, usually once a month. The credit companies then use this information to make your credit score and keep it correct and up to date. Depending on when the lenders send the information and how quickly it is handled, your CIBIL score is usually changed every 30 to 45 days.

Head to the Fibe App today and begin your journey for better credit health!

At Fibe, we rely on an alternative scoring mechanism to check your loan eligibility. Moreover, you also get to enjoy other hosts of benefits such as minimum documentation requirements, affordable interest rates, convenient tenure options and much more. Download our Personal Loan App or register on our website to get started today!

FAQs on Updating CIBIL Score

How can I update my CIBIL score quickly?

Frequent credit activities are one of the most common ways you can reduce your CIBIL score update time. 

How can I remove fake loans from CIBIL?

All you have to do is follow this process:

• Visit the TransUnion CIBIL website
• Click on ‘Dispute Resolution’
• Understand the process mentioned in the ‘Consumer Dispute Resolution’ tab
• File a dispute after logging in with your credentials