Exploring International Credit Scores and Their Relation to CIBIL

Indians residing in other countries, popularly called non-resident Indians, usually retain strong financial ties with their home country. Whether you are a non-resident Indian wanting to return to India or only wish to expose yourself to more financial options, good CIBIL scores are essential. CIBIL score plays a key role in your ability to access financial and credit services in India. You can perform a CIBIL score check free by visiting the official portals of any credit bureaus in India- CIBIL, Equifax, Experian or CRIF Highmark. You can also download the CIBIL score app and check your CIBIL score.

The article will explore international credit scores and their relation to CIBIL. It will also dig into how these scores for non-resident Indians can establish and oversee their CIBIL scores overseas, guaranteeing their solid financial foundation in India.

Building Credit as a Non-Resident Indian

Building credit as a non-resident Indian might be daunting, especially if your financial activities in India are limited. You can follow the below steps to establish your credit history:-

Open a Non-Resident Ordinary or Non-Resident External Account

If you do not have one, You can open a Non-Resident Ordinary or Non-Resident External account with a banking institution in India. These are a beginning point for your financial activity in India.

Apply for a Non-Resident Indian Credit Card

A few banking establishments offer Non-Resident Indian-specific credit cards. These are curated for non-resident Indians and usually have low credit limits, making eligibility effortless for them.

Get a Fixed Deposit Loan

Suppose you have a fixed deposit account with a bank in India. In that case, you can qualify for a fixed-deposit loan. These types of loans are secured against your fixed deposit account and can assist you in building credit.

Retain a Local Address

It is advisable to have a local residential address in India, even if that local address is your family home. A stable address can positively affect your credit ability.

Relationship Between Internal Credit Scores and CIBIL Scores

International credit scores utilise different sources of insights, algorithms and scales than CIBIL scores based on the country and region where the credit is applied. Hence, international credit scores might not be directly comparable to CIBIL scores.

The relationship between international credit scores and CIBIL is that both have the same basic purpose of evaluating a person’s credit ability. Still, they are customised for numerous regions and might use contrasting methods and criteria. Understanding the difference between the two is vital if you consider applying for credit or loans in certain countries.

Ways to Check CIBIL Scores As Non-Resident Indians

As a Non-Resident Indian, it is vital to check CIBIL score free to monitor your credit health. Below are the ways you can check your credit score:-

Credit Bureaus

Visit the official portals of credit bureaus, such as CIBIL, CRIF Highmark, Equifax, or Experian, to avail of their check CIBIL score free services. A few bureaus might charge a fee.

Credit Monitoring Services

Credit monitoring services like Paisabazar or Credit Mantri offer free CIBIL checks. You can access their services, offering extra features, like credit alerts and customised suggestions.

Banks and Financial Establishments

A few banking and financial institutions in India offer CIBIL score check free if you hold a Non-Resident Ordinary or Non-Resident External account. Check with your banking institution if they offer this service.

Mobile App

Like Indian citizens, Non-resident Indians can download the CIBIL score app on their respective devices and check their credit scores.

Conclusion

Retaining good CIBIL scores as a non-resident Indian is crucial and achievable with implementing the appropriate ways and judicious financial management. Credit-building, on-time payments, and regularly monitoring your credit report can assure that your CIBIL scores remain steady and are a valuable financial asset, regardless of where you reside. You can find four credit bureaus in India to check CIBIL score free- CIBIL, Equifax, CRIF Highmark, and Experian. You can sign up first on their official portals and then log in to check your score, or you can simply use the CIBIL score app to access your score easily via your smartphone.

As a non-resident Indian, you can keep your financial options open in your home country, irrespective of whether you wish or plan to return to India or want to maintain a steady financial connection. CIBIL scores are your financial passports to your home country, and you can continue accessing your credit financial opportunities confidently and easily.