What is a CIC credit score? How to check it quickly
A credit score (commonly known as CIC) is one of the first criteria considered when applying for a loan from banks or financial institutions. It plays a crucial role in determining whether a customer is eligible for a loan. So, what exactly is a CIC credit score? PTF will explain everything you need to know in this article.
What is CIC? What is a CIC credit score?
CIC (Vietnam National Credit Information Center) is an entity under the State Bank of Vietnam, responsible for collecting, storing, analyzing, and forecasting credit information of individuals and organizations in Vietnam. It helps minimize risks in lending and credit management for financial institutions and banks.
A CIC credit score evaluates a borrower's credibility and repayment ability based on their loan history with banks and financial institutions. Each individual’s credit score is recorded at CIC, and a higher score increases the chances of loan approval, while a lower score makes borrowing more difficult.
Factors Affecting CIC Credit Score
CIC evaluates credit scores based on five key factors:
Payment history (35%) – This is the most critical factor, reflecting whether past and current loan payments were made on time. A strong repayment history improves credit scores and increases approval chances for future loans.
Current outstanding credit (30%) – This includes all active loans and the total outstanding balance. Keeping this at a moderate level ensures smoother loan approvals.
Length of credit history (15%) – The longer an account has been active, the better it reflects a borrower’s financial responsibility, making them more favorable in banks' evaluations.
Credit mix (10%) – This considers the types of credit a borrower has, including credit cards, personal loans, and mortgages. A balanced mix can improve creditworthiness.
New credit accounts (10%) – Opening multiple new loans in a short period can negatively impact credit scores.
How to Check Your CIC Credit Score Quickly
1. Check at a Bank Branch
Customers can visit any bank branch or financial institution to request a credit score check while applying for a loan. The process includes:
Step 1: Visit a bank or financial institution.
Step 2: Submit loan application documents and request a CIC credit check.
Step 3: The bank retrieves CIC data using the customer’s ID and provides results.
(Each individual is entitled to one free CIC credit check per year. Additional checks cost 30,000 VND per request)
2. Check Online via the CIC Website
Customers can check their credit score online through CIC’s official website:
Step 1: Visit https://cic.gov.vn/.
Step 2: Click “Register” and follow the instructions.
Step 3: Set a password and verify with an OTP code.
Step 4: Authenticate via a Q&A session with a CIC representative.
Step 5: Receive confirmation via SMS/email.
Step 6: Log in and check your CIC credit report under personal information.
3. Check via the CIC Mobile App
Step 1: Download the CIC Credit Connect app.
Step 2: Register an account.
Step 3: Fill in required details, including full name, phone number, and ID photos.
Step 4: Wait for CIC verification (1-3 days).
Step 5: Select “Retrieve Report”, enter OTP, and view your credit score.
What is a Good CIC Credit Score?
Banks assess creditworthiness based on the following score ranges:
150 – 321: Very high risk – Loan applications are rejected.
322 – 430: High risk – Borrower has low repayment ability.
431 – 569: Medium risk – Loans may be approved but with high interest rates.
570 – 679: Low risk – Likely to get approved with lower interest rates.
680 – 750: Very low risk – Excellent credit, high loan limits, and low interest rates.
A CIC score below 300 indicates bad debt, meaning overdue payments exceeding 90 days. Individuals in this category are ineligible for new loans unless outstanding debts are cleared. A credit score above 600 is considered good, making borrowers eligible for better loan terms and interest rates.
