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Credit Score Report, Loan

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    Credit Score Report, Loan

    CIBIL is the first credit information company(CIC) in India. It is one of the top credit rating agencies in India.

    IN INDIA 79% OF THE LOANS APPROVED ARE FOR INDIVIDUALS WITH A SCORE GREATER THAN 750. Your CIBIL Transunion Score and Credit Information Report (CIR) is an evidence of your credit worthiness. CIBIL Transunion Score ranges between 300 and 900. All lenders check your Credit Score before approving your loan application.

    Can Calculate your cibil score for free (just a approximation of cibil score will be provided not exact cibil score will be provided here).

    Important FAQs:-

    A. What is a credit score?

    A credit score is an indicator of a borrower’s ability to make credit payments on time. It is calculated after evaluating multiple information patterns such as your past credit report, loan payment history, current income level, etc. A higher credit scores increases your chances of getting a low interest loan from a financial institution.

    A credit report is a crucial element nowdays simply because there is a lot of risk involved in lending money, and banks are very cautious with it. Before lending money the bank needs to make sure that you don't have any unpaid bills or bad debts. So for that reason they check your credit ratings. Symbolically it's like a green signal that enables them to go ahead. This is becoming important as lenders are checking credit scores rather than analyzing the actual goodwill statements for approving loans for their customers. In order to have good credit score, your goodwill statements needs to be flawless. You can get your report from goodwill statements agencies and check what score you have.

    Credit Information Bureau India Limited (CIBIL):

    CIBIL is the first credit information company(CIC) in India. It is one of the top credit rating agencies in India.

    CIBIL was founded in the year of 2000 as a credit rating agency. It was founded in August 2000. It helps banks and businesses make important decisions and help the public find better and faster credit.

    CIBIL collects financial information from banks and businesses and saves them in their database. Based on the number of loans, payback history, and income, the system generates the CIBIL TransUnion score. The score range is 300 to 900 and anything above 750 is considered as a good credit score.

    CRISIL:

    CRISIL Credit Rating Agency is the largest credit rating agency in India currently.CRISIL was established in the year 1987 by ICICI Ltd and other financial institutions. The company provides financial data, analytics, policy advice, financial opinion to more than 86 industry sectors in 8 countries.

    B. Why is it important for me to know my credit score?

    Knowing your credit score enables you to make better credit decisions. Almost all financial lending institutions evaluate your credit score before approving your credit application. Having a bad credit score increases the chances of your loan application being rejected. Flipside, a good credit score improves your chances of negotiating a lower interest rate. 

    C. How is my credit score calculated?

    A credit score is a cumulative score which has multiple determinants influencing it. The most important factors that influence a credit score are:

    The number of times you have applied for credit 
    Your previous track-record of making timely credit payments
    The number of new credit lines opened recently
    Your professional details such as income level, employment status etc.

    D. Is this Credit Report and Score a free service?

    Yes. Your entire credit report is available to you for free without any freemium or hidden costs.

    E. Will accessing and viewing my credit report affect my current credit score?

    Absolutely not! Accessing and viewing your credit report repetitively does not influence your credit score.

    Thank You……..!!!

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