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Is your Credit Score >750?
Get answers to commonly asked questions related to the credit score and credit reports
There is nothing called a Defaulter List or Negative List. Banks and credit institutions report repayment performance on loans and credit card dues to the Credit Information Companies. Such data will include both prompt payments made and defaulted payments made. Anyone who has ever taken a loan or a credit card gets reported to the credit bureau and whether they have made timely repayments . Delayed / defaulted payments reported, are likely to cause a negative impact on your credit score or credit rating.
Most people at point of time would have faced the problem of being denied a loan or a credit card on grounds of not being eligible due to a bad credit history. Often people don’t understand why their names are being listed in defaulters list and the ways to remove their names from defaulters list.
CIBIL™ is one of the four authorized credit bureaus in India, the others being Equifax, CRIF High Mark and Experian. Credit Information Bureau of India Limited (CIBIL™), has the credit information of all the borrowers. CIBIL™ contains the credit history of all the borrowers associated with the member banks or NBFC’s.
When you approach a bank or a NBFC for a loan, they first collect your credit information report to understand your credit history and judge your credit worthiness. And based on your credit worthiness, banks and NBFC’s decide whether to provide you a credit or not.
Every individual has the right to access their Credit Information Report (CIR). CIR is a factual report which gives an idea about your credit history of the borrower which is compiled from the information from the different credit lenders. This helps the banks to check and analyse whether he/she credit worthy and are not in the defaulters list.
If you don’t wish to settle your dispute and remain in the defaulter list, this will stay in your credit history for 7 years and destroy your score. During this period no lender will come forward to give you credit. After 7 years you must start from the scratch and rebuild your credit score by paying your loans and credit card bills on time.
A few simple steps to improve your credit score are:
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL™ Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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