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Get answers to commonly asked questions related to credit bureaus
You require funding and approach ICICI Bank for a personal loan. All your eligibility criteria for personal loan matches with ICICI Bank requirements, still your loan application gets rejected. You wonder, what could have gone wrong? The answer is your CIBIL™ Score.
CIBIL™ score is a 3-digit numeric synopsis of your credit history which tells about your creditworthiness. The scores lie in the range between 300-900.
The CIBIL ™ score thus has a very important role to play in the personal loan getting approved easily, so always aim for a high CIBIL™ score by keeping your financial records clean.
Credit Information Bureau (India) Limited (CIBIL™), founded in 2000 is the first credit bureau of India which has a leading role to play in the country’s lending scenario. Being one of the few authorized credit bureaus in India, its main purpose is to collate customer data based on their past credit history and produce a comprehensive credit report and CIBIL™ score for lenders and customers.
This information is used by lenders, who are members of CIBIL™ to determine a potential borrower’s creditworthiness and financial diligence with respect to repayment of loans. It helps them to rule out any default borrowers.
Customers get benefit from the CIBIL™ credit report and CIBIL™ score through understanding how their CIBIL™ score will help in getting loans approved without any hassles. As such, your credit history denotes particulars with respect to your past dealings with banks and financial institutions like reflecting your capability of repayment patterns, total outstanding amount, secured vs unsecured loans, the rate at which you have applied for credit etc. These key elements which are provided by lenders to CIBIL™ are recorded, collated and analysed by CIBIL™ before drawing the final credit report and CIBIL™ score.
A personal loan which is an unsecured loan does not require collateral. As such, a personal loan is considered risky by lenders as compared to a secured loan. So, assessing your financial soundness in respect of your current and past loan repayment capacity is important for lenders to ensure you do not default on your debt repayments.
For availing ICICI Bank personal loan, the bank would firstly do stringent scrutiny of your credit information to ensure that you can be trusted with respect to your financial prudency for loan repayments. The CIBIL™ score is one of the main considerations in this lending process due to its ability to evaluate a borrower’s creditworthiness. The CIBIL™ score is generated by CIBIL™ after a careful compilation of all your past credit information of loans and credit cards. The CIBIL™ score thus protects lenders by helping them to make appropriate decisions on whether to grant you the loan or not.
Key reasons why ICICI Bank may reject your personal loan application could be
Key recommendations 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 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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