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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
It is important to know that there is no such thing as a CIBIL™ defaulter list.There used to be a defaulter list earlier, but it no longer exists. Neither CIBIL™ nor any of the other credit rating agencies issues a defaulter list. If your loan application is rejected by a bank, then the reason is probably due to a low credit score caused by a poor repayment record.
When you apply for a loan, banks obtain a copy of your credit report from one of 3 credit bureaus (CIBIL™, Equifax or Experian) to evaluate your application. If you have a poor credit score and a history of failing to make repayments, banks are unwilling to take the risk of lending to you. They will turn down your application after seeing your unsatisfactory payment record on your credit report.
As mentioned before, there is no single list issued by CIBIL™ on defaulting borrowers. The only way you can avoid loan rejection is by improving your credit score and rebuilding your credit profile.
There are two things you can start doing immediately which will help you improve your credit profile and make banks more willing to lend to you.
a. The most important thing you can do to improve your score is to fulfil all your loan/credit card obligations on time and in full. Do not skip or delay even a single payment. Making timely repayments on all your loans and credit card obligations will have an immediate positive impact on your credit profile.
b. You should try and pay off all your overdue payments and eliminate any accounts that are in a ‘Written-Off’ or ‘Settled’ status. Both these labels signify that you have not been regular with your payments. Any outstanding on your loan or credit card is a big drag on your credit score . Though it might initially seem difficult to find the money to pay them all off, it is a good idea to negotiate with each of your lenders to try and arrive at an amount – based on your income and affordability - to pay off all your dues.
The longer you wait, the more interest continues to pile up and you will end up having to pay a much larger amount to clear your dues. Simultaneously, even as you postpone payment, your credit score continuously decreases. In fact, there is no advantage in putting off repayments on your loan/credit card outstanding – only disadvantages. Paying it off will be a huge step in improving your score and loan-eligibility. Having a ‘Closed’ status on all your past loans will improve your score and help rebuild your credit health.
You might wrongly appear as a defaulter because of administrative errors on your credit report such as wrong name/spelling of name, date of birth, gender, PAN number, or address details. A mismatch between your actual information and wrongly reported details on your report could lead to being noted as a default.
You could also be a victim of fraud or identity theft, where someone has used your ID details to secure a loan and defaulted on them.
The first thing you should do is to obtain a copy of your credit report to check for any administrative or reporting errors. (For instance, you might have paid up your loan in full but it is still shown as outstanding.) File a dispute with the credit bureau to get the errors rectified immediately. You can do this online as well. The credit bureau will coordinate with the concerned bank to get your updated details. It takes a minimum of 30-45 days for the change to appear on your report. Make sure that you follow up until you see the changes reflected in your report.
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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