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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
Credit Information Bureau India Ltd or CIBIL™ is India’s first credit information bureau. CIBIL™ is one of the four major credit bureaus in India. Transunion CIBIL™ was the first credit rating agency to establish themselves in the early 2000s, followed by other agencies like Equifax, High Mark and Experian.
The primary role of CIBIL™ is to compile and keep records of loan and credit card payments made by individuals and businesses. It is a database containing the credit histories of commercial and individual customer borrowers. These records are sent to the credit bureau on a monthly basis by banks and other lenders; using this information, a CIBIL™ Score and Report for individuals is generated, enabling lenders to assess and authorize loan applications.
Your CIBIL™ score is a three-digit numeric summary of your credit history that is calculated using information from the 'Accounts' and 'Enquiries' sections of your CIBIL™ report, such as your loan accounts or credit cards and their payment status, as well as outstanding amounts' days past due. Based on your borrowing and repayment history as shared by lenders, the score reflects your creditworthiness. Your CIBIL™ score ranges from 300 to 900, and the higher your score, the more likely you are to be accepted for a loan.
Individuals are becoming increasingly reliant on credit. The current economy has made credit both necessary and appealing to borrowers. There is also social pressure for owning a home or driving a luxury vehicle, which forces people to obtain credit in order to satisfy these desires.
Though banks and NBFCs offer a variety of loan products, there are strict eligibility requirements for these loans. Your credit score is a vital factor in evaluating your credit eligibility.
That is why CIBIL™ plays an important role in the credit market enabling borrowers and creditors alike in accessing the much-required credit for themselves.
Additional Reading: What Is The Importance Of A CIBIL™ Report
During the loan application process, the CIBIL™ Score is extremely important. After an applicant completes the application form and submits it to the lender, the lender first reviews the applicant's CIBIL™ Score and Report. If the CIBIL™ Score is poor, the lender can reject the application without even considering it further. If the CIBIL™ Score is high, the lender may investigate the application and consider other factors to decide if the applicant is creditworthy. The CIBIL™ Score acts as the lender's first impression; the higher the score, the better the chances of the loan being checked and accepted.
Since your CIBIL™ score is a very important factor in your loan application process, you have to understand the factors affecting your credit score.
The primary factors affecting your credit score are:
Additional Reading: What are the factors that affect your CIBIL™ score
The CIBIL™ Report is a detailed record of your credit payment history based on data provided by banks and financial institutions to assist loan providers in making informed lending decisions.
The following are included in the report:
Individuals are entitled to one free credit report, as well as their credit score, from one of the credit bureaus, according to RBI guidelines. CreditMantri, on the other hand, provides a free credit score as well as a comprehensive credit review report to assist you in making educated decisions and discovering credit products that are ideally tailored to your needs.
Your CIBIL™ score can be obtained directly from the CIBIL™ website or via CreditMantri. The procedure is extremely simple;
You just have to enter your mobile number, PAN number, and a few other information such as your name and email address. CIBIL™ will then generate your credit score as well as a thorough credit report for your analysis.
1. How many times can I check my CIBIL™ score?
There is no limit on how many times you can review your CIBIL™ ranking. However, bear in mind that the CIBIL™ score is only available for free once. You must pay for a consecutive credit report.
2. What CIBIL™ score is regarded as the best?
There is no such thing as a "best CIBIL™ ranking." A credit score of 750 or higher, on the other hand, is deemed acceptable and will get you the best loan and credit card deals.
3. What is the minimum CIBIL™ score required to get a loan?
The minimum CIBIL™ score considered for a loan is between 720 and 750. While it may be possible to get loans with a lower credit score, the interest rates on these loans are steep and also they come with unfavourable terms.
4. Is CIBIL™ score affected by loan rejection?
If a bank or NBFC refuses your loan, it may be because of your low CIBIL™ ranking. With the rejection, the CIBIL™ score will fall even further. And the rejection decreases the chances of borrowing even further. The low CIBIL™ may be attributed to debt non-payment, debt settlement, high credit usage, and so on.
5. How often is the CIBIL™ score updated?
Credit institutions send data to CIBIL™ every 30-45 days, but if you order your CIBIL™ Score and Report within 45 days of closing or paying off your accounts, your details will not be updated in CIBIL™'s records.
6. How can I remove an incorrect entry from my CIBIL™ report?
If you find an incorrect entry on your CIBIL™ report you can report it to CIBIL™ to get it rectified. If CIBIL™ finds that the entry is incorrect, they will remove it and update the report.
7. How many years will CIBIL™ keep a record of my defaults?
Bad debts remain on your credit report for 7 years.
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
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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.
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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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