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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. It is a repository of information which contains the credit history of commercial and individual consumer borrowers. CIBIL™ provides this information to its members in the form of Credit Information Reports (CIR). As on March 2012, CIBIL™ has an information base of 250 million consumer trades, and 8 million commercial trades, and continues to grow at a fast pace sharing credit information with its 175 member base on the principle of reciprocity.
The idea behind setting up CIBIL™ is to gather all existing consumer and commercial credit information and pool it in a one point source for reference. Individuals or commercial establishments could have accounts in several banks and credit from different lending institutions. All such data can be pulled out for a quick reference check on the individual or commercial establishment, seeking loans, to be aware of the repayment track record of the loan seeker and quickly decide on loan eligibility.
CIBIL™ acts as a weeding mechanism, that helps identify poor repayment track records. It helps protect future lenders from giving credit to people and establishments who are unlikely to repay what is lent. Banks provide a lower interest rate for sound credit profiles and the CIR can work to your advantage. It also helps lenders and Banks quickly process a loan, without wasting valuable time on research and background check of the loan applicant.
It is a mistaken notion that only defaulter names are reported to CIBIL™. Every member reports data on a monthly basis to CIBIL™, of all its borrowers, for both defaulters and those repaying on time. The information in this database is also used to compute a credit score, which provides a good indicator to future lenders of a person’s probability of repaying a new loan. Some of the factors that influence the credit score and thereby a person’s ability to borrow in the future are:
CIBIL™ is one of the four authorized credit bureaus in India which provide a credit score, the others being Equifax, Experian and CRIF High Mark.
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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