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Get answers to commonly asked questions related to the credit score and credit reports
The RBI has authorised companies which have registered under the The Credit Information Companies (Regulation) Act, 2005 to provide a credit rating or a credit score based on past performances reported by various member banks and credit institutions. Credit Information Bureau India Ltd (CIBIL™) is India's premier credit information bureau. Experian and Equifax are the other large players operating in India.
Credit score is issued by 4 main credit bureaus in India. The 4 credit bureaus are CIBIL™, Equifax , HighMark™ and Experian. In India, amongst the bureaus, the CIBIL™ score is popular since CIBIL™ is the oldest bureau. However, many lenders are using Experian and Equifax for their credit decision making. It is now mandatory for all lenders to submit data to all the 4 bureaus.
Your credit score is seen as a direct indicator of your credit health. The number of loans and types of loan accounts, outstanding debt, and length of credit history also play a major role in determining your CIBIL™ score or Equifax score. If you maintain a good track record backed by a solid Credit score (be it CIBIL™ score or Equifax score or Experian score or HighMark score) lenders will be very comfortable lending to you.
BAD CREDIT SCORE is a really scary phrase these days – since most lenders use this to make their credit decision. Here are a few factors which cause a negative effect on your credit score.
Now that you know the major factors that affect your credit score, you must use all these to maximize your credit score. You can get your credit report online to know your CIBIL™ score and know how your credit score build up is progress. After all, having a good credit score is what helps you get multiple financing options.
There are many ways to get your credit 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
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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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