What is Cibil Score or Credit Score ?


When you go for a loan, the bank assesses your ability to repay your loan. If the bank thinks that you should pay a loan then the bank passes your loan, as well as the bank also checks whether you have repaid your old loan on time or not. For this, bank checks your credit report and credit score, if your CIBIL Score is low then you may have a little difficulty in getting a loan.


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So let’s know What is the Cibil Score ?


The credit score is the number of 3 digits, credit score shows the ability to return your loan, whether you have take a loan such as Home Loan, Personal Loan, Car Loan, Credit Card, so bank checks your old loan if you have taken, returned the loan at the right time or not. Bank can not mobilize all this information itself, for this it collects such information from Credit Information Company. Such company is also called a credit bureau.




List of four credit bureaus in india


 (i) Cibil (transUnion Cibil)

 (ii) Experian Credit Information Co. Of India Pvt. Ltd

 (iii) Equifax Credit Information Services Pvt. Ltd

 (iv) CRIF Highmark

       Cibil is the oldest and popular credit bureaus in India.


The more good your credit score is , the more probability increases to get close to your loan, but note that while passing the loan , the bank do not pay attention only to your credit score or cibil score, rather see more things such as you can return the EMI of the loan as per your earning or not, and how many loans are going on etc.








How much Cibil Score should be to taken loan ?




The credit score is between 300 to 900 but a good score to taken for a loan would be between 750 to 900. If your Cibil score falls below 750 points, the bank will not be able to give you any kinds of loan or credit card. In calculating this, the bank decides on the timely payment of any kinds of loan or credit card bill taken by you.
If you have already been paying the loan or credit card bill on time, so cibil score would be good. If you do not pay the loan on time, your cibil score will fall.



What are the information in your credit report ?


Prominently there are five types of information in your credit report

 (i) Your Cibil Score

 (ii) Your personal information :- such as NameDate of birthPAN , Address and Phone number

 (iii) Employment information :- like which types of job you have

 (iv) Account Details :- Information about all your loans or credit card

 (v) Inquiries :- whenever you apply for loan or credit card, at that time bank inquires   from the credit bureau for your credit report or credit score.






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