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What is CIBIL Score & Report? Your CIBIL score is 3-digit number that indicates your creditworthiness and demonstrates your ability to repay a loan. It is derived using the credit history found in your CIBIL report. Your CIBIL report is a record of your financial history compiled from information received from banks and financial institutions.
The term credit score and CIBIL score are slightly different; the former is a general term that refers to the credit assessment score given by various credit ratings agencies such as Experian, Equifax, Highmark, and others, while the CIBIL score is specifically given by CIBIL (Credit Information Bureau (India) Limited).
The CIBIL Score effectively predicts whether a potential borrower is likely to default on one or more trade lines after 91 days in the next 12 months. The score considers all the borrower’s trades, secured and unsecured, enabling you to better manage risk, minimize losses and increase profitability.
So as a result, when you check your Credit Score from different Credit Bureaus, you get different values for your Credit Score. However, Credit Scores from all four RBI authorized Credit Information Companies (CIC or commonly called Credit Bureau) in India - Experian, Transunion (CIBIL), Equifax & CRIF Highmark shall be in the range of 300 to 900.
How is my credit score calculated? At Moneyview get your free monthly credit score report in just 20 seconds. Get detailed credit report and suggestions to improve your cibil score if it is low.
A CIBIL score is an important factor that lenders consider while evaluating an individual's creditworthiness. Here are some reasons why a good CIBIL score is important: 1. Quick Loan Approval: A good CIBIL score helps in quick loan approvals. Lenders look at the score to determine the creditworthiness of an individual, and a good score can ...
What is the CIBIL Score? The CIBIL Score is a 3 digit numeric summary of your credit history. The Score is derived by using the details found in the “Accounts” and “Enquiries” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your Score is to 900, the more favourably
