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Get answers to commonly asked questions related to credit bureaus
Credit Information Bureau (India) Limited, commonly known as CIBIL™, is India’s first Credit Information Company or Credit Bureau. It maintains records of all credit-related activity of individuals and companies including all transactions on loans and credit cards. This extensive data enables lenders to make informed decisions on evaluating applications for loans in India.
The credit activity recorded could include details of every single loan or credit card repayment made (or missed or delayed); every loan or credit card application and corresponding approval or rejection; number and age of the credit accounts; total credit limit; credit balance and credit utilization ratio, among other detailed data. The records are submitted to CIBIL™ by registered member banks and other financial institutions on a periodic (usually monthly) basis. Based on this data, CIBIL™ issues a Credit Information Report or CIR (commonly referred to as a credit report) and a credit score.
A CIBIL™ credit score is a three-digit number between 300 and 900. It is based primarily on your current and past loan/credit card repayment history, among other factors. It gives potential lenders a snapshot of your credit health and your willingness and ability to repay your debts on time.
Your credit score is contained in your credit report which is a comprehensive document detailing your current and past credit activity. The better your credit history, the higher your score will be.
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.
In simple terms, your credit score gives banks/credit card companies a quick idea of how reliable you are in fulfilling your debt obligations. Based on your credit score, many lenders decide whether to approve your loan/credit card application.
Lenders generally look for a minimum score of 750 when reviewing your application because it signifies a low-risk customer who has demonstrated a good track record of repaying loans on time. You stand a good chance of being approved for a loan/credit card with a score of 750 or above.
Similarly, if you have a low banks are reluctant to lend to you as your score reflects faulty credit behaviour in the past. If you have a poor score, lenders will be unwilling to take a chance on potential defaults or irresponsible payment behaviour in the future and might decide to reject your application.
Lenders report every credit-related transaction to CIBIL™ on a monthly basis. This includes your
a. payment history (current and previous) on all your loans and credit cards
b. total available credit balance
c. number and age of your loan and credit card accounts
A complex mathematical formula is used to calculate your credit score based on this and other related data.
The biggest factor that makes up your credit score is your repayment history. Even one or two missed or delayed payments can negatively impact your credit score.
Your credit score is calculated taking into account all these factors and is an extensive analysis of your credit worthiness. Lenders rely on your credit score to give them an accurate idea of your credit behaviour. A good credit score reflects financial maturity and is an important factor in the evaluation of your loan or credit card application.
1. What is the importance of the CIBIL™ score for personal lending?
The CIBIL™ score is assessed by lenders to check the creditworthiness of the borrower. The higher your CIBIL™ score, the higher the chances of getting a loan approval. People with lower CIBIL™ scores may have a hard time obtaining loans, and even if they get loans, they may end up paying higher interest or not getting the desired loan amounts.
2. Will I obtain a loan with a credit score of 600?
It is difficult to get a loan with a credit score of 600, since most banks, NBFCs, and financial institutions look for a cred it score of at least before approving a loan application. If your credit score is 600, you are likely to face loan application rejection.
3. Is the CIBIL™ score required for a loan?
Generally, borrowers are required to maintain a CIBIL™ score of 750 and above to easily qualify for a loan. But in cases of balance transfer requests or debt consolidation, lenders may reduce their CIBIL™ score requirement in lieu of the interest it charges from customers.
4. What is an Ideal CIBIL™ score to avail of a personal loan?
CIBIL™ score is a 3 digit score in the range of 300 to 900 as given by Transunion CIBIL™ - one of the 4 credit bureaus. The other 4 credit bureaus are Experian, Equifax, and CRIF Highmark. The CIBIL™ score is based on factors, such as credit history, repayment history, frequency of loan applications, current loans, usage of credit limit, and so on. To get a personal loan easily, the minimum CIBIL™ score should be 750 and above.
5. Why is it important to maintain a good CIBIL™ score for a personal loan?
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
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
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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