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Get answers to commonly asked questions related to credit bureaus
CIBIL™ scoreis the three-digit score issued by TransUnion CIBIL™ that rates the creditworthiness of a person. This score is issued after considering many factors like the payment history of the person, loans or credit cards taken by the person, credit utilisation rate, etc.
The CIBIL™ score ranges from 300 to 900. CIBIL™ score which is 750 or above can be considered to be a good score as per the lenders. Such a score will provide applicants with loans and credit cards relatively easily and also instantly in most cases.
Many lenders also provide pre-approved loans for persons with a good credit score along with many other applicable factors. Many lenders also provide credit cards and loans to persons with credit scores lower than 750. However, the rate of interest for such loans is generally higher or such person may be eligible only for a lower quantum of loan or credit card limit.
The credit score issued by TransUnion CIBIL™ is known as the CIBIL™ score.
The credit score is the credit rating issued by a competent credit rating agency. India has four authorised credit rating agencies that issue credit score for applicants. These agencies are,
Lending is the main function of any bank or financial institutions. Lenders have set many eligibility parameters for a person to qualify for their loan products. Among such qualifications, the credit or CIBIL™ score is a key factor to influence the eligibility criteria of the borrower for any loan product. It helps a lender to provide loans to eligible borrowers and safeguard their interest against potential losses or non-performing assets.
There are many factors that affect the CIBIL™ score of a person. Some of the main factors are mentioned below,
Default in payment history of a credit card or loan
Loans and credit card payments are the biggest contributing factors that determine the credit score of a person. When a person defaults in payments of EMIs of the loan taken or the credit card dues, the credit score of such person is affected and is negatively impacted.
The higher credit utilization ratio
An ideal credit utilization ratio is 30% of the total credit limit. When a person has a higher credit utilization ratio, the message sent to credit bureaus is that the person is unable to manage his/her finances optimally and relies heavily on the credit from external sources. Thus, the credit score of the applicant is impacted negatively.
Default as a guarantor
The credit score is also affected negatively when a person agrees to be a third party guarantor for any other person and is unable to meet such obligations.
Additional Reading: What are the factors that affect your credit score?
1. What is a good credit score as per CIBIL™?
A. A good credit score as per CIBIL™ is 750 and above.
2. Can a person with a 550 credit score be eligible for loans?
A. Yes. A person having a credit score of 550 is eligible for loans. However, note that the interest rates charged on the loan will be high and also the borrower will be eligible only for a lower loan amount.
3. How can a person boost their credit score?
A. A person can improve their credit score by the following measures,
4. Can a person check their credit score for free?
A. Yes. CIBIL™ provides the benefit of checking the credit score for free on its portal once a year. Alternatively, you can check your credit score for free any number of times on the CreditMantri website.
5. What are the four credit rating agencies in India?
A. The four credit rating agencies in India are,
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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