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Get answers to commonly asked questions related to credit bureaus
CIBIL™ (Credit Information Bureau (India) Limited) has formed a collaboration with Transunion an American company and is known as TransUnion CIBIL™ Limited. CIBIL™ TransUnion score relates to the 3-digit credit score provided by TransUnion CIBIL™ Limited, one of the leading credit bureaus of India. The credit score helps in monitoring and tracking the credit repayment history of an individual.
Additional Reading: What is the meaning of the CIBIL™ Score
CIBIL™ TransUnion score is one of the key elements considered by lenders to assess the creditworthiness and potential debt repayment capacity of a borrower before granting the actual loan.
A high CIBIL™ TransUnion score signifies the creditworthiness and financial discipline of a borrower relating to his past debt repayment history. Also, a good CIBIL™ TransUnion score entails a borrower to better loan terms like a lower rate of interest, higher loan amount, extended loan tenure or reduced EMIs. Lenders are also assured of a borrower’s potential ability to pay the debt on time without defaults making getting loans a very easy process.
CIBIL™ TransUnion score is in the range of 300 to 900 which is calculated based on your current and past credit history.
So, aim for a higher CIBIL™ TransUnion score, as it significantly increases your chances of getting a loan/credit card approved. If you are applying for an unsecured loan like a personal loan, then with a higher CIBIL™ TransUnion score you could even get even negotiate with the lender for affordable and favourable loan terms.
Additional Reading: What is Trans Union CIBIL™?
CIBIL™ TransUnion initially collates your credit information and maintains credit records with banks and financial institutions. The lenders then provide reports of your credit activities like EMIs payments, any delay or default in paying off credit card bills or EMIs, your existing and past loan details, any debt rejections etc. to the bureau on a regular basis.
CIBIL™ TransUnion then once again collates numerous credit data to calculate your CIBIL™ TransUnion score. The credit score thus obtained shows your past and existing creditworthiness. If you have been prudent in your past financial transactions relating to debt, then the credit report would generate a higher credit score. Any lag in your debt financial dealings would result in a lower credit score impacting your potential loan approval.
Lenders are also assured of your ability to repay future loans on time if your credit score is on the higher side. The generation of the Credit report and CIBIL™ TransUnion score is an ongoing process conducted by CIBIL™ TransUnion for evaluating the creditworthiness and risk attached to a borrower.
Common reasons pertaining to a low CIBIL™ TransUnion Score could be
By inculcating good credit habits, you can improve your credit score.
Clear all outstanding loans/credit card dues
Avoid any late payment fees on your loan or credit card by paying all outstanding debt on time. This will certainly help you to improve your CIBIL™ TransUnion score.
Low credit utilization
Always ensure that you do not exceed your credit utilization by more than 30% of the sanctioned credit card limit. Lenders do not prefer borrowers who have a disposition towards high debt, as they consider them a risky option who could default on their credit amount.
Avoid too many debts at one time
Multiple loans or credit cards are a strict no as these hampers your chances of improving your CIBIL™ TransUnion score. You should always keep a gap between different debt so as to have a good credit score.
Regular checking of CIBIL™ TransUnion score
Keep regularly checking your credit report and CIBIL™ TransUnion to ensure that the information is accurate. Any errors should be immediately applied to be rectified.
Additional Reading: How to check CIBIL™ score for free
1. What is the CIBIL™ Transunion score?
CIBIL™ score measures your creditworthiness. It is a vital score that helps lenders evaluate your eligibility for a loan or credit card. A CIBIL™ score is calculated by the TransUnion CIBIL™, which is one of the 4 credit bureaus.
2. Are Transunion and CIBIL™ the same?
Transunion operates CIBIL™. Transunion acquired a 92.1% stake in CIBIL™. TransUnion CIBIL™ is one of four credit bureaus in India. Other credit rating agencies include Experian, CRIF High Mark, and Equifax.
3. How to read my CIBIL™ TransUnion score?
Your CIBIL™ score is computed based on your credit behaviour as shown in the 'Accounts' and 'Enquiries' section of your CIR. It falls in the range of 300 to 900. A score above 700 is ideally considered good.
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!
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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,
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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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