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What is a Credit Score or Credit Rating?
A Credit Rating is a number computed by an approved credit rating agency and it provides a hint of the credit worthiness of an individual. An individual's Credit Score provides a credit institution with an indication of the "probability of default" of the individual, based on their credit history. What this means in simple English is that the Score tells a lender / credit institution (typically banks or NBFCs) how likely you are to pay back a loan based on your past pattern of credit usage and loan repayment behaviour.
What is a CIBIL™ score?
CIBIL™ is one of the four authorized credit bureaus in India, the others being Equifax, CRIF High Mark and Experian which provide a credit score.
Credit score is a tool for lenders to check the borrower’s credit worthiness and capacity to repay loans. If you have a good credit score and history lenders will typically approve your loan and credit card applications. The credit score is calculated by the bureau based on the information that is provided to them by lenders.
Your credit score is a 3 digit number and ranges between 300 and 900. If you have a credit score more than 750, it means that you have a good credit score. In this case, there will be many lenders who will be willing to lend to you.
What is credit rating?
Credit rating for individuals is nothing but your credit score or credit score. In addition to a credits core, bureaus also provide a credit report which indicates your credit and payment behaviour.
If you have a low credit score, it is possible to improve your credit rating or credit score within a few months. If you have a low score, you can either take professional assistance or choose to do it on your own.
The following factors affect your credit score :
- Obtain a copy of your credit score and credit report, and carefully scan it for any inconsistencies which might be bringing down your credit score. If you find a discrepancy, immediately file a dispute and get it resolved.
- Delay in payments is another major cause for a low credit score. Make full payments towards your credit card bills, on time, every time.
- Utilizing too much of credit also leads to a low credit score, as it indicates you are "credit hungry."
- Make sure you have a balance between secured loans (loans borrowed with a security or a fixed deposit) and unsecured loans (loans borrowed without any fixed deposit or a security).
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