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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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The RBI has authorised companies which have registered under the The Credit Information Companies (Regulation) Act, 2005 to provide a credit rating or a credit score based on past performances reported by various member banks and credit institutions. Credit Information Bureau India Ltd (CIBIL™) is India's premier credit information bureau. Experian and Equifax are the other large players operating in India.
Credit score is issued by 4 main credit bureaus in India. The 4 credit bureaus are CIBIL™, Equifax , HighMark™ and Experian. In India, amongst the bureaus, the CIBIL™ score is popular since CIBIL™ is the oldest bureau. However, many lenders are using Experian and Equifax for their credit decision making. It is now mandatory for all lenders to submit data to all the 4 bureaus.
Your credit score is seen as a direct indicator of your credit health. The number of loans and types of loan accounts, outstanding debt, and length of credit history also play a major role in determining your CIBIL™ score or Equifax score. If you maintain a good track record backed by a solid Credit score (be it CIBIL™ score or Equifax score or Experian score or HighMark score) lenders will be very comfortable lending to you.
BAD CREDIT SCORE is a really scary phrase these days – since most lenders use this to make their credit decision. Here are a few factors which cause a negative effect on your credit score.
Now that you know the major factors that affect your credit score, you must use all these to maximize your credit score. You can get your credit report online to know your CIBIL™ score and know how your credit score build up is progress. After all, having a good credit score is what helps you get multiple financing options.
There are many ways to get your credit report:
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