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CIBIL score is used by lenders for assessing the credit risk of a borrower while lending money. Its good to check CIBIL score periodically
India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India. These rating agencies regularly collect information from creditors, lenders, utilities and other debt collectors to process the data into a readable and usable form and provide credit information reports on individual consumers for lenders. These credit reports plays a critical role in the loan application process. Therefore it's important to know and monitor your credit score on a regular basis to check for any inaccuracies.
Credit reports contain information like name, age, address, list of credit facilities, repayment track record and a credit score. This information helps lenders assess credit worthiness of their borrowers and their ability to pay back a loan if granted. If the credit score is low, the lender may not even consider the application further. If the credit score is high, the lender will consider other details to determine if the applicant is credit-worthy.
A credit report is a report prepared by a Credit Rating Agency, which contains information relating to the credit worthiness and repayment track record of an individual.
Credit Rating Agencies uses a number of factors to arrive at the Credit Score which represents the individuals' credit worthiness. Higher credit score implies better credit worthiness.
Credit Rating Agencies are companies that that provide information about an individual's creditworthiness. India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India.
Credit Report's contain information like name of the individual, age, addresses, list of credit facilities availed, repayment record and credit score.