Thursday, May 26, 2016


If you’re looking to rebuild your credit history, or even just keep track of it, the right place to begin would be your credit report. Knowing your credit information is important because virtually no financial transaction such a loan or credit card application goes though without the lender in question checking these details.
There are four credit bureaus in India, of which cibil score is the oldest. Hence colloquially a credit score is often known as a CIBIL score. While scores across bureaus may differ slightly, the logic used to calculate them is the same. So whether you opt for CIBIL or any other bureau (namely Equifax, Experian and CRIF High Mark) what you will get is a credit score that helps you gauge your financial fitness.
With CIBIL, a score of 750 and above is generally considered to be a good or healthy score and is looked upon favourably by most banks and financial institutions.

A credit score is important for several reasons, some of which include:
  • Better (and more competitive) rates of interest when you apply for fresh credit
  • Being able to avail of credit when you really do require it
  • Quick and smoother loan approvals
  • Demand for scores is now going beyond the banking and financial services domain, with even employers checking the scores of potential employees

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