What is Cibil Score?
A CIBIL Score is just a three-digit credit score number generated by TransUnion CIBIL, a credit agency based on your previous credit info. This score ranges between 300 and 900. The higher your score, the easier that you get credit from lenders. You want to know about CIBIL score for those who have a credit history and if you haven’t yet applied for a credit card or credit card.
Are Cibil score and Cibil Rank the same?
Nope. It doesn’t have anything to do with. CIBIL scores are arrived at based on your credit and ongoing credit rating. Of course, your CIBIL CIR or credit information report may possibly contain advice in your present credit reports and relevant credit activities but does NOT include these: your savings/FB/trading/current/savings/investment account. These have zero effect on your Score. On the contrary, it focuses on missed payments, charge-offs, etc..
Does CIBIL Score deal with savings or investment account info?
When you owe a debt can be a bank card, mortgage or other debt–you have to repay it. In the event that you miss payments for six months, then the creditor gives up on your debt and marks that the debt for a bill off–essentially announcing that your debt is not likely to be collected. Doesn’t mean you never need to pay for your debt you are still legally bound to pay it. The lender might further promote this bad debt to a collection agency or debt buy. Thus, the debt can happen twice in your credit report–once out of the original creditor and second from the debt collector who bought it. Bad news. This stays on your credit report for seven years by the date of default. Overdue obligations and charge-offs on a charge file result in a low credit score. You want to maintain a fantastic credit score and fortunately, there are techniques to repair a bad one.
Some important information about CIBIL Score:
CIBIL credit reports are available for free.
If you apply for multiple lines of credit frequently, It can affect your CIBIL score negatively. Making a loan payment on time wouldn’t help much.
One can avail a loan even if his CIBIL score is low since different banks have different cut-offs. Here is the catch, the rate of interest could be higher than normal in this case.
