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Guide to your credit score 2018


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Guide to your Credit Score 2018

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Guide to your credit score 2018

  1. 1. Guide to your Credit Score 2018, Credit Information Report (CIR) and CIBIL “Credit Report” and CIBIL should be listening to you too late. What are these How does it affect your financial life? Read more if you want to know more. India is changing rapidly – younger India is different from buying money from the past generation and purchasing it only from money. It is believed that this generation is required to purchase products through loans and equivalent Monthly Installments (EMIs). Banks quickly made this change easier by expanding easy loans to customers. Refer – How to check your cibil credit score online for free
  2. 2. Why is a Credit Information Report (CIR) needed? But before a bank can extend your debt, you have to make a decision: Can you pay interest and principle or do you have the default? How much benefit do you have at the risk of paying cash? Banks are dependent on a number of reasons to make this decision – your income, your other loans, the previous payment history, etc. Previously, this information should be collected from you before banks can analyze it. But now, they are instantly accessible to make this decision easier – report your credit history or your credit information. Indian Scenario – the Credit Information Report (CIR) In short, your credit scores will bring you credibility! It has been taken by analyzing various aspects of your credit goodness – as mentioned earlier, some of them are your income and other EMIs you pay, whether you are advanced or alert. All of these factors have been analyzed and are in the form of many forms of your credit score. In India, the credit score is between 300 and 850. This number tells the credit card you are paying for – the higher the number, the better you are the borrower! Advantages of a Credit Information Report Helps banks make better-informed decisions, which means they have less chance of having a default customer If you have a good credit history, you can help get a good rate – the banks have a good borrower with a low-interest rate Banks help you make a quick decision on your loan – your application will be processed quickly, which means you can get your money quickly
  3. 3. What information does Credit Information Report contain? Basic information about you, such as your name, address, identification numbers (PAN number, passport number, number of voters, telephone number, etc.) and date of birth  All the credit records you used  Your last payment history  Any amount overdue  The number of inquiries you have made by various members of CIBIL (how many financial institutions have checked your credit history) What information is not present in your Credit Information Report?  Your income details  The number of deposits you have deposited with banks (s)  Details of your assets  Your investment (s) details Please note that Credit Report provides real credit information to banks and financial institutions – there is no view of whether or not to grant a loan. Read more about cibil credit score at: 11 Major Factors That Affect Your CIBIL Score 1.What is a Credit Information Report (CIR)? What’s the Role of CIBIL Score in loan approval process? CIBIL Score online and Loan Basics 2018 Loan Rejections or Disputes related to cibil score – FAQ’s Simpler Queries to Make you Understand Your Credit Score and Credit Report Easier