Guide to your Credit Score 2018,
Credit Information Report (CIR) and
“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
Refer – How to check your cibil credit score online
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
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
What information does Credit Information Report
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
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