The first credit information firm or credit bureau in India is Credit Information Bureau (India) Limited, or CIBIL for short. It keeps track of every credit-related action taken by people and businesses. Periodically, usually on a monthly basis, registered members (banks) and other financial institutions transmit the records to CIBIL. CIBIL generates a credit score and a credit information report, or CIR (often called a credit report), based on this data.
Your credit behavior as shown in the "Accounts" and "Enquiries" sections of your CIR is used to compute your CIBIL Score. Having a high CIBIL score is crucial for getting loan approvals. Prior to accepting your loan, banks will review your CIBIL score.
Your credit worthiness is assessed with the use of your CIBIL score, which will make it easier and faster for you to apply for loans.
Your CIBIL score and report are extremely important to your financial path. Your CIBIL score and report are what credit lenders use to decide whether to grant you credit. Lenders will be reluctant to approve credit card applications and loans if your CIBIL score is below average.
Copyright © 2024 All rights reserved.
Designed by FT Digital Computers