![]() ![]() The most well-known credit agency in India is TransUnion Credit Information agency (India) Limited, also referred to as CIBIL.The four credit bureaus in India are listed below: TransUnion Credit Information Bureau (India) Limited: Lending institutions, data collection companies, money collection agencies, and other organisations provide such information. Additionally, information on Income Taxes, timely utility bill payment, and other matters may be included in this analysis. These include the borrowing of loans, the use of credit cards, the use of overdrafts, etc., and their repayments. Credit Bureaus in IndiaĪ credit bureau is a company that gathers and analyses information about a person's or a company's credit transactions. An average score of 750 is considered good for lenders to provide you with good deals and better rates of interest. The higher your credit score is, the better it is for you. The credit report is more like a report card for your credit, and the credit score is like the percentage you get on your report card. The credit score is a depiction of your creditworthiness, while your report will include payment history, number of loans, your outstanding balances of any loans, the total of your credit limit, and loan details of all loans taken from a diverse pool of lenders. Your credit score is just a part of the report, which has a 3-digit number which will be anywhere in the range of 300 - 900. The credit report is a report that includes your credit score as well as other details on all your financial transactions related to credit. CIBIL scores have become the benchmark for creditworthiness in India. The CIBIL score or rating is derived out of this data as well as other variables that affect your financial position. What is a CIBIL ReportĪ CIBIL report, also known as a Credit Information Report (CIR) is a document listing all your borrowings and repayment histories. You can save a lot of time as well as money. If you have a good CIBIL score, you are more likely to avail high interest rates as well as get loans faster. A CIBIL score of 750 and above is considered a good CIBIL score in the case of an unsecured loan. This helps borrowers avail various benefits such as higher loan amounts, faster loan approvals, and lower interest rates. What is a Good CIBIL ScoreĪ good CIBIL score is between 720 and 900 and is solely based on your credit history and behaviour. Your credit history, including the total amount due, credit card bills, repayment history, the number of credit accounts you have, and the credit utilisation information are taken into account when calculating your credit score. Your creditworthiness as a potential borrower is indicated by your credit rating. The CIBIL score refers to the credit rating determined by CIBIL. The Reserve Bank of India has granted licenses to each of these credit agencies. Experian, Equifax, and CRIF Highmark are the other three prominent bureaus. One of the four main credit bureaus in India, CIBIL is associated with numerous major banks, Non-Banking Financial Companies (NBFCs), and housing finance companies. Difference Between CIBIL Score and Credit Score ![]()
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