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The Credit Information Bureau (India) Ltd, better known as CIBIL, is the premier agency for providing credit reports and scores pertaining to individuals. CIBIL sources financial data of individuals such as loan and credit card information from leading banks and other financial institutions in India. This data is then presented in the form of a CIBIL credit report, also known as a Credit Information Report (CIR).
CIBIL was incorporated in 2000 and has continued to expand its presence throughout the country. It is backed by TransUnion International and Dun and Bradstreet, which are major global credit bureaus and agencies
The Credit Information Bureau (India) Ltd, popularly known as CIBIL is a Reserve Bank of India (RBI) authorised credit agency. It offers CIBIL scores and CIBIL reports for individuals. A CIBIL score is generated by the bureau after considering an individual’s detailed credit information. The agency also offers credit report services to the banks and other NBFC (Non-banking financial companies). A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit worthiness. A higher CIBIL score suggests good credit history and responsible repayment behavior. CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. The data is fed into an algorithm with 258 different variables; each with a different weightage.
What is a CIBIL Score?
A CIBIL Score is a numeric summary of credit history that is calculated based on the following factors:
| Track Record of Past Payments |
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| Previous Settlements, Defaults, Write-offs |
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| Loans as Proportion of Income |
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| Secured Loans vs. Unsecured Loans and credit cards |
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| Loan Equities |
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A CIBIL score of 750 and above is considered as ideal. It is important to have a high CIBIL score as it is useful when you are applying for a loan or a credit card. Keeping your CIBIL score on track since the beginning of the year can help you increase the chances of getting a loan approved easily. Maintaining a healthy CIBIL score is extremely important. Here are some important tips to have a great CIBIL Score.
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It is important to have a high CIBIL score as it helps banks decide whether to extend a certain amount of credit to you or not. A good CIBIL score increases your chances for an easier credit approval. Here are five simple and effective ways that will help you improve your CIBIL score.
A CIBIL score can range from 300 to 900 with 300 being the bottom end and 900 being the best score possible. Here is what your score could mean.
0 or -1: If your score is 0 then it just means that you have no credit history created via a credit card or loans. You might want to consider taking one so that you can get a credit history going.
350 – 550: Alarm bells should be ringing because this is a bad score. It means you have been defaulting on payments and the chances of getting new loans/credit cards are minimal.
550 – 650: This is an acceptable region to be in since it indicates that you are fairly regular with your payments and can be trusted with new loans and cards. Your loan applications are also likely to be approved.
650 – 750: You are on the right path. You will not face too many problems with loans and credit cards and should you stick to your current habits, you could reach the best CIBIL scores too.
750 – 900: This is the best range to be in since it means that you are a financial guru. You are regular with credit payments are have a really good payment history. Banks will tend to be very will to offer you credit products with such a score.
To Know More Visit : Factors that affect CIBIL Score
To Know More Visit :Tips to increase CIBIL Score
What makes you more potential to be chosen by lenders to grant a loan or to extend the credit card limit? A good Credit Score it is. Assessing the creditworthiness of an individual mathematically is called a credit score, which is usually in the range of 300 to 900. Credibility or creditworthiness is assessed whether or not to offer a financial product that requires to be repaid over a period of time. A person with a good score has an upper hand over a person with a bad score in terms of banking.
Credit scoring is based on credit reports that contain a detailed financial history, including personal information, active and inactive bank account details, missed payments, delayed payments etc. Banks, NBFCs or licensed lenders with whom you transact with will submit report to credit rating agencies. Rating is done according to the criteria set by each agency. There could be a minute variation in ratings, but all ratings are considered equally valid. It is good to be well-rated. Keep your credit scores healthy. Do not consider the following assumptions that ruin your credibility:
Under no circumstances, you can assume your Credit Reports to be correct and valid always. You are entitled to get a free copy of credit reports annually. Have them handy and review carefully. As mentioned earlier, the information contained in credit reports is massive and should be checked for completeness and accuracy. Outdated, wrong or inaccurate information should be rectified.
A credit utilisation ratio expresses the relation between the amount of credit granted and the actual credit usage. Anything between 30-35% is considered feasible. For instance, if the sanctioned credit limit on your credit card is Rs.100,000, the actual usage should not exceed Rs.35,000 to avoid the consequences of being considered an unsafe financial behavior. People take it for granted. Be cautious while spending more than the cutoff ratio.
Credit card companies and lenders like to observe how effectively you manage various categories of financing. Build your Credit Score through a portfolio of properly balanced secured long-run loans such as housing mortgages and auto loans; and unsecured revolving mortgages like personal loans and credit cards. For instance, making credit card payments in full in lieu of utilising the facility of revolving credit is considered positive.
People tend to delay payments assuming assuming that have no impact on credit rating. It cannot be done. Deferred payments are a poor practice and reflect an inability to make payments in time. The more the delay, the more shall be the impact on your credibility. Set payment reminders for yourselves to ensure timely payments.
Bankers would want to see your previous repayment history. It is tough to build credit with no credit history. Staying away from any type of debt completely might not always be in the interest rate of lending companies. The evidence for previous payments can put you on a higher scale.
People assume that closing old accounts like credit cards gives a boost to creditworthiness. It is wrong. Holding and maintaining old accounts mount the average lifespan of your credit history and impact your credibility positively.
Standing as a co-applicant seems reasonable as long as you are sure that the principal borrower can repay debts. The payment obligation will be shifted to you if the principal borrower fails to make payments. It impacts your credibility.
CIBIL credit ratings can be checked online by following a few simple steps, as outlined below.
Also Know: How to check CIBIL score
To obtain your credit score and credit report you will need to contact the credit rating agency in India, CIBIL. They will be charges involved to obtain a credit score and credit report. Any individual wanting this report will need to pay an amount of maximum Rs. 500 to obtain this report, the application process with payment applies to both individuals and institutions. Let’s say a bank or financial institutions needs your credit report with your score to check your loan eligibility, even they will need to make a payment for that copy. There are a few websites that will promise to give you, your credit report and score for free, but will ask you to sign up with them or become a member of their website etc.
A CIBIL report, also known as a Credit Information Report (CIR) is a document listing all your borrowings and repayment histories. The CIBIL score or rating is derived out of this data as well as other variables that affect your financial position.
CIBIL scores have become the benchmark for credit worthiness in India. While CIBIL was the first Indian credit bureau, other international players have also started providing credit scores in recent years such as Experian Credit Information Company India Pvt Ltd. The importance of credit checks should not be undermined.
The credit report is a report that includes your credit score as well as other details on all your financial transactions related to credit. 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 score is a depiction of your creditworthiness, while your report will include payment history, number of loans, your outstanding balances of any loans, total of your credit limit, loan details of all loans taken from a diverse pool of lenders. 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 higher your credit score is, the better it is for you. An average score of 750 is considered good for lenders to provide you with good deals and better rates of interest.
Banks, as part of their due diligence process, gauge the creditworthiness of individuals based on credit scores. The information listed on your credit report includes several variables that CIBIL uses to set your credit score. CIBIL score, therefore, reflects the extent of the probability of a default. An individual’s credit history is submitted to CIBIL by banks and financial institutions on a monthly basis.
Q. What do high and low credit score determine?A high CIBIL credit score essentially means less probability of a default. A low CIBIL credit score reflects high probability of a default.
Q. How can you get your CIBIL score?Log on to the CIBIL website and click on the ‘know your score’ tab to get a personalized credit score. Fill an online form which requires you to include details such as your name, date of birth, income, identity proof, address and phone number, in addition to the loans taken by you. Following payment of a certain sum, you will have to submit authentication details which include questions based on your credit history. After authentication, your credit score will be emailed to you.
Q. Will opting for a credit card decrease my score?If you have a zero outstanding balance on your old credit card, there is no reason to unduly worry about it and close it. If you have a credit card with a clear payment history, it will not only reflect your responsible credit behaviour but also keep your utilization rate low, which impacts your score positively.
Q. Does zilch credit mean a good score?There are many who avoid loans like the plague, hoping that their CIBIL score will then be perfect. Nothing can be farther from the truth. If you do not borrow, you do not have a credit history and, therefore, no credit bureau can assign a score. Consequently, you might find it difficult to get a loan. Timely repayments are of seminal importance to ensure that your score remains above 750.
Q. How to check CIBIL score without paying fee?
The fact is, CIBIL does not furnish your CIBIL report or score without levying a fee for the same. There are online websites and tools that offer to estimate your credit score based on certain input parameters but this score is just an estimated figure and not your actual CIBIL score. Actual score can only be obtained by paying the required fee.
Q. Why is CIBIL score important for customers?
Credit score is a distinct numeral assigned to each individual based on analysis of his/her credit report. A higher credit score signifies a health credit history and a lower score signifies a bad credit history. Any score between 700 and 900 is considered good while that below 700 needs to be improved in order to come in the good books of lending and banking entities. You CIBIL score depicts your credit-worthiness as a customers and is hence an important numeric figure. This score is looked up by banks when you apply for any credit channel like loan or credit cards.
Q. How is CIBIL score calculated?
CIBIL score is calculated by the Credit Information Bureau India limited in conjunction with various registered credit bureaus of the country. The score takes into account your payment history, payment pattern, your existing credit channels and the amount of credit that you own.
Q. Is it possible for the CIBIL Score to change?
The CIBIL Score will change based on the various factors such as any change in loan/credit account, credit repayment history, missed payments, etc. The score can also change when your lender carries out a hard check on your credit report. The information collected from various financial institutions and government agencies is received by CIBIL on a monthly basis. These financial institutions and government agencies are liable to provide credit/loan information of an individual to credit bureaus across India. Based on any information regarding a change in your financial creditability will cause the change in your credit score.
Q. Is there any other credit bureau apart from CIBIL that provides credit score/report in India?
There are three other credit bureaus in India apart from CIBIL. TransUnion CIBIL Limited is the oldest credit bureau that has been providing the individual credit score to lenders such as banks to check repayment capabilities of an applicant. The credit score generate by TransUnion CIBIL Limited is called a CIBIL Score, however, the credit reports and scores can also be taken from the other three credit bureaus such as - Experian, Equifax, and CRIF HighMark. They collect the financial information of an individual from various financial institutions and establishments to calculate and generate the credit scores and reports.
Q. What is Credit Information Report (CIR) and how it different from CIBIL Score?
Credit Information Report (CIR) is the complete summary of your credit history based on the last 5-7 years of credit and loan accounts. The CIR also contains personal and credit/loan account details including the inquiries’ made by lenders for your credit/loan application. The CIR is a record of your EMI repayments and/or credit card payments. The CIBIL Score is a part of the CIR. The score is an indication of your credit/financial health that is calculated based on the various factors that prepare the CIR.
Q. Who can access your CIBIL Score?
Your CIIBL Score can only be accessed by CIBIL Members such as certain banks, your lender, you, and other authorized establishments. These members are required to access the credit report/score only when you apply for a loan or a credit product. Apart from the banks, you can access your credit report/score by making a payment either to CIBIL or to any other credit bureaus.
Q. How can I check my CIBIL Report?
You can request for your CIBIL report by visiting the www.cibil.com. You will need to enter personal details such name, PAN card number, date of birth, gender, etc, clear the personal verification process, and make a fee payment in order to access your credit report. CIBIL provides credit reports online as well as a physical copy of it that is sent to your address. Currently, you can access your CIBIL report for free by requesting for it under the once a year 'free' offer.
Q. Why are the PAN card details required to check the CIBIL Score?
PAN Card is one of the unique identifiers that is related to all types of financial activities. Whether you are opening a bank account, transacting for a higher value, or taking a loan or credit card, PAN card is required for all these types of application. The credit bureaus in India use PAN card as the major tool that helps in identifying individuals when they are requesting for their credit report. If you are planning to obtain your credit report/score, make sure that you have your PAN card details with you.
Q. How can I get the CIBIL Score for free?
If you are requesting for your CIBIL for the first time in a year, you can get it for free. CIBIL offer once a year free credit score upon requests. There are no other websites that can provide you with the CIBIL Score for free. You will need to visit the CIBIL website www.cibil.com in order to request for your credit score/report.
Q. How CIBIL gets the information of your credit/loan history?
The CIBIL Members such as banks and other government agencies provide financial information of an individual on a monthly basis to CIBIL in exchange for the access to the credit reports and score prepared by CIBIL for determining their loan/credit applicant's financial credibility. CIBIL collects your financial information related to loans and credit accounts from your bank.
Q. Will there be any impact to my Credit Score when I check?
No. When you requesting for your own credit score/report, this is considered to be a soft check that doesn't have any impact on the credit score. But when you apply for a loan/credit, and your lender carries out a check, that'll be considered as a hard check. A hard check can impact your credit score negatively. If your loan application gets rejected, it is advisable not to immediately check with other banks, more hard checks can cause further damage to your credit health.
Q. Why do the lenders need to check the CIBIL Score?
While reviewing the loan/credit applications, it becomes essential for the banks to consider the repayment capability of an individual. The credit score and report helps the lenders determine the repayment capabilities of an individual. By referring to the credit score, the banks can identify the applicant repayment habits and decide whether the application can be approved or rejected. The CIBIL Score can be one of the deciding factors involved in determining the interest rate, credit limit, and other essential parts of the loan/credit account.
Q. What kind of credit/loan account details are included in the credit report?
A credit report will contain details of your credit and loan accounts. Even if you have closed a credit/loan account in the past, the credit report will include details of that account. The report will show the total credit/loan amount, EMI details, missed/late payment, lender’s name, and other related information. There could be instances where the details entered in the credit report are incorrect, you are advised to get in touch with the credit bureau to remove the incorrect details.
Q. How to remove errors or incorrect entries from the CIBIL Credit Information Report (CIR)?
If you have reviewed your Credit Information Report (CIR) and found errors or incorrect entries, you can get in touch with TransUnion CIBIL Limited directly to get it corrected. TransUnion CIBIL Limited will review your request and make necessary changes on receipt of a nominal fee. If you are planning to apply for a home loan, credit card or any other loan/credit product, you are advised to review your CIR so you can fix errors and get your credit score/report updated. You can file a dispute for the scrutiny of the information on your CIR, the credit bureau will carry out a check and update the CIR accordingly.
Q. Is it possible for CIBIL to delete or amend my credit information independently?
CIBIL is not allowed to delete or make any changes to the Credit Information Report (CIR) independently. CIBIL collects information from banking as well as non-banking financial companies to prepare CIR. The CIR might have incorrect entries or incorrect details that are collected from the CIBIL members, in that case, once you contact CIBIL to rectify the error, they will obtain clearance from the members along with necessary documents to make changes to the CIR. Hence, you are advised to review your CIR periodically to ensure your credit score is up to date.
Q. What is CIBIL 2.0?
CIBIL 2.0 is a new scoring model that TransUnion CIBIL Limited uses to calculate the credit report for individuals. Individuals with a new credit history of 6 months or lesser are assigned a score based on the risk factors involved in lending to new borrowers. The CIBIL 2.0 offers a risk index of 1-5 to individuals with new credit history, the higher the number, the risk of defaulting is lesser. The CIBIL 2.0 is designed to match the current economic and credit trends.
Q. How can the CIBIL Score affect my application for a new loan or a credit card?
Currently, when an individual applies for a loan or credit card, the lender (bank) will carry out a credit report/check to make sure the borrower has a positive record of credit repayment. The bank may refer to any of the credit bureaus to obtain a CIR of an individual. Based on the credit score, the bank may decide to approve your reject your credit/loan application. Though the credit score is not the only factor that decides whether your loan/credit is getting approved or not, it is one of the important factors that your lender will look into. A poor credit score will have more chance of loan application rejection compared to a healthy credit score.
Q. What is a good CIBIL Score?
The CIBIL Score ranges from 300 to 900 where 300 being a bad credit score to 900 being the best. A CIBIL credit score of 750 and above is considered to be a good score and has more chances of the loan application getting approved. If your credit score is bad, there are various methods that you can use to improve the score.
Q. What is minimum CIBIL score required for the approval of personal loans?
The banks and Non-banking Financial Companies (NBFC) do not publish the minimum credit score required for loan approvals, however, they do look into your credit score to make their credit lending decisions. A CIBIL score of 750 and above is considered to be a good credit score, however, the approval will still depend on other factors such as loan amount, employment status, credit history, etc. It is recommended to review the credit score periodically so you can identify the factors that are improving or decreasing your credit score. A credit score that is close to 900 has more chances of a loan application getting approved.
Q. What is minimum CIBIL score required for the approval of home loans?
Since banks and NBFCs are not required to publish the minimum threshold of a credit score for home loans, you are recommended to review your credit report/score and take necessary steps towards improving it. The credit score/report is a part of the loan application review, the banks have the liberty to take an independent decision based on their records as well.
Q. For how long CIBIL keeps the record of the defaulters?
CIBIL is not required to publish the record of the defaulters, however, the CIBIL CIR contains the details of the defaults of a particular individual. The details of such defaults are on record for a maximum of seven years. Any information that is over seven years old is not included in the CIR.
Credit Score of 750 = Easy approval on Loans/Credit Card! Check now in less than 3 min!Check for FREE
Delay in paying bills, pending debts are some of the critical factors that are considered while calculating your credit score. However, Credit Information Bureau has increased the number of parameters that will make the credit score more dynamic. Satish Pillai, MD and CEO of TransUnion Cibil Ltd has stated that alternative parameters will be taken into consideration to analyse an individual’s credit worthiness. He added that if an individual’s CIBIL score has decreased from 800 to 730, the existing factors considered to calculate CIBIL are not enough to calculate the real creditworthiness of that individual. Hence, CIBIL has made credit scores more dynamic by adding new parameters like how much off credit card dues one has repaid, whether he/she has paid full or minimum amount and so on. More and more banks and fintech companies are opting for this dynamic score model. In addition to PAN details, CIBIL is now considering other data sources like driving license, Aadhar, and Ration Card for the same.
A CIBIL score is important to banks and lenders as it helps them understand the creditworthiness of an individual. A credit score is a three digit number between 300-900 that represents creditworthiness of an individual. The score is calculated on the basis of an individual’s credit history and repayment behaviour. A credit score above 750 is considered as ideal. A higher credit score increases your chances of getting a quicker approval for your loan or credit card application.
15 June 2018
Customers with a CIBIL score of 760 and above are eligible to get a home loan at a cheaper interest rate by Bank of India. These eligible customers will get home loans at marginal cost of lending rate (MCLR) for an year. MCLR is the minimum interest rate of bank below which it cannot lend. If an eligible customer has a credit score of 760 and above and wants a home loan of Rs. 30 lakh and above, he/she will get a loan at 8.40%. However, if your credit score is below 760, you are eligible for home loan at a higher interest rate of 8.50%.
A CIBIL score is a three-digit number between 300-900 that represents an individual’s creditworthiness. It gives banks and lenders an idea of your credit and repayment history.
7 June 2018
CIBIL score, a three-digit number, represents the creditworthiness of an individual and is computed based on a credit report. The score is offered between 300 and 900. You should have a good CIBIL score to be eligible for applying financial services such as home loans, credit cards, personal loans, mortgage loans, etc. A person with a poor credit score is more likely to be rejected by financial service providers. Sometimes, your CIBIL score is checked while you apply for a visa.
A CIBIL score is affected by credit history, exposure to credit, credit mix and duration, and other elements. Credit history accounts for 30% of your CIBIL score whereas credit mix and duration accounts for 25% of your CIBIL rating. Other factors account for 20% your CIBIL score and finally, credit exposure accounts for 25% of a CIBIL rating. Can I maintain a good CIBIL score always? Yes. You can definitely maintain a good CIBIL score using the following tips:
• Make sure you make payments in time
• You have to maintain a combination of unsecured and secured mortgages
• Make sure you do not make multiple queries
• Check your CIBIL score consistently
• Be consulted from experts who can help you manage a noteworthy credit rating
• Obtain a copy of credit report from credit rating agencies
As per a recent report, an individual is not eligible to apply for a loan if his or her CIBIL score is in between 300-599. If your CIBIL score is more than 600 but less than 749, then, you have a good chance of being considered for granting a loan. If your score is more than 750, you are definitely considered to grant a loan. Moreover, a person with a better credit score can negotiate a lower interest rate.
4 June 2018
A CIBIL score is important to banks and lenders as it helps them understand the creditworthiness on an individual. Here are some simple steps that will help you maintain a decent credit history and increase your CIBIL score.
• Make all the bill payments on time and avoid delays. Try not to pay partial amounts as it may showcase you as undisciplined credit payer and bring your credit score down
• Do not remove or deactivate old accounts as it may harm your score if you have a good repayment history
• Maintaining a discipline while using a credit card and avoid exhausting your entire credit limit. make sure to not spend over 50% of your credit card limit until your credit score reaches 750
• It is advised to check your credit report periodically as it may have errors. Also, try to monitor your credit score at equal intervals
23 May 2018
Bank of India has decided to offer favourable home loan rates to its customers who have a CIBIL score greater than 760. The only condition put forward by the bank for this scheme is that the amount borrowed for the loan should exceed Rs. 30 lakh. All home loans usually have an interest rate that exceeds 8.5% but with Bank of India’s offer, customers can avail the loan at Marginal Cost of Funds based Lending Rates (MCLR) of 8.4%. This offer further reiterates the importance of maintaining a good CIBIL score. A CIBIL score is nothing but a report which is created based on the credit history of the person in the question. A CIBIL score over 750 is considered to be a good credit score. A good credit score makes it easier for the person to get an approval for a loan he or she has applied for in the bank.
11 May 2018
A CIBIL report comprises of an individual’s credit history and repayment behavior. It also has details about home loan, personal loan, credit card and overdraft facilities. A CIBIL report helps banks and financial institutions take a decision at the time of approving a loan or credit card application. The CIBIL report consists of several elements. Here are some of the important elements of a credit report that you need to know.
• Cibil Score: A cibil score is a three-digit number between 300-900 that represents your creditworthiness. A score of 750 and above is considered as an ideal score.
• Custom duties on vegetable juice increased to 50% from 30%.
• Personal Information: This section contains the name, gender, PAN number, voter ID and so on.
• Contact Information: An individual’s mobile numbers, permanent and residential addresses..
• Account Information: It is one of the most important section of the credit report as it contains information about an individual’s credit cards and types of loan like home, personal, auto etc that is availed
• Employment Information: This section comprises of an individual’s income at the time of opening facility for credit. It also has information provided by a lender for a specific account.
• Enquiry Information: Information regarding vendors who have enquired into an individual’s credit application is available in this section. Details include the vendor’s name, type of loan, amount of loan, application date and so on.
2 April 2018
In the coming future the factors that will be used to determine your credit score. This will be through taking into account payment history data such as insurance, rent, utility bills and a host of other bills and liabilities, according to a CIBIL official.
At present, the only aspect that is considered is credit card and other loan payment history. In other countries, especially like the United States of America (USA), a lot of other factors are considered such as rent payment record, insurance and other such utility bills, apart from the regular loan payment history that is taken to compute the CIBIL score. The CIBIL official said that this service can also be used in a country like India.
The official added that banks and Non-Banking Financial Companies (NBFCs) will be able to make better decisions when it comes to lending if they use the CIBIL score as a parameter to make a judgement. Having a good CIBIL score will help more and more people get access to fair credit, be it a credit card or a loan.
A discussion in this regard was held at a recent event organised by the Gujarat Chamber of Commerce and Industry and the Federation of Indian Chamber of Commerce and Industry.
21 March 2018
Have you checked your credit score recently? If yes, how well are you rated? If you feel your credit score is not up to the mark, don’t be worried as there are several recipes to enhance your credit rating that plays a significant role in obtaining personal finance services. A credit score is used as a benchmark by financial service providers be it a banking or a non-banking institution. It replicates the debt repayment capabilities of an individual who is rated based on the previous banking history, payment history and earning capabilities.
In India, there are four credit rating bureaus created by the Central Bank of India, the Reserve Bank of India. An individual may be rated differently by these bureaus, but every rating carries the same amount of importance. Be sure to trace your credibility that can be obtained at no cost. If you are well-rated, you shall be picked up by premier personal finance service providers. If not, you are more likely to be forbidden. A free credit score may be obtained online. Here are 5 great ways that can help you to improve your credibility faster:
Make sure to use your credit cards intelligently
A credit card is one of the advanced banking facilities offered by a majority of banks today. As long as you use it wisely, it is a great product. On the contrary, you end up remitting extra charges if you default on dues.
Monitor your credit report constantly
Check your credit report periodically since it may contain incorrect and outdated information. Credit reports can be obtained freely. If you find it to be incorrect, you can rise a ticket to correct errors. A free credit report may be obtained online.
Manage your finance properly
Try saving as much as you can by changing your lifestyle. Have a budget in place and make sure you are within the budget. This way you can cut unnecessary expenses.
Do not close your credit card accounts
Retaining open and idle credit cards may enhance your credit score, according to experts. Do not close credit card accounts even though you have completely remitted your dues. Keep them active by using often.
Enhance your knowledge
Try improving your financial knowledge through reading books and magazines and taking online quizzes. You will gain the much-needed insights this way and shall be able to make wise investment decisions. In fact, many people prefer following this tip to improve their credit scores as well.
Why wait? Get a free credit report and a free credit score online today and follow the aforesaid tips to be well-rated.
25 January 2018
India Lends, the Delhi-based Fintech start-up, plans to expand its reach to Tier III and Tier IV Towns that is an unsecured market. India Lends is an online platform that connects borrowers and lenders. Incepted in 2014, the organization has been serving customer across Tier I and Tier II cities.
Currently, as per records, nearly 2 million borrowers lend into the company’s website to access personal loan, small loan and credit card. The number has grown since the past 1 decade. The company started with 4 Tier I cities and later expanded to 10 cities. In the next stage, it moved to Tier II city and is now planning to serve Tier III and Tier IV towns.
The Fintech firm has tie-up with banking and non-banking financial organizations and it helps customers to shop for loan products and Credit Score.
30 November 2017
Most banks have moved aside when it came to lending funds to the micro and small companies, thanks to the doubtful finances and the lack of proper data on credit history. However, things can change with the credit bureaus that has changed retail lending’s aspect in India. As per bankers, such information can be extremely useful for the banks while taking decisions about lending funds to these organisations or companies. VP of CIBIL, Harshala Chandorkar stated that the CIBIL rank is awarded based on the information collected from various banks.
24 April 2017
