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  • How Important is your CIBIL Score/Report?

    As kids, the only report we were worried about was our school reports that illustrated our academic performance, not much has changed since then. Report cards have been replaced by CIBIL report/score and it does have the same effect on us. Like we already know a CIBIL score or report determines your financial history. We all know that the score or report plays a very important role in one’s financial journey. But just how important is your CIBIL score is the question here. How much does it matter? How does it matter to your bank? We’ll explore the importance of it right here.

    Who Prepares the CIBIL score or Report?

    We are all aware of our CIBIL scores. But who calculates it and how exactly is it calculated? CIBIL score or report is prepared by Credit Information Bureau (India) Limited which plays an imperative role in the financial system of India. CIBIL prepares your report or score based on your financial data acquired. This data contains your payments records of loans and credit cards. The member banks of CIBIL submit these reports every month. Based on the reports submitted by the bank the CIBIL score and report is prepared.

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    How Does Your CIBIL score/Report Matter?

    So how much does CIBIL report or score matter? CIBIL score/report plays a very crucial role in your financial journey. Credit lenders rely on your cibil score/report to determine if you are worthy of availing credit. If your CIBIL score is below average the lenders will be hesitant to advance loans and credit cards. If an individual has a score above 750, they have a better chance at getting loans and credit cards with the best rates. CIBIL score and report helps the lender and the borrower in identifying their credit history better.

    The Bank and CIBIL Report

    Banks and financial institutions collect information about the borrowers to ensure that they are eligible enough to be granted a loan or credit card. From statistics, about 70% of the information collected by the banks about borrowers matches with their CIBIL report and CIBIL score. This proves how accurate CIBIL report is. The banks and financial institutions don’t leave any stone unturned when it comes to collecting information about the borrower and the fact that 70% of the CIBIL report matches to the collected data proves that CIBIL report is accurate and gives a detailed information about the individual’s credit history. Banks more often than not bank on CIBIL report to check an individual’s credit history despite after collecting information about the borrower. Banks check on your CIBIL score to analyse if you’ve ever defaulted in your financial journey in the past as it would have been recorded on your CIBIL report. Your CIBIL score or report will determine your eligibility to avail loans and credit cards.

    Where Else Does it Matter?

    Your CIBIL score shouldn’t be taken lightly as it plays a crucial role in your financial journey. Given below is a list of things that are affected by your CIBIL score or CIBIL report.

    1. Loan approval-Your CIBIL score shows the lender just how creditworthy you are. If you have a good CIBIL score or report, the lender won’t hesitate before granting a loan. But a bad CIBIL score might lead to loan rejection as the lender is unsure of your creditworthiness.
    2. Credit card approval-Low or a bad CIBIL score can hamper your chances of getting a credit card. If you’ve defaulted previously on any of your credit cards, it would have been recorded on your CIBIL report and this does not hold well with the banks and financial institutions. Banks/financial institutions are more likely to approve your application for a credit card when you have a decent CIBIL score.
    3. Interest rates-Higher the CIBIL score, lower the interest rates. If you hold a good CIBIL score/report you have a better chance at getting lower rate of interest on your loans and credit cards. A good CIBIL score will grant you the power to negotiate.
    4. Housing-A good CIBIL score will ensure that you get a housing loan without any hassles whatsoever and the same things holds true for availing a place on rent.
    5. Approval for higher limits-Banks and financial institutions are favorable to individuals with a good or high CIBIL score. This will ensure that you get approval for higher limits from the bank or financial institutions.

    Is Your Financial Life Doomed if you Have a Bad CIBIL score?

    A bad or poor CIBIL score does not put an end to your financial journey but it will slow you down. There is no need to fret if you have a bad CIBIL score, you can always change it before it’s too late. It is important to check your CIBIL report for errors if you notice that you have a bad report. If your CIBIL report is not updated or if it has errors you need to get it corrected immediately. The individual can address the concern with CIBIL’s “dispute resolution” if there is an error in the report. But if the bad score is due to poor financial decisions, it is important to improve your CIBIL score by making payments on time and not defaulting. Because at the end of the day CIBIL score does play a very crucial role in determining how easy your financial journey is.

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    Credit Report Reviews

    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 17
      ,
      Reviewed on May 08, 2019
    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 21
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      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
      Was this review helpful? 24
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      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
      Was this review helpful? 22
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 17
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      Reviewed on Apr 30, 2019
    • Experian Credit Report
      " My credit card is not show my security is very good"
      0.5 5.0/5 "Blown Away!"
      Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
      Was this review helpful? 15
      ,
      Reviewed on Apr 29, 2019
    • Experian Credit Report
      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 26
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      Reviewed on Apr 25, 2019
    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 20
      ,
      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 50
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      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
      I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
      Was this review helpful? 59
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      Reviewed on Mar 24, 2019
    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 65
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      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 62
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      Reviewed on Mar 02, 2019
    • Experian Credit Report
      "Good service"
      0.5 3.5/5 "Pretty good"
      I am using the services of bankbazaar from last 1 year. I checked my credit score using the mobile app which was user friendly and easy to use. Customer service was good and their response was on time. I found all the information at one place on the mobile app.
      Was this review helpful? 76
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have been using the services of bankbazaar from last 5 months. Customer service is fine with bankbazaar and their response was prompt. The website of bankbazaar was easy to use and was user friendly. It was easy to fill the details and check the credit score.
      Was this review helpful? 82
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I had received a mail communication from bankbazaar advising me to check the credit score. Though this was my first experience it was simply superb. As far as the level of service is concerned it was good also the response was on time.
      Was this review helpful? 74
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I was checking on google for personal loans and then i came to know about bankbazaar. The services provided by bankbazaar was good and their response was prompt. The website of bankbazaar is easy to use and also user friendly.
      Was this review helpful? 70
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      I was looking out for a personal loan and I ended up reaching this site for checking my credit score. The report was very much accurate and informative too. It hardly took 5 minutes for me to fetch the report. Coming to the website even that was very much user friendly.
      Was this review helpful? 69
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      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      Nothing new nor there was no specific reason for checking the credit score infact this is my first experience. It hardly took few minutes for me to fetch the credit report. The report was very much accurate and informative too. Even the response was equally good.
      Was this review helpful? 64
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      I did not encounter any issues at the time of fetching the credit report. I have checked my credit score previously too and I would certainly say it was a good experience. It hardly took 2 to 3 minutes for me to fetch the score. According to me the report was accurate,informative and perfect.
      Was this review helpful? 68
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      To start off, it was a good experience at the time of fetching the credit score. This is the first time i have checked the credit score because i wanted to get the credit card. Report was accurate and was informative. It was easy to fill the details and get the report. In all it was a smooth process.
      Was this review helpful? 72
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      Reviewed on Feb 26, 2019
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