How CIBIL Score helps you in getting a loan?
CIBIL Score is very important for those who want to take a loan. This shows your credibility to the banks. Apart from the credit score, the CIBIL report includes a lot of other information about the credit history of an individual, including details of lenders, past loans, outstanding credit, interest paid, loan tenure etc. To know about your credit worthiness, prepare well before applying for the loan, it is very important to understand the CIBIL report or Credit Information Report completely.
What is CIBIL Report?
The CIBIL report of an individual contains all the information about his credit past which includes loans, credit cards, EMIs, etc. It is kept up to date by Credit Information Bureau Limited (CIBIL). It is a credit information company which works closely with all the financial institutions to keep track of the records of all the creditors.
How to read CIBIL report?
CIBIL Report, also known as Credit Report, helps financial institutions to make informed decisions about the borrower by giving them detailed information about their past loans such as car Loan, home Loan, Credit Card, Personal Loan, etc. The CIBIL report is broken down into key components that offer personal data, contact details, credit data, etc.
Cibil score
The top section of the CIBIL report shows the CIBIL score of the individual. This is a complete summary of the report, which includes the complete details of the loan. A person's CIBIL score ranges from 300 to 900. In many cases, the CIBIL score displays 'NA' or 'NH' in the report. In that case, the person must not have availed any loan or credit at the time of downloading the report. This happens even with people who have no credit history or who are new to the credit system.
click and follow Indiaherald WhatsApp channel