Consciousness about credit score is steadily rising across India. People from all walks of life are increasingly becoming aware about this aspect. Credit score happens to be a three-digit numeric, which usually ranges in between 300 to 900. This numeric defines the entire credit history of an individual. The report is generated based on the information provided in an individual’s Credit Information Report (CIR). It is also referred to as CIBIL score.
Credit score turns out to be a useful tool in securing loans from registered money lending agencies. After one fills up and submits a loan application, the concerned bank checks the individual’s credit score and credit report. Banks usually refuse loans to people who have low credit scores. The registered lenders require ensuring that the money they are lending to borrowers will be returned safely and within a stipulated time.
Therefore, it is natural that CIBIL rating turns out to be deciding factor for banks to provide loan to borrowers. The higher the score of an individual the greater are the chances that his or her loan application will be approved by the lending entity. However, here lies a crux. The credit rating is never the paramount factor based on which a bank approves or denies loan applications. The decision to provide loan to a borrower is the sole discretion of the concerned bank. The credit score just helps bank to gain adequate clarity about a borrower’s credit history.
It is pretty easy to check one’s credit score online. CIBIL provides a digital request form across its website. One requires filling up the form with a set of personal details like one’s name, birth, address, phone number, income identity proof and others. After filling in these details, one is directed to another page that has the payment option. Standard fees for this service are INR 470. Payment can be made through credit card, debit card or net banking.
The aspect to improve your CIBIL score is crucial for every individual. There are several means to achieve this. There are many online portals that provide ready help on this aspect.
Improve your CIBIL Score & Credit Rating 