Can you imagine your entire credit history is being summed up in a three-digit numeric expression these days! It may stump lots of people but the fact is what it is. To put it more elaborately, the landscape of credit and loan in India has thoroughly been redefined in the recent times. CIBIL is the acronym for Credit Information Bureau (India) Limited and it happens to be the first Credit Information Company (CIC) in the country. Since its inception in August 2000, the accredited organization has thoroughly reconstructing the financial system in India.
CIBIL through its diligent service allows consumers or borrowers to avail loans and credit cards faster in one hand. On the other, it helps various lending agencies to run their business more efficiently by providing sufficient information about lenders’ credit history. From borrowers’ end, importance of CIBIL score is just boundless. There is an array of benefits that one can avail from good score. The score ranges between 300 and 900 and score of 750 and above is considered good by any extent.
CIBIL diligently collects extensive information about individual’s credit history. Credit organizations depend on this credit information company to retrieve credit history of loan seekers. Thankfully, it is possible to improve credit rating of borrowers. However, the process is time-consuming and one cannot expect results overnight. There are several dedicated websites that categorically provide relevant information to interested folks.
Good CIBIL score provides scores of benefits. Most importantly, it helps one to get convenient access to a line of credit, including quick approval for mortgages and lower interest rates on credit cards and loan accounts. Impressive credit score also allows borrowers to avail home and car loans much faster. In this ongoing age of the internet, consciousness among masses about maintaining good credit score is steadily rising.
Improve your CIBIL Score & Credit Rating 