CIBIL Score is the latest and most trusted credit information report score in India. Founded by Transunion its now serving as CIBIL. This is the adobe of providing credit information reports and scores based on Applicants Financial tracking. CIBIL will take application from people or banks and process it with its own metrics to decide Credit score.
Overview of CIBIL Score:
CIBIL was found in 2000 and operant from the day it starts. Government has given PAN number for every Income Tax Payee and high earning citizens. Transunion, Dun and Bradstreet is the backdrop supported CIBIL to operate in India. As they are global scale credit reporting agencies now formed CIBIL (Credit Information Bureau of India) in our country. CIBIL will only word for PAN account holders operating banking transactions.
CIBIL Credit report will give testimony about trust of the loan applicant or borrower. It will track all the transactions on your name from the beginning and evaluates your credit repayment factor. All related details about nature of your repayment of EMI, Loan settlement and credit cards history.
Credit Information Report is given in a grading points from 300 to 900. Ideal mark is greater or equal to 750 points for a positive loan sanctioning by financial agency. Banks allover India have authenticated and mandated the CIBIL Report score of applicants to issue financial services. CIBIL will take 250+ things into consideration before giving Credit Score report.
Things Important for CIBIL Score:
- Previous 6 months financials transactions in Bank accounts, Credit cards etc.
- Past period loans repayments, Settlements, Defaults, Write-offs etc. on PAN number.
- Loan taken based on income ration.
- Taking Credit cards, unsecured loans and secured loans.
- Loans taken on investments in equities and other bonds etc.
Understanding CIBIL Score Credit Rating Points:
Transunion CIBIL rating points are given from 300 to 900 as we learnt earlier. There is a start with Zero but to understand CIBIL credit point report one must be aware of below table. CIBIL points are given only when they are applied in online or requested by bank.
Points which are secured in between 350 to 500 by an applicant means he is near defaulting. A bad track of loan repayment or loan settlement, bill repayment etc. are need to be considered.
Report points secured or in between 550 to 650 reflects volatile nature of consumer financial transaction health. Though it is fair but one must take care of his financial health. Take some conservative steps to increase credit scores by following safe methods. You can find the best ideas below.
Better score points to be got by applicants were from 650 to 750 are considered good. But ideal score is over 750 or equal. Even now you have a better chance to get your loan approved. You need to think that some part of your loans are not repaid in time but when the issue resolved your score increases better.
Ideal score to get your loan approved was over 750 points. If your report says that you have more than 750 no questions asked about you loan repayment. Think of your loan or credit card were approved instantly.
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