Credit scores determine your eligibility for loans and other credit products. India has four primary credit bureaus: CIBIL, Experian, Equifax, and CRIF High Mark. When we talk about the Experian credit score, this is your score calculated by Experian, the credit reporting company. While credit scores from all reporting companies are equally valid, financial institutions prefer scores from certain bureaus to assess applicants’ creditworthiness.
In India, your credit or CIBIL report plays a major role in getting any loans or credit cards from financial institutions. Now, if you look closely at a credit report, you must have observed a term called Special Mention Account (SMA). This term is used by a majority of lenders to track accounts that have a slight sign of financial stress or default before they become Non-Performing Assets (NPAs).
Obtaining a Personal Loan to meet your financial needs provided by lending institutions. However, lenders require assurance that the loan will be repaid on time.
When applying for a loan or credit, it is essential that you have a good CIBIL score. This is because a good CIBIL score is not just a three-digit number; it is an indication of good financial health and creditworthiness.
Whether you are applying for a new credit card, a home loan, or any other kind of loan, your CIBIL score will determine whether the lender would be willing to give you the money or not. This three-digit number is checked by banks and financial institutions when they want to check your financial responsibility and creditworthiness.
Anybody seeking a loan from a financial institution is well aware of the term ‘credit score’. Well, the three-digit number decides whether the applicant is eligible for a loan or not. H...
एक उच्च क्रेडिट स्कोर क्रेडिट कार्ड और लोन लेना आसान बनाता है। खासकर यदि आप घर या कार खरीदने जा रहे हैं, या यदि आप भविष्य के लिए बचत कर रहे हैं। इसलिए, अपने वित्तीय स्वास्थ्य के लिए समय-समय पर अपनी क्...
