CIBIL report and CIBIL score often confuse people in the financial market.
A CIBIL report is a report by the Credit Information Bureau (India) Limited. It shows details of a credit borrower in terms of financial history collected from Banks or NBFCs. This report brings into consideration all private information of the borrower, such as contact information, credit card bills, income and salary, expenses, loans taken, loans paid, and late and timely payments. Thus, it provides a detailed credit history.
A Cibil Score, on the other hand, is a three-digit number that reflects financial stability. It is measured on a scale of 300 to 900. A high score indicates higher monetary stability, and a lower score suggests otherwise. Therefore, a closer score to 900 is considered a good score. A CIBIL report indicates all credit actions of the past 36 months, while CIBIL score is based on the previous 24 months.
Thus, CIBIL score and CIBIL report are two different things; indeed, a CIBIL score is calculated based on a CIBIL report. However, both these terms are equally essential in accessing financial credibility.
Continue Reading : Difference Between CIBIL Score and Report
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