Let us look at the distinction between the Credit Report and Credit Score :
The cibil report is a comprehensive analysis of the entire credit history, including the total number of loans, EMI’s, employment details, etc. On the other hand, a credit score is a three-digit number that reflects the credit taking capacity of the borrower. People must note that having a regular credit score check is very crucial.
Credit Score Range: An average range starts from 300-900. 750 is the optimum level; on the other hand, 900 is excellent.
Banks consider this score as a significant factor before sanctioning of the loan. Also, not only score bu, the report is scrutinized before processing of the loan.
The major bonus is borrowers can drive a lower rate of interest in case if the cibil score is good.
CIBIL generates the report through the data received by the financial institutions regarding the customer credit capacity. Following are the components of CIBIL report:
Also, the cibil report carries valuable information. It is essential to keep the information scared and private. Along with loan details and credit history, the credit score also takes personal information like employment details, the salary of the individual, etc. That is why it is essential to keep the data safe.
As a result, we can conclude that the credit score reflects the creditworthiness of the user; on the other hand, a credit report defines the user credit behavior.
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Credit score 