The previous system of acceptance or rejection of application of loan was a biased one and based on the determination of individual judgment. The borrower used to visit the bank branch, and the request for the loan and the lender would provide the loan based on the particular meeting. Thus, there was an error in …
Tag Archives: Credit score
Changes in Credit Score
The three-digit numeric, which is calculated by the credit bureaus for all individuals who borrow from a bank or any financial institution, is called a credit score. At regular intervals, the banks and financial institutions submit their data of borrowers and information related to it to these bureaus for the purpose of accurate calculation of …
Myths about Credit Score
Without any doubt, having a credit score is essential for the lending process of banks and non-banking institutions. The lending institutions thus check the credit score of the borrower before providing the credit. While having a credit score is essential, it is crucial to demystify all the myths surrounding the credit score. It is one …
How to fix errors in Cibil report ?
It is very crucial to ensure that we maintain a proper record of all the transactions. By using this record, CIBIL generates a score called the credit score. The complete information is transported from the banks to the Cibil. Therefore, in some rare cases, there can be chances that there can be an error. First …
Why is important to check your Cibil Score ?
A credit score is a critical parameter when it comes to seeing loans. The score defines your creditworthiness. All the financially active people must ensure to check your credit score on regular basis. All the credit card holders must ensure that timely payment is made. This reflects your creditworthiness. Better the score, better will be …
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Importance of Credit Score and Credit Report
Credit Report: This can be called the personal report of a person. It contains all the details about personal information and all the crediants. Further, the record of the person records the credit score. Credit Report: Covers last 36 Months Credit Score: Covers previous 24 months depending on the credit behavior In the case of …
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Learn about Credit Report
The lenders gather all the financial details of the individual. The summary of the credit report is summarized in the form of a report. This further helps to drive a credit score. The past credit history record of the person is calculated and measured; thereby, the report is made ready. Clearing all your dues on …
The role of credit score while securing Personal Loan
The banks, lending institutions, all of them follow criteria. This is called as the credit score. The credit score defines the potential of the borrower. Therefore maintaining a good score is a must. The banks also evaluate and judge and select the prospect. Banks can’t work blindly; that is why they need to undergo a …
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Co-relation between Credit Score and Credit Report
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 …
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Relation between gold loan and credit score
Out of the different investment opportunities. Gold Loan is the most sorted after option. Savings alone are enough; that is the reason we drive ourselves to take a loan. The role of the credit score is very definitive and robust in terms of carrying a loan. The investors should word towards mainspring a score of …
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Credit score 