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The Credit Information Bureau (India) Ltd, better known as CIBIL, is the premier agency for providing credit reports and scores pertaining to individuals. CIBIL sources financial data of individuals such as loan and credit card information from leading banks and other financial institutions in India. This data is then presented in the form of a CIBIL credit report, also known as a Credit Information Report (CIR). CIBIL was incorporated in 2000 and has continued to expand its presence throughout the country. It is backed by TransUnion International and Dun and Bradstreet, which are major global credit bureaus and agencies

What is a CIBIL Score?

The Credit Information Bureau (India) Ltd, popularly known as CIBIL is a Reserve Bank of India (RBI) authorised credit agency. It offers CIBIL scores and CIBIL reports for individuals. A CIBIL score is generated by the bureau after considering an individual’s detailed credit information. The agency also offers credit report services to the banks and other NBFC (Non-banking financial companies). A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit worthiness. A higher CIBIL score suggests good credit history and responsible repayment behavior. CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. The data is fed into an algorithm with 258 different variables; each with a different weightage.

Why a Good CIBIL Score is Important for Loans

A CIBIL score is considered as good if it lies between 700 and 900. This will be taken into account by banks and NBFCs when considering a loan application for most retail loans, whether it is a home loan or a vehicle loan. A high CIBIL score, also called a credit score, has many benefits during the loan application process such as: Quicker and faster loan application process Easier loan documentation process Lower interest rates on the loan A higher quantum of loan Longer or more flexible repayment tenure Choice between multiple lenders so that you can select the loan that's best for you In addition, such a score will lead to a quicker and easier documentation process. When it comes to a home loan, you can expect up to 80% of the total cost of the property if you have a CIBIL score between 700 and 900. A CIBIL Score is a numeric summary of credit history that is calculated based on the following factors:

A credit score is a 3-digit number ranging from 300 and 900 (900 being the highest) that lenders use to evaluate an individual’s creditworthiness. It is one of the main factors that helps lenders determine your eligibility as a borrower. A higher credit score allows you to avail a higher loan amount at better interest rates and favourable loan terms.

Therefore, it is important to maintain a good credit score, which can be achieved from being financially disciplined. Staying informed and updated about your credit score allows you to plan better for your financial goals.

Now, you can get a free credit report from TransUnion CIBIL at Finserv MARKETS. The Financial Health Check Report (FHCR) from Finserv MARKETS provides you with an overview of more than just your credit score; it provides you with in-depth guidance to not only understand your credit score but also empower you with simple steps and knowledge to improve your financial health.