What is CIBIL Score and How Could it Be Connected With Credit Report?
A CIBIL score is a unique number, indicating your credit worthiness to lenders. It ranges from 300 to 900 and is an essential tool to increase loan limits, get pre-approved loans, and rent a house quickly. A high credit score will also get you the best car insurance rates possible. You will be paying less for your insurance if you have a low score.
The CIBIL score is a numerical expression that is calculated from your credit history and relates to your financial integrity. It is a guide to how lenders assess your creditworthiness and whether you are likely to repay a loan. It is essential to keep this score updated and accurate. Fortunately, CIBIL offers reports for a fixed fee. And you can use it to improve your credit score.
Lenders use your CIBIL score to determine whether you are creditworthy or not. A high score means you are less likely to default on a loan or credit card. Therefore, a high CIBIL score means that banks will be more willing to approve your application. If you have errors on your CIBIL report, you can request a correction from the CIBIL agency.