What does it mean?
A credit score is a measure of an individual’s eligibility for borrowing money. Several financial aspects combine to form the credit score. It is often a three-digit number ranging from 300 to 900.
The Credit Information Bureau (India) Ltd. (CIBIL) is one entity that generates the credit score. Therefore, the credit score is also popularly known as a CIBIL score. CIBIL is the credit agency authorised by the Reserve Bank of India (RBI). If a borrower has a good credit history and has shown responsible repayment behaviour, then you will have a higher cibil score which makes a creditworthy individual to banks and other non-banking financial companies.
Points to remember:
Example: A credit score of 600 implies that you have been struggling in making payments still lenders will offer you credit but at higher interest rates.
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