- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
It is the basic requirement of an individual to buy a home, good education, a car etc. In order to be able to fulfil such requirements, a loan has to be taken. For this purpose, the support of a lender is needed, and at this point of time CIBIL comes into the picture.
An individual qualifies for a loan if he has an appropriate CIBIL Score. The most crucial thing to do before applying for a loan is to check the credit history at regular intervals. Mostly the lenders are keen to pick up those individuals who have a good CIBIL Score and a good record of making the payments on time.
Importance of CIBIL and CIBIL Score
1. The financial companies that are related to lending business are known to send the financial data of individuals to CIBIL.
2. This data includes some details like the receipt of some payments, whether the account is closed or settled etc.
3. The financial data related to individuals is used by CIBIL to develop a credit score. Later, this credit score is given to the customers.
4. Depending on the credit score of the individuals, the likely probability of the individuals to default on any payment is decided.
5. After receiving a loan application, the primary thing a bank does is contacting CIBIL. The next step is to check the credit history and CIBIL Score of the individual who has applied for the loan.
6. It has always been observed that the individuals who are granted loans are the ones who have a CIBIL Score more than 700.
7. It must be noted that an individual can become eligible for new loans only if that individual pays off their current loans completely.
8. There is an assumption that CIBIL helps only the lenders. But this is not true. The fact is that CIBIL provides help to borrowers also.
9. Banks do not reject the loan applications of the borrowers who have a low CIBIL Score. If the CIBIL Score of an individual is low, there is some more verification that is done and the possibilities are considered to offer the loans at a rate of interest that is higher.
There are also some examples when the loan application of individuals has been rejected in spite of having a good CIBIL Score. The reason behind this is that the individual might have over utilized the credit limit. A credit report with a low CIBIL Score is not considered to be good when an individual is seeking an approval of a loan. If an individual wants to take a loan and has a low CIBIL score, then few steps can be followed to improve the CIBIL score. It is usually a time taking and lengthy process to improve the credit score after it lowers down.
CIBIL Score plays a key role if an individual wants to meet their financial objectives. Therefore it is very important to maintain a good CIBIL Score so that your loan application does not get rejected by the lender. By doing so you can be on the track of all the financial objectives set by you right from the beginning of your financial plan.
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