Credit Score vs CIBIL Score: What is the Difference? In India, credit scores are often addressed as CIBIL score (Credit Information Bureau (India) Limited) but they are not the same. A credit score is a term used to define creditworthiness of a borrower, while a CIBIL score is a type of credit score. This article […]
Fico Credit Score And What It Means For Personal Loans FICO score model is a relatively new entrant in India compared to other established credit-scoring models. FICO score is mainly built on credit card payment data and India still has a limited credit card user base. As of January 2024, credit card penetration in India […]
What is Credit Appraisal: Process, Eligibility & Benefits Credit appraisal, also known as credit evaluation, is one of the important steps in the loan application process. When you are applying for a personal loan or credit card, lenders usually evaluate your creditworthiness to assess your repayment ability. This process helps lenders minimize risk as it […]
Understanding Hard Inquiries and Their Impact on Your Credit Score Before granting any loan, lenders and creditors usually check a borrower’s credit score. A credit score is usually between 300 and 900 and indicates how likely an individual will pay their credit bill or debt on time. Having a high credit score increases one’s chances […]
How is 650 a Good Credit Score?
How is 650 a Good Credit Score? When you apply for a loan or credit, lenders usually check your credit score. This is done to verify the creditworthiness of the borrower and assess their capacity to repay the loan. A credit score is a 3-digit score that ranges between 300 to 900. One may consider […]
What is LSS In CIBIL Report: Meaning, Importance & More If you want to be aware of your personal financial condition then understanding your credit report is essential, especially when terms like LSS in CIBIL report appear. LSS in CIBIL report stands for “Lender Settled Status,” indicating that a borrower has settled their credit account […]
What is Days Past Due (DPD) in the CIBIL Report? Ever thought how your payment habits could be summed up in a few numbers? The number of days that you haven’t paid loan or credit card payments is tracked as Days Past Due (DPD) on your CIBIL report. It’s more than just a number; it […]
SMA (Special Mention Accounts) in CIBIL: Complete Guide Is it possible for lenders and banks to identify which account will potentially lead to default? Yes! Lenders can monitor accounts with a certain classification to assess credit risk and make informed decisions regarding quick personal loan approvals and interest rates. We are talking about SMAs, or […]
Experian Vs CIBIL : What are the Differences, Meaning & Important Your credit score plays a big role in whether you will get loan approval and at what interest rate. Both Experian and CIBIL are trusted credit bureaus in India, but they differ slightly in how they calculate scores. While CIBIL is widely used by […]
What is CIBIL Defaulter List and How to Check Defaulter List? Understanding the CIBIL Defaulter List Banks and financial organisations use credit agencies to determine a borrower’s creditworthiness. CIBIL, or Credit Information Bureau India Limited, is a credit agency that keeps a list of defaulters provided by banks and NBFCs. There is no special defaulter […]
What is a Credit Utilization Ratio, Calculation & How To Improve? Understanding Credit Utilization Ratio A good credit score is a testament to healthy financial habits. This doesn’t only help you get the best terms of borrowing but also makes it easier to avail of instant loan online right when you need it. Of the […]
What is CIBIL Dispute: How to Raise Dispute in Cibil ? Understanding CIBIL Dispute Resolution A cibil dispute resolution can arise when there is a discrepancy or error in the credit information reported by lenders to CIBIL (Credit Information Bureau (India) Limited). Addressing these disputes immediately is essential, as unresolved issues can negatively impact your […]