What is CIBIL?
CIBIL stands for Credit Information Bureau Limited. CIBIL is responsible for the maintenance of the CIBIL Report.
What is inside a CIBIL report?
The CIBIL report contains all the information related to the past credit of an individual, including all types of loans, credit cards, EMIs, and other credit tools. It contains details of the lender, tenure of the loan, interest paid, credit due, etc.
CIBIL works in close coordination with all the financial institutions to trace the credits of individuals. Thus, CIBIL is a credit information company that generates reports and scores on the basis of an individual’s credit data.
CIBIL SCORE?
The Cibil score is reflected on the top side of the Cibil Report. In order to give a loan to an individual, financial institutions check the Cibil report and decide whether to approve or decline the loan. The Cibil score generally varies from 300 to 900.
Where do I check my CIBIL score?
The CIBIL score can be checked on the website www.cibil.com. Check your score now.You need the PAN card number and some basic details.
How much is better?
Generally, a Cibil score above 700 is a good score for taking out loans.
This article was written with the help of LiveMint.What’s your Cibil score? Are you satisfied with it? Comment below.
