Credit score check became very prominent now - a - days; it is nothing but verification of one's credit score for any loan approvals. To obtain any kind of loan either from banks or from financial institutions it is mandatory to get verified credit score of that person, basing on his credit score, the eligibility of that person to grant the loan will be decided. If the credit score is low, the application will not be processed. If the credit score is high, the lender assesses the credit worthiness of the applicant before processing and may look into the matter further. In India, there are 3 rating agencies mainly who collect the information of creditors, lenders and other debt collectors to prepare credit information reports of individuals. The credit reports will play a significant role in the loan application process. Hence, it is very important to monitor one's credit score regularly.
What is credit score?
Credit score is provided basing on the earlier credit facilities availed by creditors from anywhere, Credit rating agencies will look into the repayment track record and provide a credit score. The creditors who ever having high credit score will enjoy more benefits. Higher credit score implies better credit worthiness.
What is credit report?
A credit report consists of information like name, age, address, and list of credit facilities availed and also the records of repayment. The credit rating agency will provide credit reports based on the information collected by them.
What are Credit Rating Agencies?
Credit Rating Agencies are the agencies who collect repayment records from banks, utility companies and other financial institutions, and other related information of creditors to provide an opinion on the individual's creditworthiness. India has three credit rating agencies namely CIBIL (Credit Information Bureau (India) Ltd), Equifax India and Experian India.
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