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All you need to know: CIBIL Score

A credit score is a number from 300 to 850 that rates a consumeru2019s creditworthiness. The higher the score, the better a borrower looks to potential lenders. Get to know everything related to CIBIL Score. Read the visually drafted infographic in the form of PPT/PDF to know about it in detail. To check your CIBIL Score visit Bajaj Finserv Official website.

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All you need to know: CIBIL Score

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  1. All you need to know: CIBIL Score

  2. CIBIL Score • A credit score is a three-digit number that provides a quantitative representation of a person’s ability to obtain financial assistance, as well as their financial condition and credit history. • Lenders assess credit scores to determine whether a potential borrower is qualified for a loan. • An important factor in deciding your Credit Score is whether a borrower will be able to repay the loan on time or not.

  3. Who uses Credit Report & How ? • Financial firms use credit ratings as a tool to assess a potential customer's creditworthiness when deciding whether or not to extend credit to them. • Businesses that fall under this category of organisations include banks, credit card companies, fintech-based lenders, insurance companies, landlords, governments, and mortgage firms • Anyone interested in borrowing money from someone else or signing a contract that requires repayment within a certain time frame is a potential lender.

  4. What does an acceptable Credit Rating looks like? • A borrower who has a credit score of at least 700 is much more likely to be approved for a loan with a reduced interest rate, saving them money over the course of the loan. • A score of more than 800 denotes the student's exceptional performance. • The range of scores that are typical for a FICO report is the one that is most usually used • Each creditor has its own standards for what constitutes a good credit score.

  5. A borrower's credit file may contain information that changes over time. A person can raise their credit score by doing the following things: • By developing the habit of paying bills on time for at least six months, then only your credit report will show any positive modifications. • You must get in touch with the credit card providers if you have accounts with them and ask for an increase in your credit limit. • If you do not have the time to speak with your creditors and credit agencies on your own, credit repair companies will do so on your behalf for a monthly fee. An Organised Plan for Raising Your Credit Score Step-by-Step

  6. Who exactly decides a person’s Credit Score ? • Equifax, Experian, and TransUnion are the only three credit reporting organizations that really matter on a national scale. • Your credit score is one statistic that can either make or break your future in terms of money. • If you have a good credit score, you may be able to negotiate a lower interest rate on any loans or credit lines that you take out in the future.

  7. Bajaj Finserv Corporate Office 4th Floor, Bajaj Finance Ltd, Pune - Ahmednagar Highway, behind Hyatt Hotel, Viman Nagar, Pune, Maharashtra 411014 For More info, Visit:- Do you Know ? Bajaj Finserv offers you to get your Credit Score checked for free and that to unlimited times.

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