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WHAT IS THE DIFFERENCE BETWEEN CREDIT SCORE AND CIBIL SCORE?

Offering glimpses of a credit profile, the CIBIL score is a three-digit numeric summary of a consumeru2019s credit history. A company or an individual is offered a score in the range of 300-900. Your chances of getting a loan approval rise as your CIBIL score inches closer to 900. https://www.clix.capital/clixblog/what-is-the-difference-between-credit-score-and-cibil-score/

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WHAT IS THE DIFFERENCE BETWEEN CREDIT SCORE AND CIBIL SCORE?

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  1. WHAT IS THE DIFFERENCE BETWEEN CREDIT SCORE AND CIBIL SCORE? If you’ve ever visited a bank or an NBFC seeking a loan or to apply for a credit card, then you must have come across the terms, ‘credit score’ and ‘CIBIL score.’ Often, people use the terms synonymously with one another. But, that’s not a good practice as there lies a subtle difference. And, this article will help you understand the fine line between credit score and CIBIL score. So, read on…

  2. What isCredit score • A credit score reflects the creditworthiness of potential borrowers. It is calculated after taking borrower’s credit history, including the number of credit accounts, total debt and repayment history, into consideration. Also, the number of enquires made (applications for a loan or a credit card) is considered while calculating a credit score.

  3. Major Credit Bureaus Whenever a person applies for a loan, lenders want to be assured regarding the chances of your repayment to them. To help them know about your financial background, they turn towards your credit history. Since banks and NBFCs do not have the right to keep a record of so many people, government-appointed credit bureaus maintains such records that help lenders make these decisions.

  4. What is CIBIL Score? • The credit score offered by TransUnion CIBIL, which is one of the three credit bureaus in India that records credit-related activities of all companies and individuals, is referred to as CIBIL score.  • You can calculate your credit score easily here and escape the trouble of going to a bank branch.

  5. How does CIBIL work? • Offering glimpses of a credit profile, the CIBIL score is a three-digit numeric summary of a consumer’s credit history. A company or an individual is offered a score in the range of 300-900. Your chances of getting a loan approval rise as your CIBIL score inches closer to 900.

  6. Maintain a Good CIBIL As mentioned above, the credit score that is maintained and offered by TransUnion CIBIL is called CIBIL Score. Repayment history plays an influential role when it comes to calculating your credit score. And, any late payment of loan EMIs or credit card dues can pull your credit score down by 100 or more points.

  7. Clix Capital Services Pvt. Ltd. Address: 901b, 9th Floor, Two Horizon Centre, DLF Phase V Gurgaon, Haryana, India – 122002 Phone Number: 1800 200 9898 Website: https://creditscore.clix.capital

  8. Read More: https://www.clix.capital/clixblog/what-is-the-difference-between-credit-score-and-cibil-score/

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