{"id":13029,"date":"2020-12-02T12:16:37","date_gmt":"2020-12-02T12:16:37","guid":{"rendered":"\/blog\/?p=13029"},"modified":"2022-02-02T07:00:20","modified_gmt":"2022-02-02T07:00:20","slug":"myths-related-to-cibil-score","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/whats-trending\/myths-related-to-cibil-score\/","title":{"rendered":"Myths Related to CIBIL Score"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Are you worried about checking your CIBIL score<\/a>, not knowing what it entails? This must be because of the many myths that hound this term.<\/p>\n\n\n\n

Let us strike them out, one at a time.<\/p>\n\n\n\n

Myth 1# A low CIBIL score stays on forever <\/strong><\/h2>\n\n\n\n

A low credit score is usually a result of inconsistent repayment\nbehaviour. So, if you have defaulted, it does not mean you will have a poor\ncredit score forever. This score keeps updating as you make improvements in\nyour repayment behaviour. <\/p>\n\n\n\n

So, if you start disciplining your repayments, your CIBIL rating\nwill shoot up accordingly. And remember, that financial institutions always\nreceive the latest CIBIL report, right after you apply for credit. <\/p>\n\n\n\n

Myth 2# Doing a credit report check reduces the credit score <\/strong><\/h2>\n\n\n\n

This is an appalling misconception as it is recommended you check\nyour credit report regularly to report anomalies if any. While too many\ninquiries in a brief timeframe can negatively impact your score, conducting\nregular checks is fine. <\/p>\n\n\n\n

Additional Read:<\/strong> How to Check Your CIBIL Score Online<\/a><\/p>\n\n\n\n

Myth 3# Credit score depends on annual earnings<\/strong><\/h2>\n\n\n\n

A credit score is simply a peek into your repayment history\nconcerning the credit borrowed. It is not a reflection of your income or annual\nearnings. Therefore, keep in mind that while you may have a large earning\ncapacity, carrying a minimum CIBIL score, would still negatively impact your\nability to avail desired credit. At the same time, someone with a low income\nand a neat credit report may get approval quickly.<\/p>\n\n\n\n

Myth 4# Credit card is a hindrance to the score <\/strong><\/h2>\n\n\n\n

Many credit cardholders believe that cancelling their credit card\nmay significantly improve their credit score. This is untrue because it isn\u2019t\nthe ownership of a credit card that causes trouble but being irresponsible with\nit that brings down the CIBIL rating. For example, high credit utilisation or\nnot paying your dues on time will eventually affect your score negatively. <\/p>\n\n\n\n

Myth 5# CIBIL can alter the credit score <\/strong><\/h2>\n\n\n\n

CIBIL is not authorised to make alterations in any credit report.\nThese reports are created based on credit histories transferred to CIBIL by\nlenders or financial institutions. While these records are regularly collated\nand updated by the authority, they cannot alter them in any way. <\/p>\n\n\n\n

Myth 6# CIBIL publishes a defaulter list <\/strong><\/h2>\n\n\n\n

CIBIL only updates repayment histories, calculate credit scores and\ncreate credit reports that are useful for lenders and financial institutions.\nLenders evaluate these reports as per their required CIBIL score to approve or\ndisapprove a credit application. CIBIL keeps no record of the list of defaults,\nlet alone publish it. <\/p>\n\n\n\n

Myth 7# Credit score is the only factor for loan approval <\/strong><\/h2>\n\n\n\n

While a CIBIL rating can be the primary factor taken into\nconsideration during the process of loan approval, it alone is not the ultimate\ndeciding factor. Depending on the type of loan, lenders also consider several\nother aspects such as earning capacity, employment stability, previous debts,\netc. before sanctioning finance. Therefore, a less than ideal credit score\ncannot immediately disapprove a loan application. Generally, a good credit\nscore is consider 750 and above by most of the financial institution to provide\nhome loan<\/a>, personal\nloan and other loans.<\/p>\n\n\n\n

Additional Read:<\/strong> All you Need to Know About CIBIL Score<\/a><\/p>\n\n\n\n

Wrapping up<\/strong><\/h2>\n\n\n\n

If you have managed to defunct some of the myths to overcome the\nworry, turn to Tata capital and apply for a hassle-free loan to shoulder your\nfinancial burden with ease.\n\nTo know more about our loan offerings, log on to\nour website or give us a call today! \n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you worried about checking your CIBIL score, not knowing what it entails? This must be because of the many myths that hound this term.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":13030,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[38],"tags":[],"class_list":["post-13029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-trending"],"yoast_head":"\nCommon Myths about Credit Score and Facts - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Here are some common credit score myths and facts that you should know. Get to know about the facts behind the credit score myths. 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