<\/p>\n\n\n\n
Planning on taking a loan? Chances are, you might have come across terms like CIBIL score and CIBIL report. Infused with your financial history, these handy metrics help lenders and financial institutions gauge your creditworthiness and loan repayment capability.<\/p>\n\n\n\n
Your CIBIL report and CIBIL score<\/a> \u2013 both generated by the Credit Information Bureau India Limited (CIBIL) \u2013 convey essential information regarding your credit history. However, they are not the same.<\/p>\n\n\n\n Let\u2019s explore more about the CIBIL score, report,link between the two, and the differences.<\/p>\n\n\n\n Your CIBIL report or credit information reportcontains the following:<\/p>\n\n\n\n Additional Read: <\/strong>Myths Related to CIBIL Score<\/a><\/p>\n\n\n\n CIBIL feeds your credit information collected over a while (at least six months) into an extensive algorithm to generate a numeric value. This value is your CIBIL score. In a nutshell, your CIBIL score report is used to calculate your CIBIL score<\/a>. <\/p>\n\n\n\n In India, the typical CIBIL score lies in the range of 300-900. If your CIBIL report reflects a clean repayment record with no defaults, you\u2019ll have a high CIBIL score. With a substantial CIBIL score, you\u2019ll not only increase the chances of getting your loan approved but also make yourself eligible for preferential interest rates.<\/p>\n\n\n\n You may have seen the terms \u2018CIBIL Score\u2019 and \u2018credit score\u2019 used interchangeably. However, there\u2019s a subtle difference.<\/p>\n\n\n\n CIBIL is one of India\u2019s four major credit bureaus, the other three being Equifax, CRIF Highmark and Experian. All four credit bureaus have their algorithms to calculate a credit score, and the credit score generated by CIBIL is eponymously called CIBIL score. Essentially, all CIBIL scores are credit scores but not the other way around.<\/p>\n\n\n\nWhat is a CIBIL report?<\/strong><\/h2>\n\n\n\n
\u25cf The number of loans you have availed of till date.
\u25cf\tYour ongoing loans and their repayment timelines.
\u25cf\tDefaults on loans, if any.
\u25cf\tLoan settlements, if any.<\/li><\/ol>\n\n\n\n
\u25cf The number of credit cards you have availed of to date.\n
\u25cf Your active credit cards and the timeline of your credit card bill payments.\n
\u25cf The number of times you have exceeded your credit limit.\n
\u25cf The number of credit card cancellations.<\/li><\/ol>\n\n\n\nWhat is a CIBIL score, and how is it different from a CIBIL report?<\/strong><\/h2>\n\n\n\n
Difference between CIBIL score and credit score<\/strong><\/h2>\n\n\n\n