How Is Your Credit Score Determined
A credit score is a number that ranges from 300 to 900. It describes the creditworthiness of credit cardholders or individuals who have taken out loans. Potential lenders in India use credit scores from Equifax, Experian, and CIBIL TransUnion to determine whether they are able to lend a loan. Several lenders view the CIBIL score as the standard for granting loans to borrowers. Credit scores are used to show credit history and credit repayments. They also help you understand how credit was used, credit tenures, and any previous debts. Your chances of being approved for a loan are greater if you have a credit score above 900. Rating Credit Credit scores are a way to show your creditworthiness. The four national credit bureaus, TransUnion CIBIL (Equifax), Equifax, Experian Credit Information Company (High Mark Credit Information Service) calculate it. Every credit bureau uses its own algorithm to calculate credit scores. When calculating the credit score, they take into account credit h...