A credit score is a three-digit number between 300 and 900 that indicates the creditworthiness of a credit card holder or an individual taking out a loan. Potential lenders in India use CIBIL, TransUnion, Equifax, Experian, and CRIF High Mark credit scores in order to grant loans.
Credit scores represent a borrower’s credit and repayment history, how well they utilize credit, how long they paid back previous debts, etc. In India, banks have a limited ability to grant loans, but if your credit score is 900, your chances of being approved are higher.
Credit scores of 750 and above are considered ideal by banks and non-bank finance companies.
A score of 750 or above is considered ideal by most credit bureaus. Credit scores are calculated by taking factors like payment history, credit utilization, credit age, and credit type into account.
I am sure you have found the blog helpful in understanding a bit about credit scores. However, if you have any questions or comments, you can reach out to us at info@roodland.com.
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