By all means everyone willing to take any form of credits must know that credit scores will help the particular individual access approval for credits easily.
It evaluates credit worth of an individual by providing scores, which is a three digit number extracted from credit reports. The evaluation happens considering various aspects of repayment, debts, credit card account number from credit reports.
Trans Union CIBIL:
Is one among the four credit bureaus in India, which is RBI (Reserve Bank Of India) certified. The other credit bureaus are Experian, CRIF High Mark and Equifax. The credit scores determination by CIBIL score is called Tran Union CIBIL score.
Now that you know what is difference between credit and CIBIL score, we can further look into their details.
What is CIBIL Score And Its Functioning?
Trans Union CIBIL Limited is formerly known to people of India as, Credit Information Bureau India Limited (CIBIL). It is one of the best credit bureau or credit rating agency among three in India. This bureau is formed to assess all the credit-relating activities of the company and individuals; that includes the information of credit cards and loans and many other aspects mentioned in credit reports, of these applicants.
Lets further kno what information can we get in CIBIL reports.
What Is The Information Accessible In The CIBIL Reports?
The CIBIL reports are generally, comprising of credit details, that one avails such as home loan, auto loan, credit card, personal loan, overdraft facilities etc.
Apart from the CIBIL score, some of the other major aspects in CIBIL reports according to CIBIL websites are as follows.
- Personal Information: It must contain a persons name, date of birth, gender and identification number like PAN card, passport number, voter’s number.
- Contact Information: Address and telephone numbers (approximately 4 addresses) are present in this segment.
- Employment Information: Monthly or annual earning details according to the document submission and verification of details present in the documents by the banks or non-financial institutions.
- Account information: This section has the information of credit facilities by the applicant including name of the lender, type of credit facility(home, auto, personal, overdraft etc.), account number, ownership details, date opened, date of last payment, loan amount, current balance and monthly records (of the past three years) of all the payments.
- Enquiry Information: Every time an applicant applies for credit cards and loans, the specific bank or financial institution will note down in their system as “enquiry” referring to the credit reports.
Now that we know the aspects available in CIBIL reports, lets know about credit report aspects and details.
What Is The Information Accessible In Credit Reports?
A credit report will determine a persons creditworthiness of the potential borrower. So information available for people in the credit reports consequently to compute credit scores are credit history, including tortal debt, number of credit account, credit card bills, credit utilisation information and repayment history. Also the number of enquiries made by the applicant about loans and credit cards are alos recorded in the credit reports.
Tip: Now that you're aware of CIBIL Score and credit score report aspects that determine scores, applicants can look for aspects that is lowering their scores and revert by good financial behaviour to get better scores.
The Bottom Line:
Credit scores in India are computed by four bureaus they are Tras Union CIBIL, CRIF Highmark, Equifax and Experian. Clearly all the bureaus are RBI certified. However, anyone willing to take personal loans must check credit scores, so the appropriate credit check to get personal loans is Buddy Score by Buddy Loan. Applicants will get the most accurate Experian scores in just 2 minutes, immediately. Thus avail from here and benefit yourself.