Here's a quick glimpse into what goes into the making of a person's CIBIL TransUnion Score
The Cibil TransUnion Score 2.0 will grade customers on a risk index ranging from 1 to 5, with 1 denoting the highest risk and 5 the lowest risk of default.
A healthy CIBIL Report and a high CIBIL TransUnion Score indicates that you are managing your loans and credit relationships well and are financially savvy
The 'DPD' indicates how many days a payment on a respective account has been delayed. Simply put, it's trouble for the borrower
Correct your friends the next time they try to scare you; offer them tips on how they can improve their credit scores if they are poor borrowers
Indian consumers can now access their CIBIL TransUnion Score to make informed borrowing decisions and avail speedier access to credit.
Want to spend more this festive season on your credit card? This is what it takes...
Duly paying your education loan installments on time, each month, is the best thing that could be done to maintain a good CIBIL TransUnion Score.
If your loan was rejected because you had just 'settled' your outstanding dues and not 'closed' it altogether, then here's how you can get this loan approved.
Harshala Chandorkar of CIBIL answered your credit score related queries in an online chat, February 3.
Before opting for a joint home loan with your parents or spouse you must first understand the implications of this loan.
Stop indulging in these before it derails your financial future
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
Find out how banks and lending institutions decide if you are worth their money based on your CIBIL TransUnion Score and Credit Information Report.
A critical factor that can ensure easier and hassle-free access to home loans is keeping a watchful eye on your Credit Information Bureau India Ltd (CIBIL) Report and CIBIL TransUnion Score.
Follow these if you want to enjoy credit happiness and easy access to finance in the New Year by maintaining a healthy credit report and high credit score
CIBIL's new scoring system to rate borrowers keeping in mind the current trends and changes in the consumer profiles and credit data
Before opting for a joint loan with your parents or spouse (after all, anybody who you love is your Valentine) you must first understand the implications of this loan.
There is a need for real-time or near real-time credit reporting, instead of the current fortnightly system, to improve underwriting precision, enable timely reflection of borrower actions such as loan closures or repayments, and deliver a superior consumer experience, Deputy Governor of the Reserve Bank of India (RBI), M Rajeshwar Rao said on Wednesday.
'This helps the consumers secure more favourable terms from CIs.'
Sujata Ahlawat, Senior Vice President and Head of Direct-to-Consumer Interactive, TransUnion CIBIL, offers a quick glimpse into what a CIBIL Score is, the factors that impact it, and tips for maintaining a healthy score.
The difference between Cibil and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the loan offer, while in the case of Cibil the customer first checks the credit score and then applies for the loan.
CIBIL provides credit information about individual customer and business entities that helps banks in taking decision on sanctioning credit to any customer.
Gifts for loved ones, spending on yourself on impulse buying on EMIs and credit cards can leave your financial health completely stressed by the end of the year, says Harshala Chandorkar, Senior Vice President -- Consumer Relations, CIBIL
Swiping your credit card to take that dream vacation? Beware, says Harshala Chandorkar, Senior Vice President -- Consumer Services and Communications!
Did you know that credit cards can in fact help you to improve and build your credit score if used responsibly and wisely!
This central registry will help banks, financial institutions and non-banking finance companies get mortgage details of consumers before issuing loans against property. The personal loan score will provide details on the likelihood of customers becoming 91 days delinquent on a personal or consumer loan over the next 12 months. It will range between 300-900, indicating the levels of default. A home loan repository and a fraud repository will also be launched soon.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
'Usually, customers who don't get loans from banks approach NBFCs.' 'This is one reason NBFCs price their loans costlier than PSBs or private banks.' 'NBFCs will have higher delinquencies levels than private banks for most products.'
'The last year's growth is a foretaste of things to come in the retail credit market.'
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
For a borrower, who has serviced his loan without missing any repayment, the banks will be willing to take over the loan, give a top-up, and would offer lower interest rates, says Tinesh Bhasin.
Your social media profile may soon be your ticket to a loan or a credit card, says Abhishek Agarwal
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
Most borrowers of loans against property pin hopes on future cash flows from their business, but in case of failure to repay the loan, the lender can repossess the property and sell it.
If banks won't lend, seek a loan from fintech lenders or P2P platforms to help you get out of a debt trap.
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