What is Credit Score and importance of credit score?

08-April-2015 written by : FSI-Team

With the turn of a millennium, Indian economy has managed to keep its progress pace steady or rather it won't be wrong to say it has accelerated its pace considerably over the due course of time. As financially, conditions are becoming favourable in markets, businessmen are opting for expansion of their businesses. On the flip side, increased investments and profits have ultimately paved way for increased demands from the common man. As demand exceeds over availability of disposable income it becomes necessary to go for credit borrowings.

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A good credit score makes loan process easy

08-April-2015 written by : FSI-Team

Credit score stands to be one of the most important elements especially when it comes to your loan getting accepted. It doesn’t matter what kind of loan you are applying for because if your credit score is low, you are going to face problem with respect to the loan application. Credit score is a score which determines your financial trustworthiness and your ability of paying the debts back. Most of us, might delay the payment of our bills thinking who is going to keep the track however, one should note the fact that there are records that are kept and thus your credit score is determined.

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Making a comparison between credit score and credit report

08-April-2015 written by : FSI-Team

You can always get a credit check from any of the major credit reporting industries. This credit report check will show various areas about your personal and financial transactions and credit history over a period of years. It will contain some identifying information like your address and employer, as well as your date of birth that has been taken from any of your previous applications for credit. Your credit report will reveal all of your bank or credit union accounts as well as any present loans or credit cards. It will also contain your credit applications and repayment history.

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