26-Sep-2015 written by : FSI-Team
How to find out your credit score? This is the most common question for any person intending to take a house loan, car loan or personal loan. It is a priority because the terms of loan approval largely depend on what’s in your Credit report and score.
CIBIL score is the most widely used credit score across industry to determine a borrower’s credit worthiness. Most of the banks and lending institutions rely on this score to decide whether to approve a loan, and if yes, on what terms. Sometimes, human resource managers may also use this score to evaluate a person’s financial skills and personal management abilities.
Thus, this is a very important data which you should always know i.e. what your current credit rating is? This credit rating is needed to assess the possibilities of having your loan applications approved or even your occupation application getting accepted by employers.
How to get credit report and credit score? There are two main routines for getting this information. The first and most regular technique is to file an online request with your registered CRA (Credit Reporting Agency) for a report. As per the stipulations of the finance and economy ministry, each individual can lodge a formal request with his or her CRA and get the credit report’s hard or soft copy mailed to them, in lieu of a certain amount of payment. However, you have to register yourself with a particular agency at a certain expense to ensure that you get the right credit report in every FY.