08-April-2015 written by : FSI-Team
A credit score is a numerical score that summarizes each individual’s credit history, that is, how much money he or she obtained as a loan and whether the credit has been repaid or not etc. If you are applying for a loan, be it education loan, home loan, business loan or any kinds of loan, the credit lender will check your credit score and credit report, so that they can understand how able you are to borrow and repay the money. If they are satisfied with the credit reports, then only will they grant you the loan.
Some people may wonder how to get credit score. The answer is in fact uncomplicated; if you ever have taken a loan or have a credit card or bought products on EMI, then you must have a credit history and credit score.
If you are one of those people, who matches the above mentioned criteria then you have to follow certain steps to get a credit life which will spawn the credit score under your name.