25-Oct-2016 written by : FSI-Team
Credit scores are doubtlessly the most crucial metric to gauge one's creditworthiness. When considering a loan application, lenders look for those who have a high score. CIBIL claims 79% of loans that are approved are for people with a credit score of 750 and more. Such a score reflects a healthy credit profile. A high score is therefore a desirable attribute in every borrower’s application.
Inspite of this, it is unfortunate that most of Indian population is still unaware of their score and its importance. We at Free Score India believe that it is every person’s right to know about their scores and how it can be used to their benefit.
"Knowledge is an enabler". Free Score India firmly believes in this and understands that knowledge helps one to take correct decisions. For example, most people are unaware that a high score helps them to negotiate a lower interest rate. This helps in saving money.
Economies function on intertwined and interdependent sectors. One's expense is another one's income. With more people spending, the flow of money increases in the economy leading to progress of the nation. When the nation progresses, the masses are benefitted at large. When more people are borrowing, they are investing and spending more, they create more jobs, produce more goods and services and leads to economic growth.
Every progressive step causes ripple effects and leads to growth in all sectors. Eventually all begin to progress together and the benefits trickle down to microeconomic level. It leads to increase in per capita income, improves the quality of life and thereby the happiness quotient enhances.
Being aware of one's creditworthiness is the maiden step towards managing and maintaining refined credit health. It is pertinent to one’s overall financial wellbeing. Knowing one's own score brings transparency in financial relations and makes financial transactions become more efficient.
This facility is currently available to resident Indians only. Free score India not only provides a free copy of your credit score and report but also a detailed explanation on the nuances of your report. This helps individuals comprehend their credit status and simplify the otherwise complex presentation of credit bureau reports.
Credit scoring is an international concept and there are four predominant credit bureaus functional. They are CIBIL TransUnion, Equifax, Experian and Crif Highmark. Every individual is allowed one free credit report once a year from every bureau. Although the same concept was introduced in India, however the free score advantage is not given here. Thus, we at Free Score India decided to shoulder this responsibility in the interest of everyone’s bright financial future.
We are certain a free CIBIL report will encourage people to probe their scores and the science that works behind them. All in all, our intention is to help people examine credit scores, work to improve them, be more financially confident and seek more credit to improve the cash flow in the economy.