CIBIL Score, an ominous term that makes even the most financially aware among us squirm in our seats. Maintaining a healthy credit score is vital to our financial well-being. The first credit information company in India, the Credit Information Bureau (India) Limited (CIBIL) was established in 2000 and has since been the most popular credit agency in India. CIBIL collates all the credit information of an individual sent to the agency by banks. Using this data, they score an individual’s credit history on a range of 300 to 900, with a score above 750 being considered healthy. This CIBIL score serves as a quantitative measure of an individual’s credit worthiness and is used by banks and other lenders when one applies for a loan or credit.
So, what do you do if your CIBIL score is low? With some time and effort, you can improve your score using the methods mentioned below.
While it is important to improve your credit score, remember that it is a slow and steady process. It would take around a year’s worth of effort on an average to see the results in your credit report. Ensuring a healthy credit history and CIBIL score can help ease your financial worries and is worth all your effort and time.
Individuals CIBIL score is of great importance while looking out for financing one’s business too, Learn how KredX can help.
KredX is an online Invoice discounting Marketplace helping business solve working capital issues. Reach out to us at KredX.com to find out your credit health.