Credit Score Vs CIBIL Score

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CSL Finance Ltd 2 days ago 2 min read Credit
Score Vs CIBIL Score
Credit Score and CIBIL are essential factors
while applying for either a personal loan or any
other. You might have experienced that these
score in three digits is always considered
before the approval of your loan. Now the
essential question emerges that the terms credit
score and CIBIL different or the same? However,
both terms are considered for the loan approval,
revealing the borrowers' transactional history.
It analyses the records of past loans, credit
card usage, fair repayments etc. If the financial
history of the customer is good the credit score
will be higher. Whereas a lower score will
create difficulties in the approval or it can
enhance the interest rate. Hereafter, lets
understand the difference between the credit
score and the CIBIL.
Credit Score Vs CIBIL Score Credit Score
As mentioned previously, the credit score reveals
the transactional history of any person, where it
provides all the information about the previous
debt like current EMIs, loans, repayment and
overall debt of the person willing to apply for
the loan and other financial services. Their
credit score can be provided by any credit
information company as there are four credit
information companies and these are CIBIL,
Equifax, Experian, and CRIF High Mark. And all
this credit information can provide the credit
score as per their algorithm which emphasizes the
previous transactional history as well. So, the
credit score can be provided by all these credit
bureaus. CIBIL Score The CIBIL score also works
as same i.e., to provide information about
previous transactional history considering the
income, expenses, and performance after getting
a loan like repayment and all. This is always
considered while approving the loan and
facilitating the lower interest and affordable
tenure. The CIBIL score is provided by the CIBIL
i.e., Credit Information Bureau India Limited
which is one of the bureau's companies and its
credit score is known as CIBIL which works the
same as others. Regulatory Authority for Credit
and CIBIL
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il-score
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Credit Score Vs CIBIL Score CSL Finance
While discussing the credit and CIBIL and the
bureau companies providing the credit and CIBIL
score, it is essential to know their domain and
the regulatory body which controls these
companies. So, all these credit bureaus i.e.,
CIBIL, Equifax, Experian, and CRIF High Mark are
authorized by the Reserve Bank of India and
these are regulated under the Credit Information
Company (Regulation) Act 2005. Where all these
bureau companies are allowed to provide fair
credit scores as per the record of a
person. Conclusion Overall, considering the
difference between CIBIL Score and credit score
which is almost the same in terms of financial
history but different based on its facilitator
i.e., the bureau company. So, it is essential to
know that in every condition your transactional
history and punctuality in repayments always
matter to maintain the credit score or CIBIL
score, where you must focus on all those
parameters that directly affect your credit score
and create difficulties in your financial
assistance in terms of loan, insurance and many
more. So, always keep your credit score higher,
by following all the guidance required for the
betterment of your score.
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il-score