I was just planning to apply for a loan but it seemed that I needed to know a lot of things. I asked my father about the procedure but he asked me whether I have a good CRIF and CIBIL score or not. I had no idea what is CRIF score and CIBIL score so I asked him about it. He explained to me what they are, why they are important and also what score is considered as a good score. Let me share with you everything.
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What is CRIF Credit Score?
CRIF score is a 3 digit number that provides a bank or a lender a sense of creditworthiness or a note to state whether you have been repaying your dues regularly in time or not.
What is CIBIL Score?
CIBIL(Credit Information Report) score is a 3 digit numeric summary of a person’ credit history.
What is a good CRIF score as well as CIBIL score?
For CRIF score, a good score means a score that is above 750 and a poor score is if it is within 300-550 and it is the same in case of CIBIL score.
What is the importance of such scores?In case of sanctioning a loan, there are multiple aspects that are looked after and these two are also two of those aspects. The better scores you have, the easier you are to get your loan approved so definitely they are very important to get your loan sanctioned.
I hope now you are clear about
what is CRIF score and what is CIBIL score.
Read More:
What is the difference between credit score and CIBIL score?
How to increase CIBIL score quickly?
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What Is CRIF Credit Score?
Jogendra
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2 Year
2022-08-10T09:57:59+00:00 2022-08-10T09:58:00+00:00Comment
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