Banks or finance companies will now judge a person on the basis of Credit Score

Jun 18 2018 04:15 PM
Banks or finance companies will now judge a person on the basis of Credit Score

If you now forget to pay your mobile, electricity or water bill or you have been depositing it after the deadline, then you have to be aware. This is going to be a big problem for you. In fact, to get a loan from the bank, better credit scores are needed and the credit information bureau has changed the rules. Almost all banks and in Tech companies are adopting this dynamic score model. Cybill used to take the details of the person's pan in collecting data. Now it has been included in the ration card, driving license, base etc. to get this data.

According to the news published in the English newspaper Times of India, those who delay the filing of electricity, water bills will now have an impact on their credit scores. They will be taken into account to remove your credit score. To make the credit score more efficient and efficient, the credit information bureau has included many data standards. Satish Pillai, MD & CEO, Information and Risk Management Company said that for a few years before, the credit score of 730 was easily found.

Banks or finance companies often approve loans by looking at your credit score. This shows your credibility. In a way, you can say that this is the eligibility of taking a loan. The higher the credit score, the more likely it is to get a loan approval. On the contrary, the less likely it will be, the less likely it will be to get a loan. If someone is paying their loan prematurely, then the effect will definitely be on the credit score. Now many more things have been included in this.

Your credit score is a numerical expression of your credit score. Its significance is increasing day by day. Most lenders now see your credit score before deciding to lend you. Your credit score is usually a number between 300 and 900, which is calculated based on your credit card history and loan usage. Lenders may be able to understand your score and understand some risks raised by lending to you. 

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