What is CIBIL score ?

Kayan.pereira31 Mar, 2022Finance

A consumer?s credit score is represented by a CIBIL Score. Simply explained, this is a three-digit numeric summary of a consumer?s credit history that serves as a reflection of the person?s credit profile. This is based on prior credit behaviour, such as borrowing and repayment practises, as shared with CIBIL on a regular basis by banks and lenders (details of which are included in the consumer?s CIBIL Report). The Score is calculated using information from the CIBIL Report?s ?Accounts? and ?Enquiries? sections, which include (but are not limited to) loan accounts or credit cards, payment statuses, outstanding amounts, and days over the due date.