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What is CIBIL SCORE ? How it Impacts your Loan Eligibility | CIBIL SCORE Mistakes

CIBIL SCORE - Have you ever been tempted to default on a loan from your bank? Then, approach a different bank and avail another loan. How can you be caught? Trust me....You will not be able to get this loan. You may lay the blame on a 5 letter word, CIBIL. So what is CIBIL? Credit Information Bureau India Limited popularly known as CIBIL was founded in August 2000. CIBIL was started to help banks detect customers who try to avail loans/credit cards and might default or fall behind in their payments by checking their past credit history.If you avail a loan or a credit card from a bank, a monthly report of your repayments is sent to CIBIL. CIBIL uses this information to create a credit information report called CIR. Based on your CIR you are assigned a score called CIBIL score. If you have a good CIBIL score, your loans are easily sanctioned.


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