Top 5 Myths About CIBIL Score
Powered By CapitaWorld 1800 105 7491 www.capitaworld.com Head Office: 502, Aniket, CG Road, Ahmedabad, Gujarat.
1. Myth: Only CIBIL provide a credit score. Fact: Apart from CIBIL, you have are 3 other options- Equifax, HighMark, and Experian, who can provide you credit score in India.
2. Myth: Don't check credit score, it will reduce your credit score. Fact: When a customer checks his credit score, it is a “soft inquiry”, which will not affect your score. However, If lenders (Banks, NBFC etc.) request for credit score, when you apply for credit, it is a hard inquiry. A Frequent request by lenders will negatively affect your credit score.
3. Myth: Poor CIBIL score means no loans Fact: If you have not defaulted in past, the lender may extend your loan with even low credit score. The rate of interest will slightly higher in such case.
4. Myth:The CIBIL has a list of all defaulters Fact:It’s not true. No credit score agency including CIBIL has any database of the defaulted customer.
5. Myth:Your savings or investment will inflate CIBIL score Fact: No. The credit score is completely dependent on repayment behavior (payment of loans and credit) of an individual customer.
Reference Article: 11 Myths About Cibil Score ____________________________________________________________________________ In case of any query related of Credit Score, CIBIL or loans, get free consultation here. ____________________________________________________________________________