‘Credit score ups consumer awareness’
Why this move to provide credit score along with the credit information report?
We have been selling credit information report to consumers since 2009. However, after receiving feedbacks from many of them urging us to provide credit scores along with the report, we decided to go ahead with demand. The company was already selling credit scores of consumers to banks, and now we have extended the facility, in tie-up with TransUnion, to individuals as well.
What is the significance of a credit score for a consumer?
The Cibil TransUnion Score is a three-digit numeric summary of an individual’s credit history. The score is derived by using the details found in the “Accounts” and “Enquiries” sections on the credit information report and ranges from 300 to 900 points. The closer the individual’s score is to 900 the more favourable the loan application will be viewed by a credit institution. The score plays a critical role in the loan approval process.
Is the score reflective of the past loan repayment record of a customer?
Yes. And it provides a lender with an indication of the