The importance of your CIBIL score: Your CIBIL score plays a very important role in your life today. Unless you have a perfect CIBIL score of 750 and above, it is unlikely that you will get access to credit when you need it. The Reserve Bank of India has made it mandatory for all lenders to look at the CIBIL score of any individual as a part of their credit assessment process. This means every time you apply for a new loan or a credit card, the lender looks at your CIBIL score to assess whether or not you are credit worthy.
In fact, your CIBIL score is not just relevant to your possibility of getting credit but may also impact your employment prospects. Corporations these days are increasingly asking for probable candidates to submit their CIBIL report along with other documents to assess whether or not they are responsible with their own credit and thus may prove to be an asset to the company by way of trustworthiness and responsibility. Thus, there is no doubt about the fact that maintaining a high CIBIL score is of paramount importance. A perfect CIBIL score of 750 and above will open up doors of credit when you need it the most. But what must one do to achieve it? Well here are five steps that will take you closer to your goal.