Credit Rating is no more for companies or financial instruments, but has also become important on personal / individual level. At the personal level, it is called ‘Consumer Credit Score’.
Having a good credit rating is important to individuals as well, since a good credit rating can help individuals to Finance a car, Rent an apartment, Get a home mortgage, Setup utility accounts, Obtain employment, etc.
Credit card companies, lending companies & banks have become very strict while offering credit these days, due to rising defaults of loans taken by people. They now check the credit worthiness of their prospective customers before disbursing a loan or determining the credit limit on credit cards.
Factors that may influence a person's credit rating are: ability to pay a loan, interest, amount of credit used, saving patterns, spending patterns, debt, etc.
CIBIL – [Credit Information Bureau (India) Limited] Credit Report is a factual record of your credit payment history compiled from information received from different credit grantors. Credit grantors are leading Banks, Financial Institutions, State Financial Corporations, Non-Banking Financial Companies, Housing Finance Companies, Credit Card Companies, who are Members of CIBIL. The purpose is to help credit grantors make informed lending decisions - quickly and objectively, and enable faster processing of credit applications to provide speedier access to credit at better terms to customers.
One can now access its own Credit Information Report (CIR) directly from CIBIL.
Ideal Credit Score is 750 and above.
One can request a copy of his/her CIBIL CIR, by writing to CIBIL. Complete details can be had from the following link: www.cibil.com
Do not ignore! Be Aware!
Anand Wadadekar
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