Not just Sybil... Experian, CRIF and Equifax also offer credit scores, find out why they're all different!

-
Image Freepic

Dt. 27 August 2023, Sunday

When you go for a loan or apply for a credit card, you need your credit score. Let's know how many types of scores are there.

You all know about credit score. Credit score is needed whenever you want to buy a house, building, land or car with a loan or apply for a credit card. Learn more about it today.

What is a credit score?

Credit score is generally associated with financial transactions i.e. loans. And to understand simply, it is said how much loan you take, and how you repay the loan. Apart from this, you are not late in paying the loan... , the creditors have increased on you. You are used to taking loans. Thus, your credit score is determined on many factors. The bank checks all these things before giving you any loan, that the money given to you will not sink.. So they give you loan only after checking all these things.

4 credit score currently in India

Credit score is commonly known as CIBIL score in India. There are four types of credit bureaus in India, which are responsible for providing credit scores. In which TransUnion CIBIL, Experian, Equifax and CRIF High Mark these four types of bureaus check in different ways and then your score is determined. This score goes up and down.

Different categories of credit scores

A credit score between 650 and 750 is considered good. In this way you can easily get loan on credit score. A score above 750 is considered excellent. A credit score between 550 and 650 is considered average. While a score below 550 is considered bad. A bad credit score causes a lot of damage. In which the bank does not give you a credit card and also does not give any bank loan.

This is why credit scores vary

Sometimes different scores are seen at the same time. That means your CIBIL score is sometimes above 700 and sometimes below 500. Several reasons are responsible for this. Banks and financial institutions submit credit reports to different bureaus at different times. Due to this, the same factor has different scores. Some bureaus update the score every month. Some take three months. This is the reason why the score does not remain the same.


Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more