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

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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.


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