Your loanability is getting easier to track. Sensing the growing demand for loans and banking products, more credit bureaux have started launching credit scores for Indian customers, which give them an indication of their chances in getting a loan.
US headquartered Equifax launched the credit score in the last week, while the world’s largest credit information company, Experian, is also planning to launch credit score soon.In markets such as the US and the UK, Experian has been providing various products and services to consumers including credit score, credit reports and alerts.
“We are in the process of evaluating which product suits India the best and are working on the best way to introduce it in India,” said Mohan Jayaraman, managing director, Experian Credit Information Company.
CIBIL (Credit Information Bureau of India Ltd) was the first bureau to launch the score in India. A credit score is numerical value that shows the likelihood of individuals getting loans from the lender as it is based on the credit history of borrower.
{{/usCountry}}CIBIL (Credit Information Bureau of India Ltd) was the first bureau to launch the score in India. A credit score is numerical value that shows the likelihood of individuals getting loans from the lender as it is based on the credit history of borrower.
{{/usCountry}}The higher this score, better the chances are for an individual of getting loans from the banks and financial institutions. If a borrower is making timely payments on loans, she will have a higher score than another who is not regular in paying monthly installments.
“Credit score is an important tool for customers as it allows consumers to get speedier access to credit, better manage their credit history and derive benefits associated with good credit history,” said Samir Bhatia, CEO and MD, Equifax Credit Information Services.