CIBIL Score or a Credit Score is available in a Credit Information Report (CIR).
What does my Credit Score mean?
CIBIL provides a score between 300–900 for any customer for whom sufficient information is available to generate a score. If there is not enough information for a customer, then it is set as -1.
The various tiers for the credit score are:
1. Less than 300: This indicates that the bureau does not have enough information about your financial history to assess your score.
2. 300–449: This indicates that you have been delaying extensively and you better not make any delays to your EMI payments.
3. 450–599: This score is considered as nominal by the lenders. There is a high chance of rejection of your loan requests by most of the banks and NBFCs.
4. 600–749: This range is average. Some banks will be ready to provide loans, but it will depend on the type of loan requested by the individual.
5. 750+: This is a great score by all the lenders. Customers with this score should be eligible for pretty much all the loans.
What is a Credit Information Report (CIR)?
The CIR provides information about the customer’s biographic details, the customer’s loan account details. The customer’s loan account details include information about the date when the loan was disbursed, the type of loan (whether it is a home loan or a personal loan, etc.), the last paid date, the number of instalments already paid and the delay with which the payments have been made.
How does a CIR look like?
The key sections in the CIR is as below:
CIBIL Score
This is a value between 300–900 which is calculated based on multiple factors like the type of loans, the repayment pattern for the loans and loan history information amongst other additional factors. Anything above 750 is considered to be a good score by other lenders.
Biographic Information
This section contains information about the customer’s biographic details like the full name and the ID number like the Aadhaar number.
Contact Information
This section contains contact information like all the phone numbers that the customer has registered with and reported and the address information.
Employment Information
This section has the monthly or the annual income details reported by the lenders (Lender/NBFCs).
Account Information
This section has the details about all the loan accounts that the customer has availed. This includes the type of loan, the date when the loan was disbursed, the lender’s name, the last date when the payment was made, the number of instalment information reported by the lender, the delays as reported by the lender and the status of the loan.
This section is a critical section for each person to check for himself/herself as this is forms the crux of the credit score for an individual.
Enquiry Information
The number of times a person opts for a loan, the lender requests for the credit scores. This comprises of one “enquiry”. For a customer who has many enquiries, the lenders consider them as “credit-hungry” and hence do not look at such customers positively.
More details available here — https://www.cibil.com/sites/default/files/pdf/faqcs.pdf#page=9
