Credit Information Bureau (India) Limited (CIBIL), the agency gathering data on credit histories of individuals, has now made credit scores available to individuals for a fee of Rs. 450/- per request. An individual's credit score would be a three-digit numeric summary of his credit history for the last three years, and this would be rated on a scale of 300-900. The higher an individual's score, the
better would be his chances of securing a loan. Banks have, since the last two years, used this data as an important factor in deciding on whether to approve or reject a loan. Making credit scores available to borrowers can also be seen as a step towards risk-based pricing.
better would be his chances of securing a loan. Banks have, since the last two years, used this data as an important factor in deciding on whether to approve or reject a loan. Making credit scores available to borrowers can also be seen as a step towards risk-based pricing.
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