A Credit score is a 3-digit number representing the creditworthiness of an individual. It ranges between 300-900, with 900 being the highest possible score
Category: Credit Score
How can a borrower maintain/improve his/her credit score?
A credit score can be maintained/improved by making clearing EMI and credit card dues on time. The borrower should not have any pending loan/credit card payments and avoid taking too much debt at one time.
What does a score of -1(Minus One) and 0(zero) indicate in the Credit Report?
A score of -1 indicates no credit history in last few years. And a score of 0 indicates that your credit history is available only up to 6 months.
Will there be a credit report inquiry when the borrower apply for this loan?
Yes, there will be a credit report inquiry made whenever the loan is processed. This inquiry will only be made after his/she submits the loan application.
What happens if the borrower delays the EMI payment?
If the borrower delays the EMI then he/she is liable to pay late charges which are agreed to and specified in the loan agreement. Also it might affect your credit score, so its advisable that you pay your EMI on time.
What is a good credit score?
It is generally advisable to have a Credit/Bureau score of 700 or above to qualify for a loan.
Will the borrower’s credit record automatically update after the loan closure?
After closure of the loan, the credit records will get updated within one month. In case its not updated or if there is any discrepancy, please write to us at firstname.lastname@example.org mentioning the Loan account number or registered mobile number