Credit score: A CIBIL score above 750 is considered an excellent score, while a score between 650 and 750 is considered average and below 650 is a bad score. Read this to understand the reasons for his downfall
CIBIL, or Credit Score, is a key benchmark for understanding an individual’s loan credibility for financial institutions in India. The CIBIL score is measured between 300 and 900 and calculated by credit reporting companies in India. A CIBIL score above 750 is considered an excellent score, while a score between 650 and 750 is considered average and below 650 is a bad score.
“The initiative introduces a fast, secure and convenient way to access their Experian credit report anywhere, anytime. Consumers can check their Experian credit report, track any irregularities, immediately detect fraud and rebuild their credit score, allowing them to take control of their credit profile,” Experian India said in a statement.
With India having the largest number of WhatsApp users in the world – with 487.5 million users – the WhatsApp messaging service is an integral part of the daily lives of Indian consumers.
Here are the steps to check credit scores on WhatsApp for free:
Step 1: Send “Hey” to Experian India WhatsApp number +91-9920035444 or visit: https://wa.me/message/LBKHANJQNOUKF1
2nd step: OR Scan the barcode
Step 3: Share some basic details, such as name, email id and phone number
Step 4: Instantly receive credit score from Experian via WhatsApp. One can request a password-protected copy of the Experian credit report, which will be sent to the registered email id.
What are the reasons for falling credit scores?
The rate of credit utilization is an important factor that influences credit scores. He only considers his revolving credit, that is to say the credit card. If usage gets too high, it will have a negative impact on credit rating, even if balances are paid on time.
Another interesting scenario where the score can drop is closing an existing credit card, especially one that has been in use for a long time. Since credit history makes up the bulk of one’s credit score, maintaining an extensive history is necessary for a higher credit score.
How to boost your credit score?