The RBI has granted licenses to four credit information companies in India that are responsible for computing the credit scores of individuals. Financial institutions are inclined to provide you loans and credit cards because you have a low risk of defaulting. It refers to a person with a credit history that is almost perfect. This Experian score range is the highest. Lenders will view you as a low-risk borrower.Ī credit score in this range proves that you have an excellent history of financial management, making on-time payments, and avoiding defaults. Lenders will view you as a risk because you could potentially default.Īn Experian score of 650 – 749 is considered good and demonstrates financially responsible choices and timely repayments. It indicates that you have a history of payment defaults and unsecured loans. This credit score range is regarded as fair. Creditors will be hesitant to extend credit to you. This score range implies that you have a poor track record of payment defaults, financial management, and credit utilisation. This indicates that you have no credit history. Banks will offer you loans and credit cards as well considering you are at the lowest risk of turning into a defaulter.
It suggests you have been regular with credit payments and have an impressive payment history. However, you may still not have the negotiation power to get the best deal on the rate of interest for loan. Lenders will consider your credit application and offer you a loan. You should continue displaying good credit behaviour and increase your score further. If your CIBIL score is in this range, you are on the right path. The interest rates on the loan could also be higher. It suggests you have been struggling to pay the dues on time. With a CIBIL score in this range, it will be difficult for you to get a loan or a credit card as you are at a high-risk of turning into a defaulter.Ī CIBIL score in this range is considered as fair. It means you have been late in paying credit card bills or EMIs for loans. If you have not used a credit card or have never taken a loan, you will have no credit history.Ī CIBIL score in this range is considered as a bad CIBIL score. This means it is either “not applicable” or no history”. Your credit score and your report will be then displayed on the screen.The next step would be to verify your age.An OTP will be sent to your mobile number for verification.Here are the steps to follow for a credit score check within 2 minutes. Checking your credit score does not affect your score, so it's a good idea to check it regularly to make sure there are no errors.
CREDIT SCORE RANGE EXPERIAN FOR FREE
You can check your credit score for free once a year from any of the three major credit bureaus.You can check your credit score for free from BankBazaar Website. The Reserve Bank of India has licensed four credit information companies in India to calculate credit scores namely, Credit Information Bureau (India) Limited (CIBIL), CRIF Highmark, Experian, and Equifax. When you apply for a credit card or a loan from a bank of NBFCs, having a higher credit score may entitle you to receive further benefits such as a higher loan amount, lower interest rate and your choice of tenure to repay the loan. Credit scores are calculated by the credit bureaus in the country after taking into consideration several factors like the length of your credit history, repayment records, credit inquiries, among others. Credit Score - Every Thing You Need to KnowĪ credit score is a three-digit number from 300 to 900 used to determine the creditworthiness of an individual.
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