What is a Credit Score?
It is an important metric for a lender to assess the credit worthiness of a customer applying for a loan, and hence it is very important to be aware of your Credit Report and Credit Score. The Credit Score is available from the credit bureaus in India such as Experian.
The Credit Bureau is a repository of the credit history of individuals and business entities who have availed of any credit or loan in India. All lenders are required to be members of the Bureau and report on regular basis credit information about the loan / credit such as Loan Outstanding, EMI Repayment history and all other relevant information of their Loan Portfolio.
Credit Score is used as a threshold limit metric for most lenders, though it is NOT the sole criteria. It is important to know oneâ€™s credit score and use it effectively to get a good deal on a loan or a credit card from the lender.
LoanStreet is partnering with Experian to give you an access to your Credit Report and Credit Score at the time you are thinking of Raising Funds.
Your Experian Credit Score is based on the information provided in your Experian credit report and ranges on a scale from 300-900. The rating scale helps give you an indication of how lenders may interpret your credit report; the higher the score, the lower the perceived risk and therefore the more likely you are to be granted credit/loan. Checking your credit report is the first step in taking control of your financial situation. The more you know about how your credit report works, and how lenders and others use it, the easier it is to improve your credit status.