123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Importance Of Credit Reporting Agencies

By Author: Rajeev Ranjan
Total Articles: 12

As people have started taking more and more credit in different forms and sizes as compared to the previous decade, the importance of credit reporting agencies have gone higher. These agencies or credit bureaus are meant to collect and collate information related to the credit history of borrowers. Your credit score will depend on your previous track record of how you have handled your credit. In other words, the records give a thorough assessment about the credit worthiness of borrowers.

To prepare the credit report, the credit reporting agencies, mainly CIBIL, uses both qualitative and quantitative measures. Quantitatively, it is basically the data furnishers like the banks, credit card companies, creditors, lenders and utilities and debt collection agencies with whom a person have taken credit earlier. And qualitatively, it is the subjective factors mainly – Character, Capacity, Capital, Collateral and Conditions. Through these two assessment techniques, credit bureaus can collect all the information of customers that they need to prepare the credit report.

So now you can see that a lot depends on your regularity in loan repayment, loan default, credit card payment which will be reflected in your credit report which in turn will determine your credit score. And anyone who lends you credit will first refer to the credit reporting agencies for your credit report and assess your credit worthiness.

Since it is advised by credit experts to keep checking your credit score periodically, then you can apply online for your credit report and check it yourself. To do this, log in to the official website of CIBIL – cibil.com , fill in your personal details and online form, make the online payment and your online credit report will be mailed in your email address. This is an easier and faster pay to check your report.

Also this should be invariably done at least six months prior to applying for a new loan or credit card. This is because when you fill an application for loan, the bankers make it a point to cross check your credit history and only if your credit score is satisfactory will the bank approve your loan. And if you have a poor credit score, chances are more that they will reject your loan application. In order to avoid such a situation, it is suggested that you check your credit score beforehand so that if it is bad, you have enough time in hand to improve your score.

For more information about online credit report, credit reporting agencies visit our website at http://www.creditsudhaar.com

Total Views: 60Word Count: 415See All articles From Author

Business Articles

1. One Of The Best Kitchen Equipment Manufacturers
Author: Paul Wright

2. Advantages Of Getting Listed In Online Construction Directory
Author: John Smith

3. How Radiologist Email Lists From Healthcare Mailing Change Your Business Perception?
Author: Richard Braxon

4. Choose Yourself As A Yoga Teacher With The Help Of Adinath Ashram
Author: Jack Stevens

5. Best Service Provider For Life Time Events In Pune
Author: biz porto

6. Crimping Your Own Earrings
Author: Nitesh Pathak

7. An Overview Of Surface And Chemical Analysis
Author: Tan Sean

8. Prorack Roof-racks Install With Smart-foot Technology
Author: Tony Bulic

9. Siib: The Changing Face Of Business Education In India
Author: Mohan Kumar

10. Things To Know About Coworking Spaces
Author: romyfernandis12

11. Things To Consider Before Opting For A Mailbox Rental
Author: romyfernandis12

12. Different Types Of Advertisement Print Products
Author: romyfernandis12

13. Advantages Of Hiring Professionals For Printing
Author: romyfernandis12

14. Data Cabling Through Wire Mesh Cable Tray
Author: Noah Gabriel

15. Pretreatment And Grit Removal From Sewage Water To Repurpose It
Author: Manoj Shukla

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: