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: 81Word Count: 415See All articles From Author

Business Articles

1. Guide To Buy Carbon Fiber Motorbike Parts
Author: Lao Yutang

2. A Smart And Detailed Guideline On Making Your Catalog Pop!
Author: Shawn Nag

3. Busy – Accounting Software By Hk Computers
Author: HK Bookkeeping

4. Waterfront Resort Montauk Yacht Club
Author: Unknown Member

5. Mechanical Sifter By Chitra Machineries
Author: Chitra Machineries Pvt. Ltd.

6. Folders By Patel Printing
Author: Patel Printing

7. World Health Day 2018
Author: Phenixcare

8. Expertise In Manufacturing Monitoring, Measurement, Marking Robotics Automation Systems-micro Logics
Author: Micro Logics

9. Benefits Of Prefabhomes
Author: Vishal Shah

10. Here's Why You Should Invest In A Mobile App For Your Business
Author: Surabhi Joshi

11. Cpe Bags: Market, Trend, Andother Things To Know Before Purchase
Author: Linda

12. Keys To A Successful Job Search
Author: Umesh Ahirrao

13. Different Design Phases In Fashion
Author: Umesh Ahirrao

14. Buyer’s Guide For Finding A Reliable Commercial Rebar Bender
Author: HOPPT Australia

15. Promote Your New Facebook Page Efficiently
Author: Gaurav Rachewar

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