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Importance Of Credit Reporting AgenciesBy Expert Author: Rajeev Ranjan
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
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