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How To Utilize Your Good Credit Score

By Expert Author: Rajeev Ranjan

Due to the inaccessibility of records to the common people as well as a general ignorance of credit health seen in India, it is seen that the ones who have a good credit record is not able to approach the banks for benefits owing to their impressive record. However, if he was aware that he stood at an advantageous position, he could have got lower interest on bank loans and also a good white collar job, fast connection on post paid phones and a lot more. But half of these things pass unnoticed because people are oblivious about their credit scores.

Thanks to credit reporting agencies, this gap between the bank authorities and the people is slowly bridging. The role played by these agencies is of high significance as they collect and collate information about the credit history of borrowers. This is done by accumulating data given by data furnishers like credit card companies, creditors, lenders and utilities and debt collection agencies from whom a person have taken credit earlier. Based on all the information, the bureaus assign scores to customers and based on that score, a bank decides on their creditworthiness.

The scores vary from 300 to 900 points and anything between 750 to 900 points is considered a decent score. This score comes handy at a time when you approach the bank for loans. It is only after assessing your score that the bank will offer you the loan. If your score is satisfactory i.e. you have a good track record of paying your EMIs on previous loans within the allotted time, you can always claim that the bank lower the rate of interest on your loan. On the other hand, if you happen to furnish a poor score, the bank is most likely to reject your loan application altogether.

But the question is how will you know whether you have a good score or a poor one? There is a quick solution to this problem. To cut short the long procedure of waiting in line for a copy of your report, you can go for the online route. To get an online credit report, visit the website of CIBIL - Credit Information Bureau (India) Ltd. All you need to do is fill in the form with personal details and answer certain question related to your financial life. Based on the answers, they will ascertain your score and mail you your report.

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

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