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What is a CIBIL score? And how can you improve your CIBIL score?

swati11 on Finance

https://blog.finology.in - CIBIL score is the credit score that is provided by TransUnion CIBIL, you may hear that it’s important to maintain your CIBIL score, but no one tells you how. So, presenting the article on how to Improve CIBIL Score.
Imagine you're in your college. You get a good amount of pocket money, which is more than your monthly expenses; hence you always end up saving some money in the end. Now imagine two of your classmates come to you on different days and ask you for some money. Now, since you only have limited savings, you can afford to help out only one of them. How do you decide whom you will lend the money to?

This is where their credit score will come to play. Now, for a college student, the decisive factors may include a lot more emotions and personal biases instead of just their past lending behavior and market reputation. Still, it cannot be the case for a bank or company that runs in the market. They lend money to people based on a numeric score that can put an individual on a considerable scale.

This numerical value is based on the past credit behaviors of a person and depicts their creditworthiness. It is known as the credit score.

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