What is a credit score?
A credit score is a three-digit number that reflects a person’s repayment integrity and creditworthiness. This number is based on several factors, such as existing debts, financial behaviour, past missed payments, etc.
The most recognised credit bureaus in the country are CRIF High Mark, CIBIL, Experian, and Equifax. These bureaus give borrowers credit scores, which generally range from 300 to 900. The higher the score, the better an individual’s overall credit profile.
Lending institutions use this score to analyse and assess a personal loan or home loan application. They match these credentials with their basic eligibility criteria before clearing any loan. Furthermore, this score can become significant when demonstrating financial stability to foreign embassies.
Note: The credit score range discussed above is illustrative. For the updated scores, approval chances, and creditworthiness, reach out to your respective credit bureau.
In conclusion, maintaining a clean credit profile and a strong credit score keeps Indian applicants in better standing and more prepared for evolving visa requirements. It also helps support their financial needs for international travel and future economic prospects.
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Disclaimer: Mint has a tie-up with fintechs to provide credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards, and credit scores. Mint does not promote or encourage taking credit, as it comes with risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
