You know by now that big brother is watching your credit behaviour. One misstep in how you meet your financial obligations and your credit score will feel the effects for a long time. The credit score is a number based on your credit report—which is a summary of your past and current borrowings and your repayment history—that a credit bureau agency prepares. Currently, there are four such companies in India—Credit Information Bureau (India) Ltd (Cibil), Equifax Credit Information Services Pvt. Ltd, Experian Credit Information Co. of India Pvt. Ltd and CRIF High Mark Credit Information Services Pvt. Ltd.
A good score will help you get credit and loan facilities easily and on better terms, while a bad score will harm your borrowing interests. However, it is easy to make errors and have oversights that pull the score down.
