What is difference between CIBIL and credit score? I am not sure which is which.
You know what, I had the same question when I applied for a home loan last year. It was my first time, and I got to know about the terms ‘Credit Score’ and ‘CIBIL Score’ during the loan processing and verification stage.
A credit score is a more general term that represents a three-digit number, ranging between 300 and 900 and indicates your creditworthiness.
To know your credit score, you can opt for any of the 4 licensed credit bureaus of India:
- CIBIL
- Equifax
- CRIF High Mark
- Experian
Each of them has its own models to assess your creditworthiness and repayment habits.
Now, coming to the CIBIL Score, it is a specific type of credit score. When you opt for Credit Information Bureau (India) Limited (CIBIL) to calculate your credit score, Indian Banks call it the CIBIL Score.
It is the oldest and best-known bureau in India, which is why most banks and financial institutions commonly refer to the CIBIL score during their loan verification process.
In brief, all CIBIL scores are credit scores, but not all credit scores are CIBIL scores. The best thing is that you can check your CIBIL score for free, right from the comfort of your home. Visit the TransUnion CIBIL website, enter the details and get the score. It is so simple, check it now!