What is CIBIL Trans Union score?

CIBIL Trans Union Score is the one of the most reliable credit scores in India. This score is generated by Credit Information Bureau (India) Limited. The score is derived by using the details found in the “Accounts” and “Inquiries” sections on your Credit Information Report (CIR) and ranges from 300 to 900 points. The closer your score is to 900, the more favorably your loan application will be viewed by a lender. The score plays a critical role in the loan approval process.

The CIBIL Trans Union Score has become the industry standard for credit decisions, widely used by most leading lenders in India to make objective, fast and reliable credit decisions.

Most consumer finance providers use CIBIL Trans Union Score to ascertain whether or not the customer availing any credit facility from them is likely to become delinquent within a year. Therefore, they can access such credit scores and credit reports without paying any money. Other lenders and banks that do not provide information about their borrowers cannot access such scores without payment. Individuals can ask for their credit score from the CIBIL Bureau.

CIBIL Trans Union Score has integrated the system. Therefore, it is now not possible for borrowers to provide wrong information to different lenders and avail more loans than they can manage.

While CIBIL Trans Union score calculation formula takes into account all mortgage installments and other regular payments, the fact remains that many Indians are averse to borrowing. This is the reason lenders in India do grant loans to people who do not have the required level of credit scores.  In western countries it is unlikely that a person does not have a credit profile.

Trans Union has been active in the Indian marketplace as the technical partner and a shareholder in CIBIL, the first credit bureau in India. As a result, we have a strong understanding of the Indian financial services industry and are uniquely qualified to deliver solutions that can help you meet your challenges.

Determine your CIBIL TransUnion Score, Renew, Revamp and Retain it with services available at www.cibilconsultants.com
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Source: Secondary