A CRIF credit score is a three-digit number ranging from 300 to 900 that represents an individual’s creditworthiness based on their past credit behavior. It is used by banks, NBFCs, and financial institutions to assess the risk of lending money to a borrower.
Why is the CRIF credit score important?
- Loan & Credit Card Approval: A high CRIF score increases the chances of loan and credit card approvals.
- Interest Rates: Borrowers with a higher score get loans at lower interest rates, saving significant costs.
- Credit Card Limits: A good score helps you get higher credit limits.
- Financial Reputation: A strong score enhances your financial credibility for future borrowing needs.
A CRIF score of 730 or above is considered very good and improves your chances of securing a loan with better terms.