{"id":143,"date":"2018-04-19T07:21:23","date_gmt":"2018-04-19T07:21:23","guid":{"rendered":"https:\/\/blog3.indifi.com\/?p=143"},"modified":"2020-05-22T08:54:55","modified_gmt":"2020-05-22T08:54:55","slug":"fixing-poor-cibil","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/fixing-poor-cibil\/","title":{"rendered":"5 Pro Recommendations To Fix A Poor CIBIL Score"},"content":{"rendered":"\n
\"5
5 Pro Recommendations to Fix a Poor CIBIL Score<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Rahul (name changed) is now a successful businessman who runs a retail outlet in DLF Cyber City, Gurgaon. In his early 20s, he had a credit card and had defaulted payment on it, a couple of times. Recently, when he approached a bank to lend him working capital to expand his outlet, he was informed that his application failed to make the cut, because of his low CIBIL score.<\/p>\n\n\n\n

Rahul was shocked to know the outcome as he wasn\u2019t aware that a couple of missed payments in his youth could have such a drastic effect. There are several among us, who have been in the same boat as Rahul.<\/p>\n\n\n\n

For those who are new to CIBIL, here\u2019s a quick introduction:<\/p>\n\n\n\n

Credit Information Bureau Limited, CIBIL in short, is an agency that has been existent since 2000. The bureau is responsible for assigning a three-digit numerical score to individuals based on their credit history. This includes payment and management of credit card bills, loans, and other products.<\/p>\n\n\n\n

Almost all lenders, be it banks; NBFCs or digital lenders use this score to determine the creditworthiness of a borrower before they sanction a loan product.<\/p>\n\n\n\n

Additionally, a CIBIL score also plays a vital role in determining the interest rate fixed by the lender. When you have an excellent to high CIBIL score, you\u2019re likely to enjoy better interest rates. On the other hand, a poor credit score equates to higher interest rates and more financial burden.<\/p>\n\n\n\n

So, it\u2019s imperative that you have a high CIBIL score when applying for business loans and other types of loan products.<\/p>\n\n\n\n

Quick Business Loan<\/a><\/div>\n\n\n\n
\n
\n

Table of Contents<\/p>\nToggle<\/span><\/path><\/svg><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n