A credit rating is a numerical expression based on a statistical analysis of a person’s or organization’s credit history, including factors like payment history, debt-to-income ratio, and length of credit history. It is used by lenders to assess the risk of lending money to a particular borrower.
Checking your credit rating is important because it can affect your ability to get a loan, the interest rate you pay on a loan, and even your ability to get a job. In India, there are several ways to check your credit rating. You can get a free copy of your credit report from the Credit Information Bureau (India) Limited (CIBIL) once a year. You can also purchase your credit report from other credit bureaus, such as Equifax and Experian.
