A credit score is an indicator of a borrower’s or an individual’s creditworthiness. The score is calculated based on the information available on their credit report. It is used by creditors (banks, credit card issuers, etc.) to predict the likelihood that the borrower will meet their financial obligations.
The higher the credit score, the more likely it is that the borrower will pay back their debt and the less likely it will be that they will default. A low credit score indicates that the borrower may be a higher risk to creditors and is less likely to pay back their debt. A score of 690 or more is generally considered good while a score below 620 is considered poor.
Many people need to check credit report of their client scores. For instance, landlords have to check the credit score of their future tenants before letting them into their homes. Banks have to check the credit score of their future borrowers before giving them loans.
You might also have to check your client’s credit score before making a deal with them. This article will tell you how to check a client’s credit score for free.
A client credit score is necessary before you agree to take on a client. If you are looking for a free way to check your credit score or if you want to check your client’s credit score, you will need to use a credit report and CIBIL score
How to Check Credit Score for Free?
CIBIL Score and PAN Card are two crucial documents that can be used to verify an individual’s credit score. Although it’s a tedious process, you can get these documents issued by the client, as a part of their due diligence requirement. CIBIL Score and PAN Card are, in fact, the most accurate and publicly available documents that can be used to get a client’s credit score.
What is a CIBIL Score?
CIBIL score is the acronym for Credit Information Bureau of India Limited. CIBIL Credit Information Bureau is the largest credit information company in India and was founded in 1997.
They provide credit information on borrowers and facilitate credit search, loan processing, and risk-based pricing. CIBIL’s services are used by banks and other financial institutions to assess the creditworthiness of individuals and companies.
Banks must verify the details provided by customers before sanctioning a loan. CIBIL provides this facility by maintaining a database of credit information on over 600 million individuals and nearly 2 million companies across the country.
A CIBIL score is a number between 300 and 900 points that indicates the creditworthiness of an individual. It’s a 3 digit number and is generally between 300 and 900.
It is calculated by adding the individual’s current CIBIL score and dividing it by the number of months that he has been a CIBIL member. You can find more information about the fee structure for a credit report on their websites.
You can also look for free credit scores on websites by providing PAN card details. Make sure that the websites are safe and are a regulated body to avoid data leakage or hacking. Make sure that the website you are using to check the CIBIL score is secure and does not redirect to any suspicious links.