Checking your Credit Score can help you check if data reported in your Credit Report is accurate and if that there is any mistake, connect with the credit agencies, moneylender bank or credit card organization to get it corrected right away.
Banks offer better interest rate to loan borrowers with a decent Credit Score of 750 or more. First Knowing your score prior to applying for Loan enables you to bargain for better interest rate with your bank.
Through Financeseva you can undoubtedly get a free Credit Report check at whatever point you need. Regardless of whether it's good or bad, it's smarter to do a free Credit Report check and know where you remain as far as you acknowledge history as seen by banks. In case if your score is low, you can find ways to improve it while on the other hand if your Credit Score is good, you can focus on keeping up it and getting a decent loan deal, whenever required.
Every time you apply for credit, the moneylender sends a request to the credit authority to check your score. This is named as 'hard enquiry'. Continuous hard requests gives a feeling that you are credit hungry and have been attempting to get the loan you require. Then again, when you check your score for your own arrangement, it is simply considered as a 'soft enquiry request' and no affects your Credit Score.
Score is just a 3-digit number which will determine your credit-worthiness. Bank and lender generally check your Credit Score to know the risk & safety to give Loan to you for e.g. Above 700 High Cibil Score consider to be low risk & increase the chances of getting loans while on other hand 300 – 650 Low Cibil Score reflect to be high risk & decrease the chances of getting loan.