Market Update

Tuesday 13 November 2018

share market tips-How you can start building a credit score if you have never taken a loan

How you can start building a credit score if you have never taken a loan

Lenders rely heavily on your credit report to make a lending decision.

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Your credit score is a 3-digit number that ranges from 300 to 900. The effect it has on your ability to build a strong financial life is very powerful. Your score is derived from your credit report which is used by lenders to determine how quickly you can get a loan and at what interest rate.

If you have never taken a loan you won’t have a credit score or report. This presents a unique problem - some lenders will not provide you with a loan or credit card because you have no payment track record for them to base a lending decision on.

Once you have made payments for six months, credit bureaus like Experian and CIBIL, will be able to provide you with a credit score. It’s imperative that you make payments in a timely and consistent fashion. Missed payments on your credit report will lead to a lower credit score and, unfortunately, the opposite of what you were trying to achieve – potential loan rejections or higher interest rates.

Previously, only one of the credit bureaus could provide you with an accurate credit score. This all changed in 2015, when the RBI mandate for lenders to share data with all bureaus came into play. You should keep in mind that lenders consider 780 (Experian Credit Score) and 750 (CIBIL Credit Score) to be a ‘good’ score.source- www.moneycontrol.com

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