A CIBIL account refers to a credit information report maintained by the Credit Information Bureau (India) Limited, containing an individual's credit history and credit score.
Credit score is used by lenders to assess an individual's creditworthiness and likelihood of repaying loans or credit.
Factors that affect the CIBIL score of an account include payment history, credit utilization, length of credit history, types of credit used, and the number of recent inquiries or new credit accounts.
CIBIL scores typically range from 300 to 900, with higher scores indicating better creditworthiness. While there is no fixed "good" CIBIL score, here's a general guideline:
750 and above: Excellent
700-749: Good
650-699: Fair
600-649: Poor
Below 600: Bad
Creating a CIBIL account provides individuals with access to their credit score and credit report, allowing them to monitor their creditworthiness, track financial history, and make informed decisions when applying for loans or credit cards.
