CIBIL Score Vs CIBIL Rank: Whenever we apply for a loan for an individual or business firm, terms like CIBIL Score and CIBIL Rank come up. These terms become important because on the basis of these it is decided whether the loan will be available or not and if available, then in what range its interest can be. In such a situation, let us understand the 4 major differences between CIBIL score and CIBIL rank …
CIBIL Score Vs CIBIL Rank
CIBIL score tells the credit health of a person. For this, the credit history of the person is seen. At the same time, CIBIL rank is also a credit report (CCR). It is applicable in terms of the company.
CIBIL Score Vs CIBIL Rank: What is the scale
CIBIL score is applicable for individual consumers. Whereas CIBIL rank is for companies. CIBIL score is basically a three digit number, it ranges between 300 to 900. The higher it is, the better it is. CIBIL rank is given on a scale of 10 to 1, where 1 is the top rank.
CIBIL Score Vs CIBIL Rank: Who is eligible
CIBIL score is issued to an individual on the basis of his credit history. Whereas CIBIL rank is available for companies with credit exposure up to Rs 50 crore.
CIBIL Score Vs CIBIL Rank: How is the calculation done
CIBIL score is determined by the individual’s credit history, report and rating. The main parameters for calculating CIBIL rank are previous repayment and credit usage. (Note: This information has been taken from the official website of CIBIL.)
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