Your credit score plays an important role in determining your credit worthiness. A lender will evaluate the credit score to determine whether or not to lend to you. This will impact the amount of loan sanctioned and also the interest rate payable on the loan. A credit score is a three-digit number that represents the creditworthiness of an individual. It typically ranges between 300 and 900, 900 being the highest score possible. Generally, a credit score of 750 and above is considered to be a good score.
In a podcast with The Economic Times, Sathya Kalyanasundaram, Country Head and Managing Director, Experian India sheds light on the importance of the credit score, parameters used in determining one’s credit score, what constitutes a good score and what factors can bring down your score.
Listen to the podcast here: