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Borrowers with a credit score of 700 and above have a higher chance of getting their loan and credit card applications approved by banks, according to a report released by Credit Information Bureau (India) Ltd (Cibil).
Speaking about it, Harshala Chandorkar, senior vice president- Consumer Relations and Communication, said, this indicated that the Cibil report and the Cibil TransUnion Score have today become an integral risk assessment tool for banks and financial institutions for sanctioning any new credit.
According to Chandorkar, the range of the score is between 300 and 900, where a score closer to 900 indicates the least risky borrower and lowest chance of the borrower defaulting.
