<b>Your Money</b>: Keep a close eye on your credit score

Credit score tells person's past repayment behaviour and likelihood that he'll repay loans on time

Bank of Baroda (BoB) has upstaged all its public and private sector peers by announcing a home loan rate of 8.35 per cent - the lowest in the industry currently. However, the offer comes with a catch. This rate will only be available to customers with a credit score of 760 or more. Customers with a lower credit score will have to pay a higher rate of interest. This pioneering step by BoB marks a shift towards risk-based pricing of loans, making it incumbent on everyone to pay heed to their credit score.

So far banks have used the credit