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In India almost every bank and NBFC consider CIBIL score as a major component. CIBIL score is basically a three digit number which vary between 300 to 900. This number or score show your creditworthiness.
Usually Banks and NBFCs consider 750 and above as a good CIBIL score. If your credit score/ CIBIL score is below the 750 you will face difficulties in approval process.
Now after a long time Transunion Company come up with a new criteria for CIBIL score 2.0 CIBIL TransUnion Score 2.0 is the advanced version of FICO assessment. The Biggest distinctive is, it is for the new borrower with no Record of loan repayment. in this CIBIL Score 2.0 any individual who has no record as a consumer will get a state of 1 to 5 in these time of 6 months time.
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