A credit score is provided by three credit bureaus of RBI- CIBIL, Equifax and Experian. In India, amongst the bureaus, CIBIL is more commonly known since they have been around in India for a longer period of time. Lenders such as banks and NBFC's use the credit score (be it CIBIL score, Equifax Score or Experian score) to value the potential risk posed by every customer. Lenders use this CIBIL score to determine who is eligible to avail loans and credit limits.
Your CIBIL score is a three digit number and the CIBIL score ranges from 300-900. 900 is considered the best score. If you don't have a credit history, your CIBIL score will be -1. If you have a credit history of just 6 months, your CIBIL score will be 0. It usually takes 18-36 months to build your credit history.
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