ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The CIBIL score (a 3-digit number) gives a summary of the credit history from several details on the Credit Report such as ‘Enquiries’ and ‘Accounts’. The CIBIL score ranges between 300 and 900. The higher the CIBIL score, the easier it is to get a loan or a credit card approved.

Detailed explanation-2: -A credit score is a number assigned to a person indicating their capacity to repay a loan to potential lenders. It is based on a person’s spending and credit history and ranks financial creditworthiness.

Detailed explanation-3: -A credit score is a number calculated based on your credit history. This number helps lenders identify how much risk they may be taking in lending you money and your odds of successful repayment.

Detailed explanation-4: -A credit score ranges from 300 to 850 and is a numerical rating that measures a person’s likelihood to repay a debt. A higher credit score signals that a borrower is lower risk and more likely to make on-time payments.

Detailed explanation-5: -FICO scores are one kind of credit score. The name derives from the Fair Isaac Corp., which introduced the FICO score in 1989. The terms “credit score” and “FICO score” are often used interchangeably, but there are other brands of scores.