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You can soon track your credit score!

April 28, 2009

Why a credit report?

The concept of credit reports came into existence to ramp up the credit system and ensure banks have an evaluation system in place to decide if a prospective borrower is creditworthy enough to lend huge sums of money to, in the form of a home loan, car loan, personal loan, etc.

Once the RBI approval comes into effect more credit information on individuals can be accessed, which includes telephone bill payments, insurance premiums, etc.

This should provide a well rounded study of how an individual manages finances, how they repay their debts, how timely they are with their bill payments, etc.

Also read: 15 women CEOs of Fortune 500 majors

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