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What is a 'Credit Rating'

An assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money – an individual, corporation, state or provincial authority, or sovereign government. Credit assessment and evaluation for companies and governments is generally done by a credit rating agency such as Standard & Poor’s, Moody’s or Fitch. These rating agencies are paid by the entity that is seeking a credit rating for itself or for one of its debt issues.

Listed below are the aspects influenced by your CIBIL score.

Your approval of credit by a bank or financial institution is mainly based on your CIBIL score. Lenders need to know if you are a reliable candidate before granting you credit and CIBIL score helps in determining your eligibility to avail credit. A bad CIBIL score will lessen your chances of getting credit without any hassles. A good CIBIL score is a must to avail a credit card, home loan, mortgage loan, personal loan, car loan or any other types of loan.

A good CIBIL score will help you get the best interest rates and terms. Higher the credit score, better the interest rate. A good CIBIL score will help you save money.






A good credit score will ensure that you get approved for a new housing loan or rent. Your credit score will act as a deciding factor here and hence, its important to have a good credit score.

CIBIL scores not only affect your ability to get favourable loans and good interest rates but it will also help in getting approved for a new cell phone plan or help you get lesser insurance premiums.

Credit Rating Services

BREAKING DOWN 'Credit Rating'

For individuals, credit ratings are derived from the credit history maintained by credit-reporting agencies such as Equifax (EFX), Experian, and TransUnion (TRU).

A loan is essentially a promise, and a credit rating determines the likelihood that the borrower will pay back a loan within the confines of the loan agreement, without defaulting. A high credit rating indicates a high possibility of paying back the loan in its entirety without any issues; a poor credit rating suggests that the borrower has had trouble paying back loans in the past, and might follow the same pattern in the future. The credit rating affects the entity's chances of being approved for a given loan, or receiving favourable terms for said loan.

Credit ratings apply to businesses and government, while credit scores apply only to individuals. (An individual's credit score is reported as a number, generally ranging from 300 to 850. For details, see What Is a Good Credit Score?) Similarly, sovereign credit ratings apply to national governments, and corporate credit ratings apply solely to corporations.

Credit rating agencies typically assign letter grades to indicate ratings. Standard & Poor’s, for instance, has a credit rating scale ranging from AAA (excellent) and AA+ all the way to C and D. A debt instrument with a rating below BBB- is considered to be speculative grade or a junk bond, which means it is more likely to default on loans.


Why Credit Ratings Are Important

Credit ratings for borrowers are based on substantial due diligence conducted by the rating agencies. While a borrower will strive to have the highest possible credit rating since it has a major impact on interest rates charged by lenders, the rating agencies must take a balanced and objective view of the borrower’s financial situation and capacity to service/repay the debt.

A credit rating not only determines whether or not a borrower will be approved for a loan, but also the interest rate at which the loan will need to be repaid. Since companies depend on loans for many start-up and other expenses, being denied a loan could spell disaster, and a high interest rate is much more difficult to pay back. Credit ratings also play a large role in a potential buyer's determining whether or not to purchase bonds. A poor credit rating is a risky investment; it indicates a larger probability that the company will not pay off its bonds.

It is important for a borrower to remain diligent in maintaining a high credit rating. Credit ratings are never static, in fact, they change all the time based on the newest data, and one negative debt will bring down even the best score. Credit also takes time to build up. If an entity has good credit but a short credit history, that isn't seen as positively as the same quality of credit but with a long history. Debtors want to know a borrower can maintain good credit consistently over time.

Credit rating changes can have a significant impact on financial markets. A prime example of this effect is the adverse market reaction to the credit rating downgrade of the U.S. federal government by Standard & Poor’s on August 5, 2011. Global equity markets plunged for weeks following the downgrade.


Factors Affecting Credit Ratings and Credit Scores

There are a few factors credit agencies take into consideration when assigning a credit rating to an organization. First, the agency considers the entity's past history of borrowing and paying off debts. Any missed payments or defaults on loans negatively impact the rating. The agency also looks at the entity's future economic potential. If the economic future looks bright, the credit rating tends to be higher; if the borrower does not have a positive economic outlook, the credit rating will fall.

For individuals, the credit rating is conveyed by means of a numerical credit score that is maintained by Equifax, Experian and other credit-reporting agencies. A high credit score indicates a stronger credit profile and will generally result in lower interest rates charged by lenders. There are a number of factors that are taken into account for an individual's credit score, including payment history, amounts owed, length of credit history, new credit, and types of credit. Some of these factors have greater weight than others. Details on each credit factor can be found in a credit report, which typically accompanies a credit score.


Short-Term vs. Long-Term Credit Ratings

A short-term credit rating reflects the likelihood of the borrower defaulting within the year. This type of credit rating has become the norm in recent years, whereas in the past, long-term credit ratings were more heavily considered. Long-term credit ratings predict the borrower's likelihood of defaulting at any given time in the extended future.


History of Credit Ratings

Moody's was the first agency to issue publicly available credit ratings for bonds, in 1909, and other agencies followed suit in the decades after. These ratings didn't have a profound effect on the market until 1936, when a new rule was passed that prohibited banks from investing in speculative bonds, or those with low credit ratings, to avoid the risk. This practice was quickly adopted by other companies and financial institutions, and relying on credit ratings became the norm.

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Documents to be required in the process

Documents required in Credit Rating Services

Documents required in Credit Rating Services

 


  • A CIR request form
  • Identity Proof of the requestor (Voters ID/PAN card/DL/Passport)
  • Electricity bills/Passport/Bank statements
  • In case you have cleared off your debts but your CIR has not been updated with CIBIL, all you need to do is to:
    Log on to the CIBIL website. https://www.cibil.com/
  • Purchase your CIBIL credit report.
  • Identify the error.

Advantages of a good CIBIL score

  • Ability to get a line of credit easily.
  • Quick approval for mortgages.
  • Low interest rate credit cards.
  • No security deposit on cell phones.
  • More negotiating power.
  • Get approved for higher limits.
  • Easy approval for rented/leased houses and apartments.
  • Low interest rate home loans and car loans.

Importance of Cibil Score

A good credit score is one of the most important eligibility criteria based on which a bank gives you a loan. Your credit score, which the Banks check through CIBIL, is a precise indicator of your credit history which reflects factors like: –

  • Record of late payments and defaults.
  • Loans and credit cards that you currently hold.
  • Diligence towards paying loans and credit card bills.
  • Number of loan and credit card applications submitted by you

Note:

For Foreign National the Copy of passport is mandatory. All foreign nationals and non – resident Indians should provide notarised or apostilled or counsularised documents from the Indian Embassy in that country. It is mandatory to provide documents in the languages English or Hindi only, if In any case the documents are not in English or Hindi, then the certified translation copy should be attached.

There are four Credit Rating agencies in India

  • Statutory Compliance are high
  • CRISIL(Credit Rating Information Services of India Ltd)
  • ICRA(Information and Credit Rating Services ltd)
  • CARE (Credit Analysis and Research Ltd)
  • FITCH India

Registration

  • Credit Rating agencies are regulated by SEBI.
  • Registration with SEBI is mandatory for carrying out the rating Business.
  • A registration fee of Rs. 25000 should be paid to SEBI

FAQ

Where does CIBIL get its information?

It’s important to note that CIBIL is merely a database that processes a credit score with information that it receives. It does not contribute anything to lower or raise a score. The parties that are involved in giving CIBIL your information are the banks and lenders whom you’ve done business with.

How does my CIBIL score matter?

Your CIBIL score is one of the main factors that determine your eligibility to avail a loan or a credit card. CIBIL scores can affect your financial journey depending on how good or bad it is.

How are CIBIL scores calculated?

CIBIL scores are calculated based on various factors such as one’s payment history, number and type of loan accounts, length of one’s credit history, outstanding debt and many other factors. Once the CIBIL score is calculated, it is sent to banks and financial institutions for evaluation. Each bank or credit institution has its own benchmark that constitutes as a good score. It differs across banks.

Which factors that don’t affect your credit score?

CIBIL scores are calculated based on many factors but there are some factors that don’t make a difference to your CIBIL score.

  • Savings accounts
  • Education
  • Income
  • Gender
  • Race/ Ethnicity
What is CIBIL score?

CIBIL score is a numeric summary of one’s credit history and it helps one get their loan applications evaluated and approved. Banks and other financial institutions rely on CIBIL scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses. CIBIL score plays a very important role in India’s financial system and helps consumers secure credit quicker and also help loan providers manage their business efficiently.

What is Importance of CIBIL score?

CIBIL scores are very important when it comes to availing credit, especially loan approvals. The banks check your CIBIL score or credit score through CIBIL. A CIBIL score helps determine your creditworthiness which in turn will help you avail loans faster and easier.

When a borrower applies for a loan or credit card at a bank or a financial institution, the lender checks the credit or CIBIL score first to determine if the applicant is eligible to avail the loan. The lender will not consider or reject an application if the CIBIL score doesn’t meet their expectations or if it’s too low. But if the credit score is high, the lender will consider the application and move on to evaluate other factors before approving the application.

Your CIBIL score acts as the first impression for the lender, the higher the score, the better chances of the loan/credit card being approved.

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