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CREDIT SCORING
What is credit scoring in the context of retail banking?
Credit scoring is a statistical method used by banks to evaluate the creditworthiness of a borrower by assigning a numerical score based on their credit history, repayment behaviour, and financial profile.
What is the minimum CIBIL score typically required for a personal loan in India?
Most lenders require a minimum score of 700 or above.
Which regulatory body in India oversees the framework for credit information companies?
The Reserve Bank of India (RBI) oversees credit information companies under the Credit Information Companies (Regulation) Act, 2005 (CICRA).
What are the main components that typically influence a credit score?
Payment history, credit utilisation, length, mix, and new enquiries.
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