IMPORTANCE OF CREDIT SCORE
The festive season is traditionally considered an auspicious time for significant purchases, such as homes, cars, electronic gadgets, valuable assets like gold, and more. Online sales take the spotlight during these occasions, leading to an increasing demand for short-term loans. For these significant purchases, people generally opt for loans, the approval of which depends on the creditworthiness of individuals. Here, the credit report plays a vital role in helping lenders understand individuals' credit history. Financial institutions analyze an individual's repayment history before granting a loan. A good credit score is developed over time through disciplined loan repayments and smart financial planning. It can lead to better loan offers with lower interest rates and longer tenures. Lenders receive numerous inquiries about personal loans, consumer durable loans, and short-term loans during the festive season. Therefore, checking your credit score before applying for a loan is essential to secure favorable offers.
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