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Question: Do non banking financial companies also check cibil and other credit reports?

Answer: Credit reports have changed the way banks and financial institutions operate. Credit reports give the financial institutions a deep insight into your financial track record. This helps them take a decision to offer you any financial services or not. Banks and non banking financial companies NBFCs both check various credit reports like one from CIBIL and a few others before approving any loan that you may apply for. Credit score is not only essential for loans like home loans and automobile loans but also used by banks and non banking financial companies while offering retail loans like those on consumer goods. So the next time you approach a bank or a NBFC for a loan to purchase a consumer durable item this festive season your poor credit score may come to haunt you and a likelihood of a possible loan denial.

Credit reports have changed the way banks and financial institutions operate. Credit reports give the financial institutions a deep insight into your financial track record. This helps them take a decision to offer you any financial services or not. Banks and non banking financial companies NBFCs both check various credit reports like one from CIBIL and a few others before approving any loan that you may apply for. Credit score is not only essential for loans like home loans and automobile loans but also used by banks and non banking financial companies while offering retail loans like those on consumer goods. So the next time you approach a bank or a NBFC for a loan to purchase a consumer durable item this festive season your poor credit score may come to haunt you and a likelihood of a possible loan denial. Source: CoolInterview.com

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