CIBIL scores are required by banks and other financial institutions to check the credit history and measure the creditworthiness of loan applicants or borrowers. CIBIL or the Credit Information Bureau India Ltd maintains the financial records of individuals and companies regarding loans and credit cards. Such information is submitted by the banks and NBFCs (Non-Banking Financial Companies) to the CIBIL on a timely basis.
CIBIL uses this information to develop a credit score.
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