Digit
  • English

    Select Language

    • English
    • हिन्दी
headset_mic account_circle
mail
Sign In
  • Products

    Motor

    • Car Insurance
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance
    • Auto Rickshaw Insurance
    • Truck Insurance

    Health

    • Health Insurance
    • Super Top-up Health Insurance
    • Arogya Sanjeevani Policy
    • Corporate Health Insurance
    • Health Insurance Portability

    Other

    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims

    • File a Claim
    • File Health Claim
    • File Motor Claim for Garages
    • Claim Status
    • Digit Cashless Garages
    • Digit Cashless Hospitals
  • Renewals
  • Become an Agent
  • Digit Products

    Motor Insurance

    • Car Insurance 25% OFF
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance 15% OFF
    • Auto Rickshaw Insurance
    • Truck Insurance

    Health Insurance

    • Health Insurance
    • Super Top-Up Health Insurance
    • OPD Health Insurance
    • Arogya Sanjeevani Policy
    • Personal Accident Insurance
    • Corporate Health Insurance

    Other Insurance

    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims

    File a Claim

    File Health Claim

    File Motor Claim for Garages

    COVID-19 Assistance

    Claim Status

  • Renewals

    Become an Agent

    • English

      Select Language

      • English
      • हिन्दी
  • Support
    Sign In
    • edit Edit Policy
    • download Download Policy
    • person_pin My Service Requests
    • check Check Policy Status
    call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

    Our WhatsApp number cannot be used for calls. This is a chat only number.

  • My Account
    account_circle
    • autorenew Renew My Policy
    • download Download My Policy
    logout SIGN OUT
    call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

    Our WhatsApp number cannot be used for calls. This is a chat only number.

  • login
  • about
  • contact
  • careers
More Products

Motor

  • Car Insurance
  • Two Wheeler/Bike Insurance
  • Commercial Vehicle Insurance
  • Taxi/Cab Insurance
  • Auto Rickshaw Insurance
  • Truck Insurance

Health

  • Health Insurance
  • Super Top-up Health Insurance
  • Arogya Sanjeevani Policy
  • Corporate Health Insurance
  • Health Insurance Portability

Other

  • International Travel Insurance
  • Flight Delay
  • Shop Insurance
  • Home Insurance

Support

close
account_circle
  • edit Edit Policy
  • download Download Policy
  • person_pin My Service Requests
  • check Check Policy Status
  • autorenew Renew My Policy
  • download Download My Policy
logout SIGN OUT
call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

Our WhatsApp number cannot be used for calls. This is a chat only number.

Do the Digit Insurance

Trusted by 3 Crore+ Indians

  • Health
    Health
  • Pay as you Drive
    Car Side View
    Car
  • trending icon

    Third-party premium has changed from 1st June. Renew now

    Motorcycle Side View
    Bike
  • auto rikshaw
    Commercial
  • Covers COVID-19
    Travel Airplane
    Travel
  • More products
    More
ENTER YOUR CAR NUMBER
keyboard_arrow_right
DON'T KNOW YOUR CAR NUMBER?
keyboard_arrow_right
renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

{{(!carWheelerCtrl.registrationNumberCardShow || carWheelerCtrl.localStorageValues.vehicle.isVehicleNew) ? 'I know my Reg num' : 'Don’t have Reg num?'}}
keyboard_arrow_right
It’s a brand new Car
keyboard_arrow_right
renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

Terms and conditions

    false false
    Enter valid registration number
    DON'T KNOW REGISTRATION NUMBER?
    keyboard_arrow_right
    I KNOW MY REGISTRATION NUMBER
    keyboard_arrow_right
    IT'S A NEW BIKE
    keyboard_arrow_right
    RENEW DIGIT POLICY
    keyboard_arrow_right

    I agree to the  Terms & Conditions

    Continue with {{bikeCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments') !== -1 ? 'payment completion': 'previous choice'}}

    {{bikeCtrl.lastVisitedData.vehicle.makeModel | toTitleCase}} {{bikeCtrl.lastVisitedData.vehicle.variant? (bikeCtrl.lastVisitedData.vehicle.variant|toTitleCase): (bikeCtrl.lastVisitedData.vehicleCharacteristics.vehicleType | toTitleCase)}}

    {{bikeCtrl.lastVisitedData.vehicle.licensePlateNumber}}

    {{bikeCtrl.selectedPlanDisplay[bikeCtrl.lastVisitedData.dropOffSelectedPlan? bikeCtrl.lastVisitedData.dropOffSelectedPlan: bikeCtrl.lastVisitedData.selectedPlan]}}

    -

    ₹{{((bikeCtrl.lastVisitedData.dropOffSelectedPlan ? bikeCtrl.lastVisitedData.dropOffGrossPremium:bikeCtrl.lastVisitedData.chosePlan.grossPremium) .replace('INR ','')).split('.')[0] | rupeeFormatWithComma}} (Incl 18% GST)

    keyboard_arrow_right
    IT'S A NEW BIKE
    keyboard_arrow_right
    RENEW DIGIT POLICY
    keyboard_arrow_right

    I agree to the  Terms & Conditions

    Continue with {{twoWheelerCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments') !== -1 ? 'payment completion': 'previous choice'}}

    {{twoWheelerCtrl.lastVisitedData.vehicle.make |toTitleCase}} {{twoWheelerCtrl.lastVisitedData.vehicle.model | toTitleCase}} {{twoWheelerCtrl.lastVisitedData.vehicle.variant? (twoWheelerCtrl.lastVisitedData.vehicle.variant |toTitleCase):''}}

    {{twoWheelerCtrl.lastVisitedData.vehicle.licensePlateNumber}}

    {{twoWheelerCtrl.lastVisitedData.selectedPlan}}

    -

    ₹{{((twoWheelerCtrl.lastVisitedData.quickQuoteResponse.plans[twoWheelerCtrl.lastVisitedData.selectedPlan].resposeBody.grossPremium) .replace('INR ', '')).split('.')[0] | rupeeFormatWithComma}} (Incl 18% GST)

    • Geography
    • Country
    {{geography.name}}

    Popular Countries (You can select more thane one)

    • {{country}}

    DONE
    Please select geography

    I agree to the  Terms & Conditions

    As mandated by Spanish Authorities your travel insurance needs to extend 15 days after your trip ends.
    We will extend your coverage period accordingly.

    false false false false false false false false false false false false

    Port my existing Policy

    keyboard_arrow_right
    or renew digit policy keyboard_arrow_right
    Chat with an expert

    I agree to the  Terms & Conditions

    You can select more than one member

    • -+ Max kids
      (s)
    ENTER YOUR REGISTRATION NUMBER
    keyboard_arrow_right
    DON'T KNOW YOUR REGISTRATION NUMBER
    keyboard_arrow_right
    or renew digit policy keyboard_arrow_right

    I agree to the  Terms & Conditions

    Terms and conditions

    Terms and conditions

    Do the Digit Insurance
    • Health
    • Car
    • Bike
    • Commercial
    • Travel
    • More Products

    Credit Score - Types, Importance & Benefits

    credit score
    (Source: Housing)

    What is a credit score?

    A credit score is a number that is determined by lenders and financial institutions. It is meant to show a person's “creditworthiness” or their ability to repay a debt, loan, or mortgage.

    In India, there are four credit bureaus that prepare this credit score – TransUnion CIBIL, Experian, CRIF Highmark, and Equifax.

    How does a Credit Score work?

    A person’s credit score is usually expressed as a three-digit number between 300-900 (with 900 being the highest score possible) based on their individual history of repayment, credit files, loan history and more.

    Banks and other lending institutions will check this number when you apply for a loan to determine your credit risk. This refers to the likelihood that you will pay your bills on time and can decide whether or not you will be approved for a loan.

    Your credit score will also affect the loan amounts that might be approved, as well as the interest rate for the same. In case your credit score is very low, the lender may even reject your loan application.

    How is your Score Calculated?

    As we have already mentioned, an individual’s credit score is a number between 300-900 (with 900 being the highest score possible). Small businesses can also have credit scores, and these are calculated on a range from 0 to 300.

    Credit scores are calculated by an algorithm. This uses information such as your payment history, the amount of your debt, and the length of your credit history. The factors that are taken into account include:

    • Payment history 
    • Credit utilization
    • Credit duration
    • New credit enquiries
    • Credit mix

    What to know about Credit Scores in India?

    In India, the Reserve Bank of India (RBI) has licensed four credit information companies:

    • TransUnion Credit Information Bureau (India) Limited (CIBIL) – this is one of the first credit information companies in India and their credit score ranges (or CIBIL score as it is popularly known) between 300 and 900.
    • CRIF Highmark – this full-service credit information bureau was founded in 2007. CRIF credit scores range between 300 to 900.
    • Experian – this multinational credit reporting company started in India in 2010. Credit scores for Experian range between 300 and 850.
    • Equifax – this credit information company is a joint venture with Equifax Inc. USA and leading financial institutions in India. The credit score for Equifax ranges between 300 and 850.

    Banks and financial institutions can enquire with these authorized credit bureaus and obtain an abridged credit report of you or your business’s credit history when evaluating your loan application.

    What is a Good Credit Score?

     

    Different credit bureaus use different scoring models while calculating credit scores, so yours may vary based on which credit bureau furnishes your credit report. In general, credit score ranges are as follows:

    300-579

    Poor

    580-669

    Fair

    670-739

    Good

    740-799

    Very good

    800-850

    Excellent

    A credit score above 700-750 is generally considered good.

    However, every lending institution has their own risk grading. For example, one bank may consider a score above 700 to be good, while another bank may prefer a score above 750. In general, a score of 750 to 800 should be considered good in most situations.

    Why do you need a Good Credit Score?

    Since banks and other lending institutions use your credit score to assess how worthy you are of credit approvals, it is important to have a good credit score.

    If you have a higher credit score, it means that you have demonstrated responsible credit behaviour in the past. This may help potential lenders have more confidence in approving requests for loans and other credit. You might also get other benefits, such as lower interest rates, better terms of repayment, and a quicker loan approval process.

    Different lenders may also emphasise different aspects of your credit score, such as your income or your payment history.

    How to check your Credit Score?

    The Reserve Bank of India has made it mandatory for all four licensed credit information companies to allow you to check your credit score online and for them to provide one free credit score report each year.

    Here is how you can check it for free:

    • Step 1: Go to the credit rating company’s website, such as the CIBIL website, or the CRIF Highmark website
    • Step 2: Login using your login credentials, or create an account using your information (such as your name, contact number, and email address)
    • Step 3: Fill out the provided form with your details, including your PAN number or UID
    • Step 4: Once this has been completed, submit the form
    • Step 5: You should then receive an email to your registered email-id so that your identity can be verified
    • Step 6: Once verified, you may be asked for additional information that may be required, such as questions about your loans and credit cards.
    • Step 7: After this is completed, your credit report will be delivered to your registered email-id.

    If you wish to check your credit score more than once a year, certain credit bureaus will let you do so with paid monthly reports. Additionally, a good time to check your credit score before applying for a loan or for a credit card.

    How to improve your Credit Score?

    To ensure that your credit score remains high and avoid weak scores, it is important to know which factors can affect it. These may include avoiding things like late or missed payments and high credit utilization (or using too much of your credit card limit). 

    Here are some ways to improve your credit score:

    • Pay your equated monthly instalments (EMIs) and credit card dues on time.
    • Do not use too much of your credit card limit, and keep your Credit Utilization Ratio (CUR) within 30 percent.
    • Avoid applying for multiple loans or credit cards within a short period of time.
    • Review your credit report regularly so that you know exactly what to expect.
    • Unless it is absolutely necessary, do not cancel your old credit cards, as older cards can assure lenders that you have been paying your bills on time.

    A credit score is a number that essentially estimates your ability as a borrower to pay back debts, credit card bills, or loans, i.e., your “credit risk”.

    A higher credit score can help you get many benefits, such as lower interest rates.  On the other hand, a weak credit score (which is a result of factors like missed payments, or overutilization of credit card limits) can mean that your loan applications might get rejected.

    You can make sure your credit score remains good so that you will be able to access these credit opportunities whenever needed.

    Please try one more time!

    Request URL:
    Status Code:
    Request Payload:
    Response Data:

    Other Articles about Credit Score

    Credit Score - Types, Importance & Benefits

    Ranges of Credit Score

    How to Improve Credit Score?

    What is CRIF Highmark Score?

    CIBIL Score Required for Car Loan

    CIBIL Score Required for Home Loan

    What is Credit Report?

    What is Credit Rating?

    How to Check Credit Score?

    How Credit Score is Calculated?

    What is a Good Credit Score?

    What is a Bad Credit Score?

    What is CIBIL Score?

    What is Experian Credit Score?

    What is Equifax Credit Score?

    Credit Score Requirement for Personal Loan

    Check CIBIL Score by PAN Card

    How to Remove Your Name From CIBIL Defaulters List?

    Credit Rating Agencies in India

    Show more

    Important Articles related to Finance

    Employee Provident Fund

    EPF Registration Process

    How to Withdraw EPF Online

    Atal Pension Yojana Calculator

    How to Change Details in Atal Pension Yojana Scheme

    How to get Atal Pension Yojana Statement

    How to Close Atal Pension Yojana Account

    Sukanya Samriddhi Yojana

    How to Open Sukanya Samriddhi Yojana Account

    Sukanya Samriddhi Yojana Calculator

    What is Public Provident Fund?

    How to Open PPF Account?

    How to Check PPF Account Balance?

    Eligibility Criteria to Open PPF Account

    Types of PPF Forms

    How to Withdraw PPF Online?

    How to Invest in PPF?

    Financial Planning for Salaried Employees

    Importance of Financial Planning

    Financial Planning Tips for Women

    How to Apply for Atal Pension Yojana?

    What is UAN Number?

    How to check EPF Balance

    KVP Calculator

    Voluntary Provident Fund

    Difference between EPF and EPS

    How to Check Sukanya Samriddhi Account Balance?

    Investment Planning Guides

    Professional Tax in India

    Show more

    Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.

    Download Digit App

    close
    Select Language: English हिन्दी
    1. Digit Insurance
    2. Finance
    3. What is Credit Score?

    Last updated: 2023-05-30

    Digit
    • about
    • contact
    • career
    Products
    • Car Insurance
    • Bike Insurance
    • Travel Insurance
    • Health Insurance
    • Property Insurance
    • Shop Insurance
    • Group Health Insurance
    • Arogya Sanjeevani Policy
    • Commercial Vehicle Insurance
    • Super Top-up Health Insurance
    • Flight Delay
    • Health Insurance for Disabled & HIV/AIDS Patients
    Resources
    • Blog
    • Press
    • Download Policy
    • Grievance Redressal Procedure
    • Cancel e-Mandate
    • Check Digit Policy Status
    Agent & Partnerships
    • Become an Agent
    • Become Digit POSP
    • Garages claim intimation
    Services
    • Claims
    • Renewals
    • Digit Cashless Garages
    • Digit Cashless Hospitals
    Get our app
    Download man
    App Store Google Play

    Other Products
    • Fire Insurance
    • Burglary Insurance
    • Building Insurance
    • Bus Insurance
    • Tractor Insurance
    • Commercial Van Insurance
    • Passenger Carrying Vehicle Insurance
    • Heavy Vehicle Insurance
    • Goods Carrying Vehicle Insurance
    • Activa Insurance
    • Jupiter Insurance
    • Bullet Insurance
    • Student Travel Insurance
    • Schengen Visa Travel Insurance
    Health Insurance Guides
    • Individual Health Insurance
    • Family Health Insurance
    • Health Insurance for Parents
    • Health Insurance Premium Calculator
    • Compare Health Insurance
    • Health Insurance for Senior Citizens
    • Health Insurance with Maternity Cover
    • Corona Kavach Policy
    • Corona Rakshak Policy
    • हेल्थ इन्शुरन्स
    • फैमिली हेल्थ इन्शुरन्स
    Car Insurance Guides
    • Third Party Car Insurance
    • Comprehensive Car Insurance
    • Zero Depreciation Car Insurance
    • NCB in Car Insurance
    • IDV Calculator for Car
    • Bumper to Bumper Car Insurance
    • Car Insurance Calculator
    • Own Damage Car Insurance
    • Comprehensive vs Third Party Insurance
    • Compare Car Insurance
    • Find Vehicle Registration Details Online
    Bike Insurance Guides
    • Third Party Bike Insurance
    • Comprehensive Bike Insurance
    • Zero Depreciation Bike Insurance
    • NCB in Two Wheeler Insurance
    • IDV Value Calculator for Bike
    • Add-on Cover in Bike Insurance
    • Bike Insurance Calculator
    • Own Damage Bike Insurance
    • Comprehensive vs Third Party Bike Insurance
    • Compare Bike Insurance
    • Royal Enfield Insurance
    • TVS Insurance
    • Hero Bike Insurance
    Other Guides
    • Types of Insurance
    • Types of General Insurance
    • Types of Motor Insurance
    • International Driving License
    • Visa on Arrival for Indians
    • Visa Free Countries for Indians
    • Comprehensive vs Zero Depreciation
    • Coronavirus Health Insurance
    • Coronavirus Symptoms Checker
    • Indian Passport Rank
    • Digit Illness Group Insurance
    • Hero Splendor Insurance
    • Access Insurance
    • Scooty Insurance
    Calculators
    • SME Buddy Calculator
    • Home Loan EMI Calculator
    • Bike Loan EMI Calculator
    • Car Loan EMI Calculator
    • HRA Exemption Calculator
    • Sukanya Samriddhi Yojana Calculator
    • SIP Calculator
    • RD Calculator
    • SWP Calculator
    • GST Calculator
    • PPF Calculator
    • Personal Loan EMI Calculator
    • EMI Calculator
    • Individual Income Tax Slab
    • Tax Saving Options other than 80C
    Finance Guides
    • What is Credit Score
    • Public Provident Fund
    • How to Open PPF Account?
    • How to open Sukanya Samriddhi Account
    • What is GST?
    • GST Registration in India
    • PAN Card
    • Aadhaar Card
    • Property Tax
    • Road Tax
    • Passport Process
    • Income Tax Slabs
    • How to Save Income Tax in India
    • Tax Deductions under Section 80C
    Traffic Rules
    • PUC Certificate
    • Vehicle Registration Certificate
    • New Traffic Fines
    • Fine for Driving without Helmet
    • Types of Driving Licence in India
    • Driving Licence in Delhi
    • Driving Licence in Bangalore
    • Driving Licence in Jaipur
    • Bangalore Traffic Fines
    • Pune RTO Fine
    • Own Damage Insurance
    Business Products
    • Business Insurance
    • Management Liability Insurance
    • General Liability Insurance
    • Workmen Compensation Insurance
    • Fidelity Insurance
    • Professional Liability Insurance
    • Money Insurance Policy
    • Sign Board Insurance
    • Plate Glass Insurance
    • Erection All Risk Insurance
    • Contractors' All Risks Insurance
    • Directors and Officers Liability Insurance
    • Marine Cargo Insurance
    • Contractors Plant and Machinery Insurance
    RTO Offices in India
    • RTO Office
    • RTO Pune
    • RTO Ahmedabad
    • RTO Bangalore
    • RTO Mumbai
    • RTO Delhi
    • RTO Lucknow
    • RTO Thane
    • RTO Chennai
    Important Links
    • Digit Insurance Reviews
    • Car Insurance Reviews
    • Bike Insurance Reviews
    • Commercial Vehicle Insurance Reviews
    • Travel Insurance Reviews
    • Health Insurance Reviews
    • Mobile Insurance Reviews
    • Become a Digit Partner
    • General Insurance Agent
    • Health Insurance Agent
    • Motor Insurance Agent
    Car Brands & Models
    • Maruti Insurance
    • Toyota Car Insurance
    • Tata Car Insurance
    • Hyundai Car Insurance
    • Kia Car Insurance
    • Mahindra Car Insurance
    • Tata Tiago Insurance
    • Tata Nexon Insurance
    • Hyundai i20 Insurance
    • Creta Insurance
    • Baleno Insurance
    Downloads Do Not Disturb (DND) Public Disclosures Investor Relations Stewardship Policy IRDAI Privacy Policy

    CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.

    Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.