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What is credit history? How does a financial institution check on my credit history?

April 26, 2017Credit history financial institution

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What is credit history? How does a financial institution check on my credit history?

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A credit history is basically a record of your past repayments of loans and credit card bills. Also, there is a central bank of data available with the Credit Bureau of India Limited (CIBIL), where data from all the banks on existing loans and their repayment patterns of their customers are accumulated. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.