Every institution whether it is bank or a company would like to know the buying and purchasing power of the individual. In better words it is called the credit score which is a numerical remark.
This numerical remark is helpful for companies and banks. For banks, it gives the information whether the person is worth it or not and whether the person will be able to return the money.
In better words it is described as the numerical remarks tells about the credit worthiness of a person.
Many companies and institutions undertake to provide the credit report of the person. So with the help of this credit reports companies and banks can make a fair decision about a person.
Every company keeps on recruiting new employees. A company is not only limited to employees but a company has buyers, suppliers and many other people connected with it.
So it is very important to check credit score of the particular person before getting engaged with the person.
It might become clear from the credit score that the particular person does not have good credit worthiness.
So before entering into the contract with the customer, the company can make the decision whether to make the contract or not.
A company can save a lot of money by checking the credit score. It is always said that the higher the credit score the higher is the power.
It has nothing to relate with the income. Even if a person has stable income then also a person can have a higher credit score and in urn higher purchasing power.
Many companies are engaged in providing free credit score India. There are certain benefits attached to higher credit score.
if a person has a good credit score, then banks will not be reluctant in giving loan to such a person if a person wants to start new business.
Some banks even give low interest rate loans o person who has a credit score. Having a higher credit score gives a feel good factor to the person.
Person can get credit cards from the banks at a lower rate of interest. Not only this, a person can purchase expensive phones without any security deposits.
Even company’s uses credit score before employing the new employees. The company gets a fair view about the employee.
Company also uses the credit score for the suppliers and the buyers and also for other parties that are connected with the business.
The company will get the fair view about the customer that customer is genuine or not, whether the customer will be able to fulfill the promises on time or not. So credit score is very important everywhere.