Initiated by the set of difficulties faced by the lending firms and credit card providing agencies, the introduction of three digit credit score has been done in recent years. How much risk is involved in providing a business capital to a person or a business firm is no doubt a matter of concern for the lending agencies; but finding the creditworthiness of an individual or an organization was a difficult task. Even though the credit likeliness is defined as CIBIL Score, it is difficult to establish. The loan seekers, on the opposite side, find it tough to keep their creditworthiness higher. It is true that the traditional current credit scoring system demands much effort. Here is a list of the well-known secrets by which an individual can maintain their cash or credit card likeliness above the average line.
1. Guardianship of good financial habits
2. Timely re-paying the loan installments
3. Keeping the overall credit utilization under thirty-percent
4. Repaying credit card outstanding amounts
Quite interestingly, the lending industry is gradually changing its traditional shape. With the growth and movement of digital India scheme, social media profiles are turning to be worthiness finding keys. Making the analysis of personal or organizational social media accounts has been a popular way for the lending industry. The new scoring model is no doubt easier than the traditional system. Depends on social media data, it doesn’t involve the repayment history, utility bills, cell phone bills, internet bills, cable bills and all other credit transactions. The only thing it depends upon is the social connections of a person or a business union. The modern system which is basically based on social scoring is even helpful for those people having bad credit antiquities.
If you are a credit seeking individual (looking for a Personal Loan or a Business Loan), you should know that the social scoring system is based on your advanced digital skills and ability to create interesting social media content. Your friendliness and social behavior are in the cards to be considered in finding your social score. So, you are supposed to create positive contents in your social accounts. At the same time, you are suggested to make a distance from publishing controversial contents. Instrumental in helping the lending agencies for knowing the credit likeliness, it also advantages for the Fin-Tech firms in the way to improve the brand visibility. Due to its both side effects, the newly introduced system is slowly but surely turning to be the backbone of Indian lending industry. At the end, we would like to give you an open invitation for keeping the eye on our upcoming posts which are likely to deliver more information about the social scoring system.