What Is CIBIL Score And Why Is It Important For Job Applicants?
The CIBIL score is 3-digit number, anywhere between 300 and 900, and is meant to provide a brief report of your past performance in payment of loans and credit card bills. This report summarizes your loan and credit transactions with each and every bank and financial company, and focuses on a certain period of time. Simply put, the CIR is your credit report whereas your CIBIL score is the credit ranking you get, based on the performance as shown in your CIR. Your CIBIL score is an excellent way to determine your financial condition.
Although the main purpose of CIBIL score is to reflect your credit worthiness, the CIBIL score also helps to determine how responsible a job applicant is with managing their finances. In the beginning, employers would check a candidate’s CIBIL score only when he or she applies for certain posts or profiles but today almost every major private and public employer is looking at a candidate’s CIBIL Score for all kinds of employment posits
Now, certain instances may lower your CIBIL score, like being a co-borrower in a loan which has not been repaid, although it is every person’s responsibility to keep a regular check on their CIBIL score. Any errors that you notice must immediately be brought to notice and rectified. Even a wrong entry in your CIR which lowers your CIBIL score can mean loss of employment opportunity for you. To an employer, a low CIBIL score does not just indicate that maybe the applicant is unlikely to repay their dues or credit, but also that he or she might indulge in unlawful corporate activities due to financial pressure and problems. It is therefore advisable to check your current CIBIL score before applying for a new job anywhere. If any discrepancies are noticed, have them corrected swiftly and ensure that you present a true and factual CIBIL score to your prospective employers. Although the CIBIL score is in no way the biggest criterion for employment, it is certainly one of the more important ones. However, simply having a good CIBIL score does not guarantee that you would definitely get the best job too. A healthy CIBIL score is as important to have as communications skills, management and organizing skills and your professional talent to get the best job.
