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Borrowers with higher credit score have more chance for loan

COIMBATORE: Borrowers with a credit score of 700 and above have a higher chance of getting their loan and credit card applications approved by banks, according to a study by Credit Information Bureau (India) Ltd (CIBIL).

This, the study said, indicated that Cribil TransUnion score has become an integral risk assessment tool for banks and financial institutions for sanctioning any new credit, Harshala Chandorkar, Senior Vice President, Consumer Relations and Communication, CIBIL, told reporters here today.

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