New Delhi, June 26 -- If you are looking to borrow a loan and apply for the same with a bank or NBFC or fintech app, it is vital to know that the lender, invariably, would check your creditworthiness. This is typically done by checking your credit score.

It is a three-digit number between 300 to 900 that shows how creditworthy an individual is based on hispayment history. The higher thecredit score, the better it is. This means someone with a score of 750 would have a greater chance to procure a loan (because of his probability of loan repayment) over the other person whose score is 500.

Credit report is the detailed report which indicates payment history and other details that lead to credit score. For example, credit report entails pa...