New Delhi, June 4 -- A credit score in India is far more than just a simple three digit figure. It serves as a window into an individual's financial discipline and borrowing habits. It defines an individual's creditworthiness.

Recent reforms by the Reserve Bank of India (RBI) such as mandating credit bureaus to now update credit scores every 15 days have placed renewed emphasis on the significance for borrowers and lenders alike.

This step has been taken to ensure that changes in credit behaviour are reflected more efficiently. Banks and other financial institutions are now required to inform customers of their credit score and the reasons for any loan rejection.

Not only this, customers are now entitled to free annual online access to...