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Social Media Profile Might Play A Key Role in Credit Score

Do you have immense popularity on social media? Do you always have a lot of people liking and commenting on your posts? If yes, then it might be easier for you to actually get a quick loan online same day in Delhi NCR, in the near future.

It might seem a farfetched idea presently, however, with time, it will be seen as a method of alternative score and credit checking measure. So, you might be thinking, as to why it will become popular. Here are a few reasons suggesting why.

1: Nontraditional Way

Needless to say, it becomes tough for traders to verify your claim, authenticity and credit score, when you apply for personal loan facility in Delhi NCR. So generally lenders check out the CIBIL score which is provided by premiere Indian credit bureau.

2: Information Matters

At times, you might face emergencies and be unable to repay the loans you have taken from gold loan provider company, Delhi NCR has then the banks might consider the person’s social media information, in addition to the CIBIL score, to make sure that the issue is legitimate. This method, of referring to the social media, which is prevalent in the Western countries, is known as “open scoring”, and it helps in the proper processing and collection of loans.

3: Future Scenario

The new scoring model will also include data such as utility bill repayment history, cell phone repayment history, and cable bills. It may also include social media data as well, which will help in alternate credit score measures to be in place.

Thus, for those borrowers who do not have a great CIBIL score or credit score, and may not get access to credit, can do so after this process is implemented in India, which is not so far away. However, presently, you will have to maintain a score of 750 and above to get a loan on product or even a credit card in India.

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