FAQ for Chit Score

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1.What is CHITSCORE?

1.1 The Chit Score is a comprehensive evaluation tool developed by Smart Global Solution to assess the creditworthiness and risk associated with chit fund organizations and financial company.

1.2 This score aims to assist financial institutions in making informed decisions when considering lending to or engaging in financial transactions with chit funds.

1.3 Chit score facilitates the chit status of a new person who joins your company and alerts other companies whose members joined with a chit score about the NPA's list and their guarantee list in your company.

2.What is a CIBIL score?

2.1 A CIBIL score is a 3-digit number that a person is assigned based on their credit borrowing and repayment history.

2.2 Different credit bureaus have different models of scoring. The higher the score, the better it is.

2.3 A low credit score indicates that the person has somehow failed to manage the debts they had taken. That will lower their credibility as a borrower.

3.What does CIBIL score depend on?

3.1 Your CIBIL score depends on factors such as your previous credit behaviour, loan repayment history, debt-to-income ratio, the nature of your existing loans (secured or unsecured), and credit cards you have used in the past, among others.

4.Uses of CHITSCORE?

Use of CHIT SCORE helps make chit/loan processing faster and cheaper by eliminating the need to research and verify borrower details. This results in improved profit margins.We can get report of the customer by pan card and aadhaar card based on put in enquiry.

5.Uses of Enquiry in CHITSCORE?

We can get details about of having no of accounts in bank, Previous loan details, Credit score based on your kyc verification.

6. How to check CHITSCORE by Pancard ?

6.1 Your PAN number enables Credit Rating Agencies to identify your credit records accurately.

6.2 Hence, your PAN number is needed to check your chit Score. While checking your ChitScore, keep your PAN Card handy and ensure that the Name and Date of Birth you enter match those on your PAN Card.