You must have heard of a person being unable to raise a fresh home loan or a personal loan because of a poor credit score but did you ever hear about someone not being able to find a partner because of that? Sounds bizzarre but true. And it recently happened in Maharashtra.
In Murtizapur area of Vidarbha region of Maharashtra, one incident came to light where the girl’s family called off the wedding when they discovered that the boy had a poor credit score, also known as CIBIL score.
One report by The Times of India suggests that one Maharashtrian family cancelled a wedding on discovering that the matrimonial prospect of their daughter is deep in debt and, therefore, they had a reason to believe that he was not financially sound. They came to realise this upon checking his credit score.
The above mentioned report suggests that the marriage talks were in the final stages and both the families were on the verge of finalising the wedding when the girl’s uncle suggested that the prospective groom’s credit score should be checked into. But when they saw the credit score, they realised that the boy had taken multiple loans and was deep in debt.
His poor score reflected that there were defauts and/or late payment of previous loans. As a result, the uncle suggested that the wedding should be called off because the boy’s financial condition was not sound, at least this is what the credit score reflected.
What is a CIBIL score?
For the uninitated, a credit score or CIBIL score is a three digit number which determines a person’s credit worthiness which is checked by financial institutions before they take a call on whether to disburse loan to someone or not.
Higher the score, the more credible the person is. A score above 700 means the person can be trusted for fresh lending and when it is lower than 600, banks tend to deny loans or charge a higher rate of interest on loans disbursed to them.
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