CIBIL Score: Can a bad CIBIL score affect your job? Here is the answer... Know the whole matter..

Most people believe that a CIBIL score only affects when you take a loan or a credit card. But now a new case has come to light, which has changed this thinking. A recent discussion in Parliament has shown that a poor CIBIL score can also affect your employment, especially jobs in the banking sector.

What is a CIBIL Score?

CIBIL score is a three-digit number ranging from 300 to 900. It shows your credit history, i.e., the loan and credit card payments you have made. A CIBIL score close to 900 is considered good. This score is issued by TransUnion CIBIL Limited. It was earlier called Credit Information Bureau (India) Limited.

Apart from this, three more credit bureaus, Experian, Equifax, and CRIF High Mark, work in India. They also collect your credit information and tell banks how a customer's payment capacity is.

Why is a good score necessary for a banking job?

Last year, in 2023-24, when IBPS (Institute of Banking Personnel Selection) conducted recruitment for nationalized banks, it was stipulated that the candidate should have a CIBIL score of at least 650 and a clear credit history. Due to this rule, many students and poor-middle-class candidates faced problems, especially those who had education loans pending.

What does the government say?

In the Rajya Sabha, MP Dr. John Brittas had asked the government whether a CIBIL score of 650 is mandatory for a job. In response to this, Minister of State for Finance Pankaj Chaudhary said that this condition has been removed from the 2024-25 recruitment (CRP-14). That is, now a 650 score is not necessary at the time of application.

However, before joining the job, the candidate will have to show a clear and updated credit history. If this does not happen, the candidate will have to take NOC from the loan-giving institution; otherwise the bank can cancel the offer letter.

Why is the banking sector so strict about CIBIL?
The government and the banking board say that banking employees are directly connected to the public's money and sensitive transactions. If a candidate's own financial situation is bad, then it becomes difficult to trust him. This is the reason why the CIBIL score is linked to the trustworthy image of the candidate.

This clearly shows that a CIBIL score is important not only for taking a loan but also for building a career. Especially in sectors like banking, a good credit record can even secure your job. Therefore, if you want to work in banking or any financial sector in the future, then it is very important to keep your CIBIL score good.

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