New Delhi, Aug. 11 -- Your credit score is a three-digit number; it serves as a financial report card and ranges from 300 to 900. This is a number provided by leading credit bureaus across the country, such as CRIF High Mark, Experian, Equifax and TransUnion CIBIL. Furthermore, any score of more than 750 is generally considered excellent, whereas scores in the range of 650 or lower are considered weak.

It is important to keep in mind that a credit score is a powerful metric that can easily influence how quickly you get a loan, the applicable interest rate, and even the terms offered by lending institutions. What many borrowers overlook is that managing this number and overall credit profile is indispensable and extremely important.

This...