Credit score which is a numerical expression that determines the creditworthiness of a borrower plays a vital role in deciding whether an individual should be offered credit and at what rate is of great significance for borrowers as well as banks and financial institutions. It evaluates the creditworthiness of a person and gauges his ability to pay back the credit. It becomes crucial because it helps one in getting loans, negotiating the rate of interest and amount, and assists one in getting the higher credits limits.