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Since the individuals now have access to their credit report, they can check for these discrepancies. While reading your credit report, it is not only important to read your credit score, it is important to read the whole report. The following are the three important parameters you must not miss to check:
CIBIL credit reports should be checked at least once a year. When you are applying for a fresh loan, a lender will check your credit report. So, you need to be sure there are no errors so you can avail the best terms on the loan. There is a good chance that your lender might’ve made a mistake in reporting your credit transaction details.
It is very important to maintain a high CIBIL Score so that you can have a healthy financial future. It helps you avail the best credit from the banks.
Check for reports or enquiries that are not made by you. For instance, if there is a loan application reported in your CIBIL report not initiated by you, then you can be sure that it is a case of identity theft. What you need to look for while checking for possible frauds are
When you suspect a case of identity theft, report it to the credit bureau that issued the report and notify the bank immediately.
A majority of the information in your CIBIL report is your account information. You need to
The turnaround time for the dispute resolution is 30 days. Ensure you have the proof before you decide to file a complaint.
By doing all these you will know the outstanding balance on your accounts and also you can keep a track of everything. There is a good chance that your loan might’ve been rejected because of wrong information reported in the CIBIL Report. By checking and correcting discrepancies in your report, you minimise the chances of your loans being rejected. It is an individual’s responsibility to check their own report and not the banks or CIBIL’s.
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.
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