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In a country like India, it is difficult to track records of a large population. It becomes difficult to match names, dates of birth, addresses, telephone numbers, PAN card details, voter IDs, passport numbers etc. as there is a huge data base. CIBIL has developed an algorithm to consider several fields before making a match before raising the credit report. But that being said, there will be some mistakes made on the part of lenders or identity theft, lack of updated information, errors in personal data etc.
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
Dispute resolution process
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.
The comprehensive reporting includes monthly payment histories about loan and credit cards. The report includes information in-detail unlike the credit report that only provides the missed payments and points out the factors that are dropping the credit score. Checking the free CIBIL score at regular periods can figure out why the credit score fluctuates. This will help not to repeat the same set of errors that brings down the credit score.
It is vital for anyone to know and gauge their financial position. Ensure to pay all the bills on time, have a mix of credits and maintain a low credit utilization ratio to keep credit score balanced and on the higher side to avail loan approvals at lower interest.
22 January 2018