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  • CIBIL or Credit Report Checklist

    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:

    1. Make sure there are no errors in reporting by the lender

      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.

      • The first thing you need to do is read the whole report.
      • Check for the outstanding amount on your credit cards and loan. They might’ve been cleared but the report might not have been updated. This is wrong information and it needs to be corrected as your credit score will be affected.
      • When you spot an error in personal data, address, outstanding balance etc., immediately report it to the credit reporting bureau. And write a letter to the creditor who reported the wrong information. You can raise a dispute with Credit Bureau for correction.

      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.

    2. Check for stolen or duplicate identity

      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

      • Loan accounts that were not initiated by you.
      • Credit inquiries that you did not make.
      • Late payments or defaults that you did not make.
      • Wrong address and other identifying information.
      • Wrong phone number.

      When you suspect a case of identity theft, report it to the credit bureau that issued the report and notify the bank immediately.

    3. Check your account information

      A majority of the information in your CIBIL report is your account information. You need to

      • Review your accounts, check your loans and credit card accounts.
      • Cross check your credit limit, current balance and payment history.
      • Make a note of the accounts that are inactive and were closed.
      • Make a note of the late payments and their negative remarks.
      • Check for the active loans and credit cards and see if you can consolidate them.
      • Organise paperwork relating to your accounts and keep the details in order so you can track them easily.
    4. Dispute resolution process
        • Read your CIBIL report and spot the mistakes.
        • Submit an Online Dispute Form at https://www.cibil.com/file-consumer-dispute/.
        • The relevant section will be marked as ‘Under Dispute’.
        • Then CIBIL will take the matter up with the concerned lender, the lender then accepts or rejects the Dispute.
        • When the dispute is accepted by the lender, the correction is made.
        • The ‘Under Dispute’ remark will then be removed from the concerned section.

        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.

    News about Cibil or Credit Report Checklist

    • Razorpay Launches Lending Platform Razorpay Capital to Offer Quick Loans

      Razorpay, the popular payment startup has rolled out Razorpay Capital, a lending marketplace that aims to offer quick settlements and collateral-free loans. Razorpay Capital offers both short-term working capital loans as well as long-term business loans. In addition, the company has also launched RazorpayX, that will simplify, accelerate, and automate small and medium enterprises (SME) banking operations. With RazorpayX, users can experience flexible payouts, accept payments, managing cash flows, and reconcile transactions. At present, Razorpay capital has an annual loan disbursal rate of $30 million. By March 2019, the company aims to attain $100 million loan disbursal rate. The main aim of Razorpay Capital is to provide hassle-free, pre-approved business loans from Razorpay’s NBFC and banking partners without any collateral. The credit limits are defined based on SME’s unique Razorpay credit score.Like Experian and CIBIL scores, the Razorpay’s Alternative Credit Decisioning System uses transaction records to assign a unique credit score to each applicant. The platform will automate the loan amount online if it’s small. However, in case of higher amount loan that are Rs.50 lakh or above more, there would be some offline verifications as well.

      Meanwhile, RazorpayX is an AI-enabled solution offers end-to-end operations for single or multiple accounts across various banks, managing their cash flow by aggregating these accounts. RazorpayX further provides insights and recommendations based on income, expenses, accounting, taxation and payments reports that are all made available on the dashboard.

      7 December 2018

    • Insights about Comprehensive Credit Reporting

      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

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