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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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    Credit Report Reviews

    • Experian Credit Report
      "nice"
      0.5 5.0/5 "Blown Away!"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 57
      ,
      Reviewed on Aug 21, 2019
    • Experian
      Experian Credit Report
      "Good place to take personal loans and credit card"
      0.5 2.5/5 "Just OK"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 56
      ,
      Reviewed on Aug 14, 2019
    • Experian Credit Report
      "CT"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 96
      ,
      Reviewed on Jul 11, 2019
    • Experian Credit Report
      "Test Review For CT"
      0.5 4.5/5 "Excellent!"
      OEJHPNETVIWEVVHZFYBHEFWQZAUGPYNLVKXOHPEMZTXMAFHKVUFHMPSEKUFQRIWHKEUVYPFMHCKHQGOSJXJXQPVGYOJRCCKRRSNWLGVLRJBSRLIJLJVZTOWCGGFLBBXJWDUDWATLCKBNABXLPGDZGSTTIXIUVWUTPZQBMWFMPUQPQRGZQGLBDJHYEGQHACNJEJKHQNRGQBGEKYPQQC
      Was this review helpful? 105
      ,
      Reviewed on Jul 04, 2019
    • Experian Credit Report
      "Need to provide reward points and cash back"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 117
      ,
      Reviewed on Jun 26, 2019
    • Experian Credit Report
      "Good card"
      0.5 5.0/5 "Blown Away!"
      In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
      Was this review helpful? 109
      ,
      Reviewed on Jun 24, 2019
    • Experian Credit Report
      "SBI bank Credit card"
      0.5 4.5/5 "Excellent!"
      I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
      Was this review helpful? 128
      ,
      Reviewed on Jun 11, 2019
    • Experian Credit Report
      "CREDIT REPAIR "
      0.5 5.0/5 "Blown Away!"
      I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
      Was this review helpful? 135
      ,
      Reviewed on May 10, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 164
      ,
      Reviewed on May 08, 2019
    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 160
      ,
      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
      Was this review helpful? 165
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
      Was this review helpful? 154
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 146
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      " My credit card is not show my security is very good"
      0.5 5.0/5 "Blown Away!"
      Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
      Was this review helpful? 145
      ,
      Reviewed on Apr 29, 2019
    • Experian Credit Report
      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 154
      ,
      Reviewed on Apr 25, 2019
    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 153
      ,
      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 178
      ,
      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
      I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
      Was this review helpful? 185
      ,
      Reviewed on Mar 24, 2019
    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 198
      ,
      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 189
      ,
      Reviewed on Mar 02, 2019
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