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CIBIL stands for Credit Information Bureau India Ltd. It is the highest agency in India providing credit reports and ratings to individuals and businesses. It is the only one of about 1000 companies in the world with an ISO 27001 rating, which is the highest security standard in the world.
CIBIL releases credit reports called Credit Information Report (CIR) pertaining to individuals on the basis of their past credit history, which the agency receives from leading financial institutions in India. CRISIL is one of two credit rating agencies currently operational in India, the other being Experian Credit Information Company of India Pvt Ltd.
The Credit Information Bureau (India) Limited (CIBIL) TransUnion Score is a three digit number that is a summary of the customer’s credit history. This score is generated based on the information provided in the customer’s CIR. This report contains information regarding the customer’s history of credit payment across various loans and also institutions over a period of time. However, this report will not contain information regarding the customer’s loans, fixed deposits or other investments.
A CIR will have information in detail on the credit that customers have availed such as auto loan, home loan, credit card, overdraft facilities and personal loans. A CIBIL credit report will contain information regarding the customer’s CIBIL TransUnion score, their personal details, employment details, contact details and account information along with enquiry details. An in-depth analysis of the report is provided below.
The above sections are generally the ones present in a CIBIL Credit report. Each component is important and explains the credit situation of the customer in simple terms.
A CIBIL credit report is a highly valued credit report that helps banks and financial institutions analyse a person’s credit worthiness based on his/her repayment discipline and borrowing history. Major importance of CIBIL credit reports are:
Credit Information Report (CIR) – This report is available for individuals and contains all their credit history, and a statistically derived figure called credit score. A CIR is a major document which any potential lending institution will look at before processing your loan or credit application.
CIR consists of various sections detailing your credit history. Major attributes of a credit information report are outlined below.
This section shows your credit repayment history in the past 3 months including loans and credit card payments. DPD (Days Past Due) shows the number of days by which you delayed a payment.
This shows all your current credit due to be repaid. This helps in realizing where you stand in terms of EMI payments, and if you can avail more credit or not.
This section lists all the enquiries made about your credit score in the recent past. A high number of enquiries is a red flag. Potential lenders may view it as desperation for credit, also possibly because you were not a suitable candidate and had to approach multiple lenders.
In this section, you can see recent credit sanctions in your name.
A CCR is a report outlining a company’s credit history, consolidated from the data forwarded by various banks and financial institutions in India. While CCR doesn’t substitute credit ratings for businesses provided by an approved agency, it is still an essential component when loan applications are processed by an institution.
The primary difference between a credit rating and a company credit report is that the latter is drawn up from data directly submitted by banks, while credit ratings are generally solicited by a ratee and consequently issued by a relevant credit agency after evaluating related documents and interviewing company’s management.
CCRs are typically used by lenders to make quick, informed decisions on loan approvals. A good CCR can be used to get better terms on credits from business partners, being testament to a company’s strong financial standing.
Credit score is a three-digit statistical number that is vital when applying for a loan or credit card application. The credit score ranges from 300-850. It is always advisable to have credit score higher than 750 to have positive response on loan or credit card application.
Lower credit score minimizes your chances of having approvals on credit score. Here are some of the factors to consider that will enhance your credit score and therefore make the application process smooth.
All these factors together helps you to enhance your credit score. Keeping a track off all these can help you to have positive nod on loan/ credit card application in lower interest rate, this year.
Credit Score is one of the most misunderstood topics in the financial book.
Your Credit Score is calculated based on information present in your credit report. Your credit report presents details about your credit accounts, credit application and debt repayment, among others.
When you or a company enquires about your Credit Score, it’s called a soft enquiry and it does not hurt your credit score.
There are five prime factors that go towards deciding your Credit Score. They are - debt repayment, credit utilisation ratio, average credit age, type of credit account (secured / unsecured) and Credit Score enquiries made.
You did nothing wrong and yet your Credit Score is low? Please go through your Credit Report thoroughly and immediately report any unauthorized activities to your bank to correct your score.
It’s important that you check your Credit Score regularly. BankBazaar has partnered with Experian and we will fetch your Credit Score at no cost. It’s just a matter of a few minutes.
To get your CIBIL Credit Report, you will need to fill the ‘CIBIL online credit score request form’
Step 1: you will need to select any of the following subscription plans:
Step 2: Enter your PAN, email address, date of birth and select your gender
Step 3: Enter the displayed characters in the given box
Step 4: Tick on the box before ‘I acknowledge and accept the Terms and Conditions applicable and available on the site.’
Step 5: Click ‘Proceed to Payment
On paying the amount, you will be redirected to an authentication page. Here, 5 questions pertaining to your credit history will have to be filled out. Answering at least 3 correctly will authenticate your identity. You will receive the credit report within 24 hours in your email address.
If authentication fails, you can send a hard copy of the application duly filled out along with your address proof and the id generated by CIBIL. You will then receive the credit report by post at the address provided by you.
Free credit report: Apart from annual subscriptions, you can also get your annual CIBIL Report and score for free. Here are the steps you need to follow you get your CIBIL score for free:
Step 1: Visit https://www.cibil.com/freecreditscore/
Step 2: Enter your email address, date of birth, gender and PAN
Step 3: Enter the displayed characters in the given box
Step 4: Tick on the box before ‘I acknowledge and accept the Terms and Conditions applicable and available on the site.’
Step 5: Click ‘SUBMIT’
After that you will need to login to the site with the password emailed to you. Once you login you can change your password, login again and view your CIBIL score. You can view your full report by clicking on ‘VIEW REPORT’ tab. To add consumer dispute remarks and to access your credit report summary and activity report, you will need to subscribe and opt for any of the three available plans:
A CIBIL credit report is an exhaustive report detailing all your past credit transactions, both borrowing and repayments from/to banks and other financial institutions. A credit score, on the other hand, is generated on the basis of the credit report and is a statistical figure ranging from 300 to 900. It is derived through advanced statistical analysis of a credit report.
Maintaining a high credit score is imperative to getting more credit in the future. As such, you should ensure that your credit report presents a positive outlook that translates to better scores. If your credit report is left wanting in a few segments, then you should proactively work toward making it better by repaying debt on time and maintaining a positive future outlook on it.
Q. How do you correct errors in your CIBIL credit report?
RBI has made it mandatory for banks to comply with an individual's desire to access his or her credit report. If a bank declines a credit card or loan application, you can ask for the control number of your CIBIL credit report. You can then contact CIBIL at email@example.com and communicate details of errors in the report.
Q. Do I need a form to apply for a CIBIL credit report?
Yes, you need to apply for credit reports using forms published by CIBIL. You can get these forms from their website.
Q. I don’t want my CIBIL TransUnion Score, just the credit report. Is that possible?
Yes, if you want just the credit report then you can apply for it without having to take the TransUnion score along with it.
Q. How long does it take for the CIBIL credit report to reach?
If you check your CIBIL score for free or purchase any of the subscriptions plan online, you can access your report instantly upon successful authentication. In case of unsuccessful authentication, you will need to upload your KYC documents for verification. Upon verification, your CIBIL credit report will sent to your registered mailing address in 7 business days via Courier/ Speed Post/ Express Delivery.
Q. What are the documents required for the CIBIL credit report?
Along with the application form, you will need to send an ID proof and an address proof. This applies even to companies, in whose case you will have to send the ID and address proof of the authorised signatory.Q. Is there any time stipulation on when the supporting documents should reach CIBIL?
Yes. The supporting documents, ID and address proof should reach CIBIL within 7 days of your application for the generation of a credit report.Q. How will the report be sent to me?
It will be sent within 7 business days via Courier/ Speed Post/ Express Delivery.Q. What happens if I am not there to receive the report?
The delivery service will make only two attempts to deliver the report at your address. If you are not there to receive it a second time then it will be returned to CIBIL and you will have to apply for the report all over again.Q. What happens if I have made mistakes on the application form?
CIBIL will tolerate up to 3 mistakes on the credit report. If you make more than 3 mistakes then your application will not be processed.Q. What if I send the wrong details by mistake?
If your details are wrong but match another person then the report will be generated and sent to them at your cost.Q. What happens if the address in my CIBIL account and the address proof don’t match?
If your address proof does not match the one that CIBIL has on record then your application will not be processed. You can update your address by sending KYC documents along with any other supporting documents needed.Q. How can I pay for the credit report?
You can pay for the credit report using a demand draft, credit card, debit card or through net banking.
A credit report comprises your credit history. It has a summary of all your current as well as past credits, bill payments and borrowing history. Most people avoid checking their credit report thinking it will be low while others delay checking it unless they are planning to apply for a loan or a credit card. However, not checking your credit report for a long period of time can be risky.
What is a credit report?
A credit report contains details such as current balance, loan amount, history of payment, credit limit, account type, account status, and payment history. It has your credit score which a numerical representation of your creditworthiness. A credit report is prepared by credit bureaus in the country. At present, there are a total of four credit bureaus in India viz; TransUnion (CIBIL), Equifax, Experian Credit Information Company and High Mark Credit Information Services. All these credit bureaus are regulated by the Reserve Bank of India (RBI).
What is a credit score?
A credit score is a 3 digit number between 300-900 that offers summary of your credit report and measures credit risk based on the information given in the credit report. Generally, banks and non-banking finance companies (NBFC) consider a credit score of 750 and above as ideal.
Reasons to check your credit report
• Possible identity theft: One of the reasons for an unusually low credit score could be a possible identity theft. The sooner you are able to spot a case of an identity theft, the more likely you are to prevent an extensive damage to your credit score. When someone else banks on your credit report, it is a case of an identity theft. This essentially means that someone else will use your credit report to get a loan or a credit card and then misuse the credit. This will have a negative impact on your credit score.
• Incorrect personal and account information: This is one of the most common error that can occur in your credit report. Sometimes, a credit bureau might enter wrong data in your credit report that could lead to a low credit score. For instance, you might have already cleared off a loan and made all the payments on time, but the credit report will show that the loan is still open.
• Limit hard checks: Each time you apply for a loan or credit, you trigger an enquire from banks or NBFC to check your credit score. Such enquiries made by lenders are called as hard enquiries and they bring down your credit score.
• Learn your credit status: Lastly, it is important to do a periodic check of your credit, as it gives you a fair idea of the current state of your financial health. Once you understand where you are going wrong with your spending and payment habits, you can take measures to work on them and work towards building a positive credit history.
The RBI has made it mandatory for all the credit bureaus to offer one free credit report to individuals in a calendar year. You can also log on to various websites like BankBazaar.com and check your credit score for free.
14 August 2018
A credit score is a measure of your creditworthiness. It is a 3 digit number between 300-900 that offers summary of your credit report and measures credit risk based on your credit history and repayment behaviour. Your credit score is present in your credit report that contains all the information about your payments, dues, loans, etc. The data is collected from various authentic sources and the companies form a credit report based on the collected data. A credit report is prepared by credit bureaus in the country. At present, there are a total of four credit bureaus in India viz; TransUnion (CIBIL), Equifax, Experian Credit Information Company and High Mark Credit Information Services. All these credit bureaus are regulated by the Reserve Bank of India (RBI).
It is important to check your credit report from time-to-time as it gives you an ideal about your financial health and credit status. Here are the top 5 benefits of checking your credit report regularly:
• Know your status: Firstly, periodic checking of your should check your credit report is important as it gives you an ideal about where you stand in terms of credit score. Once you understand where you are going wrong with your spending and payment habits, you can take measures to rectify the errors. As per the mandate from the RBI, credit bureaus have to offer one free credit report to individuals in one calendar year. Moreover, you can check your credit score from several fintech companies free checking of credit report.
• Rectify errors in your credit report: One of the reasons for a low credit score could be due to an error in your credit report. Sometimes, a credit bureau might enter incorrect data in your credit report thereby bringing your credit score down. For example, you had taken a loan a while back for which you have made all the repayments on time but the credit report is showing the loan as still open. Such errors have a negative impact on your credit score.
• Don’t encourage hard credit enquiries: If you apply for a loan or credit, you trigger an enquire from banks or NBFC to check your credit score. Such enquiries made by lenders are called as hard enquiries and they bring down your credit score. Therefore, make sure to know your credit score before applying for a credit.
• You can be a victim of identity theft: If you have not checked your credit report for a long time, you might not know that you have become a victim of an identity theft. The sooner you are able to spot a case of identity theft, the more likely you are to prevent extensive damage. An identity theft means that someone else is banking on your credit report. This means that someone else will use your credit report to get a loan or a credit card and then misuse the credit thereby taking a toll on your credit score.
It is important to keep all the aforementioned points in mind and always check your credit score regularly.
6 August 2018
Apart from credit score, one of the other factors that lenders tend to look at is the debt-to-income ratio of the prospective borrower. This ratio is computed by taking into account the total number of debts a person may have and the total net income earned in a month. For the purpose of calculation, the different types of debt that will be taken into account include credit card debt, other loans such as personal or student loans debts.To determine the debt-to-income ratio, the total debt in a month is divided by the total income earned in the month. This net income is considered is what the salaried individual takes home each month. The ideal ratio that banks may be looking for is around 40%.
2 August 2018
Yogesh Bhatia, a resident of Mulund, Mumbai has fallen prey to an identity theft which has left him with bad credit score. As a result of a low CIBIL score, Bhatia has been blacklisted from receiving loans after fraudsters used his details to get loans and shop. According to a report from the Mumbai Mirror, Bhatia’s identity was stolen in order to get a loan from several banks which eventually led to outstanding dues of Rs 6.5 lakh in his name. Due to non-payment of EMI, Bhatia’s CIBIL score had fell miserably. After conducting detailed check on the fraud, Bhatia learnt that someone had submitted a forged copy of his PAN card to get several loans sanctioned in his name.
In order to know about a fraud at an earlier stage, an individual should check their CIBIL score regularly. The Reserve Bank of India (RBI) has made it mandatory for all credit bureaus in the country to offer one free credit score to an individual in a calendar year. You can also subscribe to credit reports and pay a fee for the same.
27 July 2018
One of the most common dream an individual has is to own a house. However, buying a house is a long process as it requires a lot of research about the builder, property, location of the property and so on. You also have to take care of paperwork at the time of buying the property as it involves investment. In order to buy a house, you have to apply for a loan and for that you need to have a healthy credit score.
A credit score represents an individual's creditworthiness. It helps banks and non-banking finance companies (NBFC) to determine whether you are capable of paying the loan on time or not.
What is a credit score?
A credit score is a 3 digit number between 300-900, 900 being the highest. It is calculated based on your credit history and repayment behaviour. Banks and NBFC check your credit score when you apply for a loan or a credit card application. Higher the CIBIL score better the chances are for you to get low interest rate credit cards, approval for higher credit limits, quick loan approvals, home loans and car loans. Hence, maintaining a healthy credit score is of utmost importance. A CIBIL score is calculated on the basis of your credit history, credit type and credit exposure. The Reserve Bank of India (RBI) has made it mandatory for all the credit bureaus in India to offer one free credit score to its consumers in a calendar year. You can also pay and get your credit report from the credit bureaus.
Check your credit score
You should check your credit score periodically as it gives you an idea of your financial health. It is also important to check if there are any errors in your credit report as that can bring your credit score down. You can raise a dispute with the credit bureaus and get the error resolved.
Improve your credit score
If you have a credit score below 750, you should take efforts to improve your credit score. Some of the simple steps to improve your credit score are:
• Making timely bill payments
• Paying off debt
• Limit credit utilisation ratio
• Checking credit report
• Avoiding hard credit checks
• Increasing credit limit
• Closing old accounts with good credit history
A good credit history and a healthy credit score make you an eligible candidate to receive a home loan.
10 July 2018
A CIBIL score of an individual is extremely important in today’s banking and financial sectors. It assesses the creditworthiness of an individual someone like you. You should have a good CIBIL score to be eligible for obtaining personal financial products and services. A person’s CIBIL score is generated by TransUnion CIBIL Limited, which is the first credit rating institution in India. Each financial institution submits credit reports to this well-established rating agency periodically. Credit reports will contain financial information such as previous bank history, credit card history, personal details, default payments, etc.
The credit rating agency will generate a credit score based on the reports sent by banking companies. Financial services and institutions will use this credit score to decide whether or not to provide a financial service. A CIBIL score is a three-digit number, which is offered between 300 and 900. A person with a credit score of 750 and above has a better chance for applying financial services such as personal loans, housing loans, mortgage loans, vehicle loans, property loans, etc. Make sure you are well-rated always. The following are a few tips for you to follow:
• Make sure you pay your credit card bills in time
• Keep a track of your CIBIL score
• Make investment decisions wisely
6 June 2018
What do you think is most important to influence a date? Is it a sports car or a stunning personality? It is not that! A good credit score gives you everything you wanted. A well-rated individual may also be able to scout a better match, according to domestic study conducted by Match Media Group of 2000 Americans and Discover. Match is a renowned business entity, which retain the possession of the websites for dating and the applications for dating, including Match.com, Tinder and OkCupid. The entity serves in excess of 63 plus million overseas customers.
Holding a good credit score is much important than holding a beautiful car for more than 58% of the people who date online. 50% of the people who have been surveyed said that a partner with a better credit report and a credit score is preferred over his/her job designations. These statistics depict the significance of a good credit rating. Furthermore, 69% of the respondents have said that the financial stability and status is very crucial while choosing an individual for dating. The financial status and stability is the most important factor for the women who are in search of a partner.
Is it not an interesting fact? Yes, it is! Be well-rated by credit rating agencies that will offer you the facility of free credit reports. A credit report contains your personal and financial information, including your credibility. Be advised to get these reports periodically to make sure the financial and personal details are correct and valid. The most important aspect you should look at your credit reports is your credit score. If you are underrated, you can improve it. Check your credit scores for free today!
13 February 2018
A credit score plays a major role. It affects anything you do – obtaining a vehicle loan, a housing loan, a property loan, etc. It has been so entwined in your regular life that you may not apprehend it. India has four credit rating agencies. A free credit report can be obtained from each of these bureaus for free once in a year. It means a credit score can be checked for free.
The best thing you could do is to ensure the personal and financial information contained in your credit score is valid and correct. If you think your credit report contain wrong details, you could raise a ticket to correct it. And, you are expected to do so. A wrongly published credit report will not give you the most appropriate credit score for you. It is commonly observe that most people do not check their credit reports regularly and finally end up with poor credit score.
2 February 2018
The oldest and the biggest credit bureau of the country, CIBIL is in talks with the government to broaden the purview of the Credit Information Act which will allow other sources of credit information to determine credit score. This will be over and above the traditional information channels that CIBIL currently employs to calculate the CIBIL score for customers.
Digital transactions now form a huge part of the overall financial transactions made by customers. Including transaction history of the same may lend valuable insights about the financial health as well as credit worthiness of an individual.
21 March 2016
CIBIL, India’s leading Credit Information Company (CIC), is in talks with the central bank to revise stipulations pertaining to the applicable duration for reporting of credit information. Currently, data is maintained and reported for a period of 7 years at least. However, the regulations as per the Credit Information Companies Act doesn’t stipulate a maximum term for reporting credit data. This results in some CICs maintaining and reporting data for periods up to 25 years. CIBIL and other CICs are of the opinion that this can prove detrimental to credit seekers who remain adversely affected by negative but outdated information. They are also of the opinion that capping the maximum reporting period to 5 years will satisfy the need to assess a person’s creditworthiness.
In addition to concerns over current regulations, CICs are also raising the subject of spreading credit information and reporting awareness among the general public, possibly through campaigns.
2 September 2015