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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 report is a summary of your detailed credit behaviour. It consists of various sections that offer detailed information ranging from your personal information, home or auto loan availed, overdraft facilities, personal loan, and much more. In addition, the CIBIL report consists of your CIBIL score and history. There are several key terms and keywords that are present in your CIBIL report that will help you understand the report in a better way.
Cash Limit: Cash limit refers to the amount of cash on your credit card that you are allowed to use.
Amount Overdue: It indicates the total amount that has not been paid to the lender in a specific time.
NA/NH: NA means No Activity while NH means No History. This means you have no credit history or not even a credit history to get scored. The NA/NH term also means you have no credit activity for a couple of years. Finally, it also suggests that you do not have any add-on credit cards and have no credit exposure.
DPD: Days Past Due refers to the number of days that have passed since the due date of the payment. It must be noted that anything over zero or even ‘Standard’ is bad.
Written-Off Amount: When a loan is written off there is an interest and principal component. This field reflects the total interest and principal amount written-off.
Written-Off and Settled Status: If the status of an account is mentioned as written off, it implies that the borrower was unable to pay the outstanding dues for more than 180 days and as a result, the lender has written off the unpaid dues. If the status of an account is mentioned as settled, it implies that, the borrower in consent with the lender, has partly paid the dues against the total outstanding amount.
SMA: Special Mention Account refers to a special account created for reporting a standard account that is moving towards a sub-standard.
CN: Control Number acts as a reference number in case there is some incorrect information in the credit report. It is presented at the top of the document.
Repayment Tenure: It refers to the term of your loan. In order to understand it accurately, repayment tenure should be read with ‘Payment Frequency’.
SUB: Sub-standard refers to accounts (loan/credit card) payments that are made after 90 days.
LSS: It refers to the account where the loss has been identified and remains uncollectible.
DBT: It means an account that has continued to remain in the sub-standard account status for 12 months.
Actual Payment Amount: It is the amount you have paid the lender if it is different from the EMI amount. The actual payment amount can be higher or lower than the EMI amount.
Current Balance: It refers to the amount that you still owe on a certain credit facility.
STD: This entry is termed as (Standard) and is found against loan/credit card accounts, if the credit payments are made in a timely manner, or within 90 days from the due date.
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.
The Supreme Court (SC) has cancelled the 12 February RBI circular regarding bad loans. The move from the apex body is expected to bring delays in the bankruptcy proceedings. On Tuesday, the SC quashed the RBI circular and called it as “ultra vires as a whole”. This means the RBI had gone beyond its powers — and thus “of no effect in law”. The order was handed out by a bench headed by justice RF Nariman. As per the RBI circular, it was compulsory for banks to recognize a day's default in the companies and resolve the problem in 180 days. In case of a failure, such accounts must be referred to NLCTs for resolution for large account of Rs.2,000 crore and above. Speaking on the RBI ruling, Moody's credit rating agency stated that voiding of the circular will be credit negative for banks as it will significantly tighten stressed loan recognition and resolution for large borrowers.
The credit rating agency also said the resolution of stressed loans impacted by the circular will be further delayed as the process may have to be started afresh. The circular also withdrew the loan resolution mechanisms the RBI had implemented, such as Corporate Debt Restructuring and Strategic Debt Restructuring. The credit agency had estimated total debt impacted due to the 12 February circular to be around Rs.3.8 lakh crore across 70 large borrowers of which Rs.2 lakh crore across 34 borrowers were in the power sector. Moody’s further revealed that the 92% of this debt have been classified as non-performing by banks as of March 2018 and also made provisions of over 25-40% on these accounts.
4 April 2019
Micro, Small and Medium Enterprises (MSME) sector witnessing a promising growth potential in today’s Indian economy. The dynamic sector has been driven by digitisation and data driven decisions. MSMEs are being able to access finances in a quick and affordable way due to a significant increase in digitisation.
Thanks to a number of initiatives by the government such as MUDRA, PMEGP, CGTMSE, the MSME sector has seen growth even further. As per a latest report from TransUnion CIBIL- SIDBI MSME Pulse Report, commercial credit growth recovery has recorded an increase of 13.5% year-on-year (YoY) in the September 2018 quarter. Giving further insights, the report stated that there is a significant improvement in turn-around-time (TAT) on lending to MSMEs across credit institutions. TAT has registered an improvement for MSME segment underwriting to 26 days in 2018, as against 32 days in 2016. The study also revealed that 6.5 million businesses have taken loans from the banking sector for business. It further states that the total on-balance sheet credit exposure in India stood at Rs.105.5 lakh crores as of September 2018 of which MSME credit accounts for Rs.24.7 lakh crores, including credit to MSME entities and credit to individuals for business purposes.
27 February 2019
India Ratings and Research, the popular credit rating agency has downgraded PNB Housing Finance Ltd’s (PNBHFL) non-convertible debentures (NCDs) from “AAA” to “AA+”. The move comes from the credit rating agency following a change in the approach for ratings. As per the new norms, the credit assessment is based on the credit profile of PNBHFL, as against the previous approach that factored in the credit strength of the sponsor, Punjab National Bank. PNBHFL is among the top-five housing finance companies (HFCs) in India in terms of assets under management (AUM). PNB owns 32.8% stake in (HFCs) and has a 6% market share of housing loans. The credit rating agency has resolved the Rating-on-Watch Negative (RWN) status for HFCs due to the outcome of the stake sale and clarity regarding the new shareholders and its philosophy is limited at this stage. It also has a diversified funding profile with second largest outstanding deposits within HFCs. The change in the ratings approach comes at a time when the credit profile of the sponsor is weak as well as its stated intention to divest its stake in the company. PNBHFL provides housing loans to individuals, which formed 58% of the total loans in H1FY19. Loans against property to individuals and wholesale loans such as high-ticket construction finance to builders, commercial term loans and lease rental discounting together formed the balance. Its loan products are mainly towards the medium-to-large ticket loans in metro and Tier-I cities (total 57 cities and towns across India), where competitive intensity in the mortgage space is on the higher side.
10 January 2019
A credit report is a summary of your current as well as past credit accounts and payments behaviour. It is computed by the credit bureaus in the country and comprises credit score, detailed credit information related to your credit accounts, loans, payment history, and closed accounts. Moreover, the credit report also includes personal information, details of your credit cards, credit limit, and credit inquiries. Lenders like banks and non-banking finance companies use a credit report to understand the creditworthiness of loan as well as credit card applicants. Let’s take a look at some of the reasons why you should keep a track of your credit report:
• Incorrect credit account information: First and foremost, you should check your credit report to see whether there are any incorrect records your credit accounts or duplication of the same loan or credit card account. In some cases, your credit accounts can get mixed with someone else’s details and hampers our credit score.
• Errors in personal information: Your credit report can have errors related to your personal information like name, address, mobile number, among others. If you come across any errors, you can raise a dispute to the respective credit bureau.
• Check for an identity theft You can also be a victim of fraud which can result in a drop in your credit score. If you come across accounts that are not yours, you should get it fixed at the earliest.
• An unexpected drop in your credit score: If there is an unexpected drop in your credit score, it might be due to some error in your credit report. There could also be a possibility of fraudulent activity or some error in your credit report.
The Reserve Bank of India (RBI) made it mandatory for all the credit bureaus in the country to offer one credit report for free to all the consumers in one financial year. As there are four credit bureaus in the country - TransUnion CIBIL, Equifax, Experian and CRIF Highmark, you can get four credit reports in a year.
24 December 2018
Cred, the new fintech venture from Freecharge co-founder Kunal Shah is all set to roll out in December 2018. The platform aims to reward credit card users for making timely bill payments and offer various benefits to them. Cred has received $25 million in funding from Sequoia Capital and Ribbit Capital,. Users who pay their credit card bills through Cred earn points. These points can be redeemed at various POS including movies and food delivery services. The platform has already teamed up with a total of 30 brands including Airbnb, Cultfit, BookMyShow, Urban Ladder, Ixigo, CureFit, Furlenco, and FreshMenu, among others. The Cred platform will be available for those with credit score (CIBIL score) of 750 and above. The platform which is currently in the pilot stage has already received strong response. It will roll out to the public by the end of December. According to Shah, the main aim of the platform is to reward people who have displayed consistent good repayment behaviour in the longer run. The Cred platform will be free for the consumers, however, merchants will have to pay a small fee.
29 November 2018
Travelling has become a fad for millions of millennials across the world and even more so in developing economies like India. Some people even take over 2 months out of their year and dedicate it to travelling around the world.
In a benefit report aimed at these travellers, an agency has revealed that co-branded travel credit cards are a great way to save money for such people. Gaurav Chopra, Founder and CEO of IndiaLends, had come out in support of co-branded travel credit cards and has said that opting for air miles program in a credit card will give the cardholder the option to redeem them for tickets and on hotel bookings.
He further said that such cards give complimentary access to airport lounges around the world and also offers and discounts at various restaurants. Continuing on the benefits, he talked about multiple cards and how they can help save money. While one can be used for travel tickets, another can be used for cashback or waivers on certain charges.
Navin Chandani, Chief Business Development Officer, Bankbazaar, has said that it is imperative to understand the features and benefits of a credit card and also the fees and penalties involved with a card. This can help make better use of your cards when on a foreign trip , he said. Another said that, it is always good to be aware of the expiry date on the reward points and also to avoid cash withdrawals to keep cardholders from burdening themselves.
15 October 2018
Most of the banks and non-banking finance companies (NBFC) check your credit score before approving your loan or a credit card application. However, there are a large number of millennials who are not aware of their credit score. Mumbai-based fintech startup CASHe offers individuals loans based on its own proprietary credit system called SLQ (social loan quotient). The scoring system is entirely different from the current banking credit scoring system. Unlike the traditional credit bureaus, CASHe’s scoring system generates its own scores based on the customer’s social behaviour data. The system makes use of deep learning and artificial intelligence-based technologies to give insights about borrower’s credit behaviour. It measures individual’s willingness and ability to pay financial obligations. The platform takes into consideration other parameters like his/her mobile, social and media footprint, education, remuneration, career and financial history. All the aforementioned parameters will be considered to calculate the borrower’s creditworthiness and thereby the credit score. CASHe will not give individuals a loan if they don’t qualify in the SLQ rating. The platform will analyze unstructured data from social media profiles, mobile data, KYC documents to provide the users with a system that will continuously update a borrower’s credit worthiness. As the scores are calculated in real-time, the individuals will know instantly if they are qualified for a loan with CASHe. Launched in 2017, the CASHe platform has more than 2 million app downloads and over 1.5 lakh customer base. The company is aiming at achieving an overall loan disbursal. CASHe processes over 27,000 loan applications in a month and has achieved an overall loan disbursal Rs.400 crore. The company through its multiple loan options ranging from Rs 10,000 to 2 lakh payable over 15 to 180 days.
4 September 2018
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
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