Credit Monitoring

Credit Monitoring is the tacking of an individual’s credit history, for any changes or suspicious activities. A credit monitoring service is will show an individual's credit report provide them with new information regarding new credit inquiries, accounts etc. The individual also can ensure if this information is actually genuine. Credit Monitoring can also be used by individuals to keep a check on their credit score, as well as keep track of them, giving them the option to be well of their credit history before applying for loans and mortgages. The process of monitoring takes many steps to ensure negligent loans in parameters of the credit policy followed when it comes to delinquency. The credit management section will ensure the collection of the loans.

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There are many benefits of credit monitoring

  • It provides individuals with reports if any changes occur on their history, with also provides your score and report.
  • With credit monitoring, the possibility of credit fraud and identity theft is curtailed due to monitoring.
  • Alerts provided to the individuals on their important activities, such as credit history, credit inquires, delinquency, records of public nature, and even any other negative information.

Credit Information Bureau India Limited or more commonly know as CIBIL is the most critical player in the finance industry. Set up in August 2000, they help many financial institutions with providing loans to customers and even help them manage their business. CIBIL is the credit monitors on the country, they maintain records of an individual's financial transaction history pertaining to loans, credit cards etc. from the many banks and lending institutions in the country. With this information they create reports with will pertain to the individual's financial transaction history, called Credit Information Report which also provide the individual with a score. The score of the individual will allow many banks and financial institutions to provide a loan of any kinds to an individual, since CIBIL has checked his/her repaying capability.

Frequently asked questions

  1. Q. What is Credit Monitoring?

    Credit Monitoring helps you understand the your credit history, and protects your credit identity as well. It helps you get your credit scores and reports which benefit you when trying to get loans or various kinds from mortgages to auto loans.

  2. Q. How quickly can a credit report be available for an individual?

    As soon as an individual applies for a loan and repays the same, a credit report is formed. And will be available with the credit monitoring agency. In India the credit monitoring agency is Credit Information Bureau India Limited or CIBIL.

  3. Q. How does CIBIL track my credit, and keep my credit score updated?

    CIBIL monitors you payments towards any loan and advances taken on your name, over the tenure of your loan they will keep a check on your payment trends and set a score for the same. An individual should aim for a score of 750 and above to be considered a good score and to get good credit limit and great rates as well.

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