The CIBIL Score plays in a significant in determining your credit eligibility for a loan or credit card. When an individual applies for a loan or credit from a bank, the bank will look into various parameters to assess your eligibility. The CIBIL Score or a credit score is one of the most important factors that the bank looks into while reviewing applications. The credit score is derived from all the information that is included in the CIBIL Credit Information Report (CIR). You can find the details of your credit repayment history, details of loan/credit accounts under your name, and various other personal basic details on the CIR.
It is important to review your own credit report periodically to ensure that no incorrect details are entered in your report. Additionally, it is a good practice as well considering the fact that you can notice trends and factors that are responsible for the increase or decrease in the credit score.
If you are looking to check your own credit score, you will need certain basic details along with the PAN Card Number. You are also required to make a fee payment to access the credit score. If you are checking your credit card once-a-year, CIBIL can provide you with a free credit score. Currently, there is no other website that can provide you with a CIBIL Score that is more accurate and up to date than CIBIL itself. Follow these steps to obtain your CIBIL Score from their official website:
Why do we need PAN Card details to check the CIBIL Score?
PAN Card is a common document that can identify an individual by using the unique PAN Card number. Moreover, PAN is also associated with all financial and bank accounts of most individuals. PAN makes it easier for the credit bureaus to locate your details efficiently. When you use the PAN Card number for viewing your CIBIL score, it is not used for any other purpose other than locating your credit information and authenticating it by using associated details.
If you do not have a PAN Card, you can still request for your CIBIL Score by using the identity proof number mentioned on the Passport, Voter ID, or the Driver’s Licence.
Follow these steps to check your CIBIL Score by using the PAN Card:
- Visit - https://www.cibil.com/ (CIBIL’s official website)
- Click on the top right option that says ‘Get Your Credit Score’, or
- Visit https://www.cibil.com/creditscore/ directly
- Choose a subscription method, if applicable
- Enter your PAN Card number
- Enter your e-mail address
- Enter Date of Birth
- Select the Gender
- Enter the captcha code
- Acknowledge the terms and condition
- Click on “Procced to Payment’
If you had checked your CIBIL Score/CIR earlier, you can use your e-mail ID and password to access the existing information. If you are checking the credit information for the first time, the website will redirect you to the payment page. Once you make the payment, you can choose the mode of delivery of the score and the report. You can get a physical copy of the report mailed to your address through postal or you can choose to receive an electronic copy via an email.
If you do not have a PAN Card number, you can use your basic personal details such as Name, Date of Birth, Identity Proof number of another document, Address, the and telephone number to request for the CIBIL Score.
What is CIBIL Clearance or CIBIL Dispute?
The Credit report is a pivotal aspect that influences an individual’s loan or credit card application dramatically. It is advisable to check the CIBIL report at regular intervals to identify any error or discrepancy in your name, personal details and inaccurate account details. Any error may often drop your credit score rejecting your loan application. For your convenience, credit bureaus offer Free Credit Score. However, if you wish to have a detailed credit report, then avail subscription based credit report from the agencies.
The credit institution (CI) organization, from where customer borrows money, sends customers data to credit bureaus every 30-45 days. Based on the data, the credit bureaus then generate credit information report (CIR). So, the onus of any error or incomplete information lies on the credit institutions as they report the information to credit agencies. No credit agency can change the report until the credit institution reports it.
In case, your account is not getting updated there might be two reasons that are responsible for it. Either the credit institution wouldn’t have submitted your recent report to a credit agency or there probably might be an ongoing dispute in your account. You can either dispute for the ownership of an account or for any details of an account. If the dispute is relating to the ownership of the account then it includes all other factors. And, if you want to raise dispute regarding one or more fields then you can raise the request.
The credit institution submits customer’s credit account details, name, contact details, employment information including address, date of birth, PAN, telephone number, income, etc. Hence, it is of utmost importance to update the details with the CI’s as any wrong information may affect your Credit Report pulling down your credit score and therefore loan application. The mistakes may also occur in the loan type, wrong ownership type, wrong dates, incorrect status, errors in assets etc.
How to Solve CIBIL Disputes?
If you find any irrelevant information on your credit report that is misspelled information or some information that doesn’t belong to you, you should either contact credit bureaus or credit institutions. Follow the below mentioned steps to correct the errors in the CIBIL Report as it may affect your loan application and also increase the interest amount.
- Analyze the issue correctly that may impact your credit report.
- Open the online dispute resolution form from the credit agencies website and fill it correctly.
- Once you submit the form, you will receive a dispute ID that is also referred as compliant ID.
- The credit bureau then sends your correction report to the particular lender or CI.
- Once the lender confirms the errors, the credit agency then does the necessary changes.
- The entire process takes nearly 30 days to complete as it depends on both the credit institution and credit agency.
- You will receive a confirmation message from the credit agency via email.
How to clear your name from the Defaulter List
In case your name is there in the defaulters list, you should take initiatives to remove your name from the defaulters list that may otherwise build a negative credit history. If you name is there in the defaulters list, then loan application process may get affected. Hence, prior to your loan application, try to figure out why your name is there in the defaulters list and take appropriate steps to rectify it. Follow the below mentioned steps to ensure your name is not there in the defaulters list.
- First, get your Free CIBIL Score and study it thoroughly.
- Figure out the pending due amount and clear all the outstanding amount.
- Next, take a No Due Certificate from the respective bank.
- After that, submit the certificate to the credit bureaus and request them to strike off your name from the defaulters list.
- Once this is done, along with your loan application form submit a copy of all the supporting documents.
- You will receive a confirmation message from the credit bureau via email, where you can also check the current status if the dispute application.
If you find any discrepancy with your details immediately contact the bank’s personnel to make the loan application process smooth. You can also raise a dispute for multiple fields on your report at a single shot by navigating to each of the section that needs to be corrected.
Bank details should be provided to expedite the CIBIL dispute process, so that the issue can be sent directly to the concerned branch. In case, you are not satisfied with the results of dispute, you can again raise the request so that the CI re-verifies it.