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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:
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.
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.
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.
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.
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.
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.
Credit card is one of the best and most popular tools that offers financial independence. If you are a new credit card user, it help you in creating a good credit profile. Most of the people stay away from credit cards as they think they won’t be able to handle the credit. Banks take into consideration several things at the time of offering you a credit card. At the same time, you should set a financial goal and understand your needs before applying for a credit card. For example, if you are a frequent flyer, you should look out for a credit card that offers you miles as well as lounge access. You can check sites like BankBazaar.com and compare your credit cards.
Let’s take a look at the basic requirements for getting a credit card in India:
• Fixed income and job stability: Banks need to be sure that you are in the position to pay back the credit. At the time of applying a credit card, you need provide a detailed information such as income and job employment details. Your income acts as a deciding factor at the time of calculating your repayment capacity. Banks also take a look at the type of your job and checks if it is stable and thereby leading to a fixed income. They need to make sure that would not default on the loan in future. You can provide documents like Income Tax Refund, latest salary slips, and so on. You can check eligibility for a specific credit card by visiting the particular’s bank website.
• Credit Score and Credit History: Another important factor that determines your credit card application approval is your credit profile. A credit score of 700 and above is generally considered as ideal by most of the banks and lending institutions. There are several ways in which you can maintain a good credit score - paying all the bills on time, paying off all the dues, maintaining a low credit utilisation ratio, limiting hard enquiries and having a good mix of secured and unsecured loans. The banks will thoroughly check if you have defaulted an EMI or any loans. Credit bureaus like CIBIL and Equifax prepare you credit history and keep a tab on all your credit transactions. Before applying for a credit card, you should check your credit score to make sure it is above the acceptable level. First time credit card applicants usually get a credit card with a comparatively lower limits.
• Your current relationship with the bank: Having a savings account or a fixed deposit with the bank can make it relatively easier for you to get a credit card approval. Moreover, a good banking behaviour can also offer you an extra edge in order to get a good deal on your credit card. It must be noted that all banks keep a close eye on you financial behaviour. This helps them make a sound decision about whether to approve your credit card application or not.
• Good balance of secured and unsecured credit cards: If you are not able to get a credit card, you can start building your credit history with a secured credit card. Banks offer users a secured credit if they have a bad credit score. As the name suggests, these cards are secured against a fixed deposit and work in a similar way as credit cards. It is beneficial for those who already have a fixed deposit with the bank. Moreover, banks also offer the option of ‘instant credit cards’ when you open a fixed deposit account with them. In case of instant credit cards, banks set the credit limit on your card based on the quantum of your fixed deposit.
23 August 2018
A credit card gives you a financial independence and creates an opportunity to build a credit history. Also, if you have a credit card you get the additional financial power to buy a certain item even in case of a tight monthly budget. Having a credit card also helps you build a healthy credit score. You can get a credit card online or offline and the procedure is not difficult at all.
Here are some of the steps that you need to follow in order to get a credit card.
• Check your credit score: First and foremost, make sure you have checked your credit score before making a credit card application. Banks and Non-banking financial companies (NBFC) check you credit score before determining whether to approve your application or not. A credit score of 750 and above is considered as ideal by banks and NBFC. The higher the credit score, better the chances are for you to get a credit card with lower interest rate and higher benefits.
• Get a job: A steady income will put you in a good position to get your first credit card. The job can be part-time or full-time. One of the main reasons your credit card application gets approved is when banks are confident that you can repay the credit on time.
• Get the right card: It is important that you look for a right credit card that offers you the benefits that will be helpful for you. Always check for a card that comprises of low fees, maximum benefits and a healthy credit limit. You can check for multiple cards on websites like BankBazaar.com and get the credit card that is best suitable for you.
• Apply for a card: You can apply for a credit card online or offline. It is advised to read the terms and conditions carefully before getting a credit card. Know what are the interest rates attached to your credit card and also learn about the fees for late payment. Also, it must be noted that you may not always get an approval for your credit card application in the first go. You may have to apply again once you bump your credit score.
• Get a single credit card at first: Get a single credit card at the beginning until you get use to handling it. Don’t apply for multiple credit cards at the same time. If your credit card application gets rejected, you can consider a secured credit card as it is much easier to obtain.
If your credit card application gets denied, don’t be discouraged as even people with a higher credit score and decent credit history are sometimes not given a credit card.
10 July 2018
To aid small retailers with working capital loan, recently StoreKing—the rural retail commerce provider—has come forward to tie up with Capital Float. The Capital Float is a digital lending platform that aims to expand its credit services to nearly 40,000 retailers, who are StoreKing’s retailer.
Presently, StoreKing serves 1.4 million customers and is planning to build a Credit Score mechanism for rural India. This initiative will help the company to expand its horizons in rural India and help the rural citizens reap the benefits out of it. With this move, StoreKing intends to reach the vision of serving 100,000 retailers by 2020. On the other hand, the senior officials at Capital Float believe that this partnership will help small retailers upscale their operations to achieve economic growth.
28 November 2017
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