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CIBIL stands for Credit Information Bureau (India) Limited. It is the first credit information company in India, established in August 2000. The company collects and maintains credit records of individuals as well as commercial entities. This includes borrowing and payments related to loans and credit cards.
CIBIL obtains this information with the help of its associate partners which include members of banks and credit institutions. Information is provided to CIBIL on a monthly basis based on which CIBIL prepares a Credit Information Report (CIR) and CIBIL credit score of an individual. This report is then provided to credit institutions, when requested, to help them evaluate and approve loan/credit applications.
CIBIL plays a major role in India’s financial system by helping banking institutions better manage their business and be helping customers secure credit on fair terms. CIBIL is also referred to as the Credit Bureau. It is licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005.
A CIBIL credit score is a three digit numeric summary of your entire credit history. It is prepared based on the information provided in your Credit Information Report. The credit score normally ranges between 300 to 900.
CIBIL plays a major role in loan application and approval processes. Without a satisfactory CIBIL score, you may not be eligible for many loans.
After you fill and submit your loan application form, a bank will first check your credit score and credit report. If you have a bad credit history and a low credit score, the bank may outrightly reject your loan application. Only if your credit score is good will a bank consider your loan application and pass it through for approval.
CIBIL credit scores are the deciding factor for many banks when it comes to considering your application. The higher the score, the higher the chance your loan application will be reviewed and approved. However, the decision to approve your loan application is completely dependent on the bank; CIBIL as an institution does not play any role here.
Find your CIBIL credit score within a few minutes in three simple steps!
To get your CIBIL Credit Report, you will need to fill the ‘CIBIL online credit score request form’
Step 1: select from the following subscription plans:
Bi-Annual Subscription - 2 Score Reports (Rs.800)
Quarterly Subscription - 4 Score Reports (Rs.1200)
Step 2: Enter your PAN, email address, date of birth and select your gender
Step 3: Input 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 on ‘Proceed to Payment
Once the payment is made, you will be redirected to an authentication page. Here, you will need to answer 5 questions related to your credit history. 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.
Note: Be advised to obtain your credit reports and credit score personally rather than getting it done through a bank. Enquiries from bankers and other financiers will negatively impact your credit score.
Mentioned below are a number of factors that may affect your CIBIL score.
Payment history: Your payment history plays a major role in developing a good CIBIL record. Making late payments on credit cards or delaying/defaulting on your EMIs regularly can negatively affect your credit score, indicating that you are not serious about or capable of clearing your existing debts.
Increased credit limit: Increasing the current balance of your credit card may negatively affect your credit score since it is considered to enhance your repayment burden. However, increased spending on your credit card does not affect your credit score as long as you’re credit utilisation is in proportion to your credit limit.
Unsecured loans: A high percentage of unsecured loans such as personal loans and credit cards may affect your credit score. A balanced combination of secured and unsecured loans adds positively to your credit score.
Multiple loans & Credit Cards: If you have multiple loans, credits cards and new accounts, this may affect your credit score, and banks may review your loan application more carefully.
Building your CIBIL credit score is not really hard, but it does require systematic planning and execution. Some of the best ways to improve your CIBIL credit score are mentioned below.
Credit cards and other similar tools were designed to be an added benefit in our lives, but misusing any provision can throw things out of gear. Keeping a few simple pointers in your mind could ensure that you stay on the right financial track.
Q. Does being a guarantor for someone affect CIBIL credit scores?
Yes, if you agree to be the guarantor for someone and they fail to pay the loan back in time, you become liable for it. This means that you might have to pay it back which will put an undue strain on your finances and may even cause you to default on it.
Q. I paid my credit card off but the report shows outstanding balance. Why is that?
CIBIL credit reports reflect only data that has been received by them from your creditors. If they have not been updated about your recent activity, it won’t show on your report.
Q. I have a dispute regarding my CIBIL credit report. What do I do?
If you have a dispute regarding your CIBIL credit report, you need to notify CIBIL about it in writing. Once they receive the grievance they will contact the creditors to confirm and redress the problem.Q. I have informed CIBIL about inaccuracies in my credit report. Will they correct it?
No, CIBIL does not make any changes to the data they have on you. What they will do is to approach your creditors to get the latest information. If the creditors provide them with said information, they will update it else, they will take no action.Q. What happens if there is a problem with the payment gateway and I am charged twice?
If you are charged twice while making payments using cards or net banking, then you should write to CIBIL. They will confirm the error and refund any extra amount that you may have been charged.Q. What do I have to keep in mind if I am paying via DD?
The main thing to keep in mind is that there should be no mistakes on the demand draft and that it should be payable in Mumbai. If there are mistakes on the DD then the DD may be rejected and your application not processes till they receive the relevant payment.Q. Can I pay by cheque?
No. You cannot pay by cheque. You can only pay via DD or online banking.Q. When should the payment reach CIBIL?
The payment for your application must reach CIBIL within 30 days of applying for the report or you’ll have to apply again.
Your credit score has become quintessential in estimating the costs that your home loans and mortgage could incur. LendingTree, an online finance centre, suggests that a person with a credit score of 740-799 can save up to $29,106 more than someone with a score of 580-669. A higher score reflects on your ability to pay back your debts on time. This encourages banks and other financial institutions to lend you credit more easily. A lower credit score pushes them to either impose a higher rate of interest or demand a higher amount of deposit that must be paid in advance. On the other hand, a borrower with a good score has more chances of availing exemptions from charges like, filing and overnight fees. It is recommended that the would-be borrowers clear off existing debts on time and not open or close any credit cards right before applying for a loan.
2 August 2018
A credit score is a numeric representation of an individual’s creditworthiness. It is calculated after considering your repayment behaviour and credit history. The way you handle your credit accounts is more important than the number of credit cards you have. If you one credit card and you showcase a responsible repayment behaviour, you will have a good credit score. On the other hand if you have 5 credit cards and if you don’t pay the bills on time and don’t clear off your dues, you will end up having a low credit score. Having multiple credit cards affects your credit score in marginal ways. A credit score of 750 and above is generally considered as ideal by banks and non-banking finance institutions.
Here are some steps that will help you maintain a healthy score:
• Get a new credit card: When you get a new credit card, it gives you extra credit that can be used to build your credit history. Utilization of your credit plays an important role in measuring your credit score. Having more cards can increase your total available limit, reducing your balance-to-limit ratio, which can positively affect credit scores.
• Don’t close old accounts: It may not be a wise thing to remove or deactivate old accounts or accounts with negative history from their credit report. Also, removing old debts from the report after paying them off affects your credit score. Getting old accounts removed may harm your score a lot as they may have a good repayment history. Record of paid your debts should be kept in your report as they help in improving your score..
• Maintain a low utilisation ratio: The amount of credit that is available to you as against how much of it you are using shows your dependency on the credit money. It is advisable that you should keep your credit utilization below 30%. So, if you have multiple credit cards, keep a check on how much money you are using on credit.
When you apply for a new credit card try and negotiate to get a higher credit limit and additional benefits and rewards. Make sure to keep a tab on all the annual and additional fees before getting the credit card. Finally, at the time of applying for a credit card, make sure you are getting all the benefits that you will actually need.
23 July 2018
More and more people are now taking a personal loan as they come in handy when you are planning a vacation or need it during an emergency. Several banks are ready to offer a pre-approved or an instant loan to its customer. Personal loans are unsecured loans where the borrower does not have to provide a security or collateral to the lender in order to get the loan.
Here are some of the top things you need to consider before opting for a personal loan:
• Consider your need for the loan: First and foremost understand the real requirement for your personal loan as you will be entitled to pay certain the EMI every month. It is important that you evaluate the need thoroughly before applying for a loan. Make sure you are aware of your monthly expenses as the EMI will be an additional payment every month.
• Know your credit score: Your credit score plays an important role especially when you are applying for a loan. Check your credit score before applying for a loan as it will give you an idea whether the bank will approve your application or not. Play credit card dues if there are any immediately as it depicts an irresponsible repayment behaviour. All the unpaid dues will reflect in your credit history. A good track record of repayment track and a higher credit score will ensure quick approval of loan at a lower rate of interest.
• Calculate your EMI: As personal loans are unsecured in nature, they come with a higher interest rate depending on your profile and your repayment capability. Use tools like online EMI calculators to get an idea of the monthly amount that you need to pay. It is important to pay the EMIs on time to avoid penalty. Once you know the EMI amount, be honest to yourself as only you can understand your repayment capability. Do not take the loan if you will not be able to pay the EMI.
• Look out for cheaper interest options: Always negotiate with banks for cheaper interest rates while applying for a loan. Look out for several options as there might be lenders who are offering loan at a lower interest rate. Moreover, make sure to pay an extra attention to the tenure of the loan. If you would like to pay EMI on personal loans for a longer duration, then opt for a loan which gives you the flexibility to pay in that manner. Also, be careful not to apply to check the interest rates as this will result in hard enquiries and affect negatively on your CIBIL score.
• Read loan documents carefully: It is extremely important to check and understand the loan document entirety, to know what are the types of charges, fees and penalties for non repayment. This will help you be prepared in case of delayed payments. You must be careful and not trust the bank personnel blindly as he might not make you aware of some important details.
It is crucial to take into consideration the aforementioned points before applying for a loan.
15 June 2018
The Madurai Bench of Madras High Court has directed nationalised banks to refrain from rejecting loan applications based solely on the CIBIL score. The High Court directive was announced after Indian Bank rejected an education loan application of a law student. The nationalised bank has been directed to consider the loan application and disburse the loan within two weeks. As a student is a principal borrower in the family, the status of parents should not be a criteria to reject the loan application. Justice M.S. Ramesh, stated that nationalised banks have been rampant in rejecting loan applications based only on the CIBIL reports of family members. The HC has issued directions to the Head of Indian Bank to inform all its branches in the state against rejecting educational loan applications on such grounds.
1 May 2018
How good is your credit score? Is it good or poor? If you have not checked yet, check it for free online. Unless you check your credibility, you cannot apply for a personal financial product be it a personal loan or a housing mortgage. A credit score, in simple words, is used as a standard benchmark by money lenders while granting a financial product.
In India, a credit rating offered by CIBLI is considered to have more value compare to other ratings. The first thing you can do is to get a free credit score and a free credit report. You are entitled to receive a free copy of credit report by each of the Indian credit bureaus once a year. A CIBIL credit report can be obtained upon a request whereas a CIBIL score can be gotten online.
If you are underrated, you do not have to be worried since there have been many ways to establish and maintain a higher credit rating. The general tips include:
• Closely observe your monthly dues and make sure to be debt-free
• Use the best strategies to manage multiple credit cards if you hold multiple credit cards
• Understand and analyse the product manuals provided by money lenders
• Gain your financial knowledge and expertise to better manage your personal finance
Get your CIBIL check today!
6 February 2018
A credit score given by CIBIL, a well-known credit rating bureau in the country, is one of the key financial data used by lenders while granting personal financial products such as car loans, property loans, home loans, housing loans, two-wheeler loans, personal mortgages, etc. Lenders offer these products only to the people who have a healthy credit score.
CIBIL rates you based on the financial information and the previous payment history and the banking history. The rating offered by this agency determines whether or not you are eligible to obtain a financial product. According to sources, an individual should have a minimum CIBIL credit score of 750 to be eligible for obtaining a personal loan. In excess of 750 is considered highly potential by money lenders.
Make sure you maintain a healthy credit score all times. If you are a person with a bad score, it can be improved using the following tips:
• Credit card bills should be remitted on or prior to the deadline
• EMIs should be remitted before the due date
• Be loyal to your lenders to gain credibility over the long-run
• Custom duties on perfumes increased to 20% from 10%
• Transact intelligently with your money lenders
5 February 2018
Credit Score is a three-digit statistical number that ranges from 300-850. Although all must be aware that having score higher than 750 is not only important, but attaining it is little difficult as it involves constant planning and discipline in payment cycles. As interest rates are going up in 2018, maintaining a good credit score is crucial. Higher credit score helps to get approvals on loan in lowest interest rates, where else a lower credit score can either increase the interest amount or cancel the loan application. So, avail the free CIBIL score report from credit bureaus regularly to keep a track on the credit score.
For having a good credit score, the first and foremost is paying all the bills on time and clearing all the outstanding amount. Moreover, paying partial payment can also pull down the credit score. So, ensure to pay all the bills on time. If you have long credit history, it may turn useful in getting a loan or credit card application approved. Longer credit history usually increases your credit score. Credit score can also shoot up in case the credit utilization ratio is low. This means having lower debt-to-credit limit ratio. It shows that a user is not a spendthrift and don’t overspend. All these aspects are though simple, but unknowingly users keep on repeating the same set of mistakes that decreases their credit score and thus impacts the loan or credit card application.
10 January 2018
No one wants a poor CIBIL Score, in order to avoid the aftermaths of loan or credit card application rejection.Free CIBIL score as well as subscription based credit score is available that can help you scrutinize your credit score and restrict yourself from repeating the same set of errors. Typically, credit score ranges from 300-850 and it is better to be close to 850 rather than facing disappointments by having credit score below 600.
A through outlook about credit score is essential because gauging the factors that are impeding your Credit Score can help you improvise the credit score. This can later help you to get approvals on credit card as well as loan application. However, there are misconceptions that CIBIL score and CIBIL Rank are interchangeable numbers. But, it is absolutely wrong, while credit score is a three digit number that reflects an individual’s creditworthiness, credit rank ranges from 1 to 10 and it suggest banks and other lenders whether a particular company is trustworthy or not. It is better to have CIBIL rank as close as to 1 to avail loan.
Your CIBIL score is independent of the information like fixed deposit, current account, savings account, trading accounts etc. It only calculated based on your past and present credit activities. Never the credit score generated by two credit bureaus are same. Firstly, due to the different calculation app and method used, and secondly due to the updated credit information from different lenders. So, need not worry about it, rather focus on paying all the bills on time. Only on getting the credit information from lenders like banks and non-banking financial organization, CIBIL updates the Credit Report. It doesn’t have any right to edit or delete any Credit Report. You can check your CIBIL score through soft enquiry multiple times as it doesn’t affect your credit score. So, check your CIBIL score from authorized credit bureaus and third parties. These are the few facts which are essential but are mostly unknown to individuals.
18 December 2017
Healthy Credit Score is an essential aspect that can spike up your chances to get a loan approved. In short, credit score is a statistical number that shows your credit worthiness that is used by the lenders to know your likelihood of paying the borrowed amount. Based on the credit score, a loan or credit card application get rejected or approved. First and foremost, checking the credit score regularly is highly important. TransUnion, Experian and Equifax are some of the leading credit bureaus which offer free credit score as well as paid credit score.
You can anytime increase your credit score by following a disciplined payment schedule. Clear all your pending debts, pay your monthly bills on time, maintain low credit utilization ratio, minimize credit enquiry and mixed credits are some of the factors that can enhance your credit score dramatically. Credit score normally ranges from 300-850. It is better to have score higher than 750 as it increases the chances of a loan getting approved in low interest rate. You should never apply for a loan, in case your credit score is less than 550 as it is highly probable that your loan will get rejected. Credit score ranging from 550-750 is good but it also shows defaults, which can help you to get a loan at higher interest rates. So, plan your expenses smartly.
07 December 2017
The global credit ratings and research organization, popular as Moody, has recently upgraded the sovereign rating from Baa3 to Baa2. Considering this, many assumed that their Credit Score went up. However, credit score and credit report are two popular terms that are often inter-linked. Briefly, credit rating is meant for financial instruments and companies, and on the other hand, credit score is for individuals who borrow from financial companies.
Governed by securities and exchange board of India (SEBI), the credit agencies rate companies and financial instruments including bonds, fixed deposits, and debt fund and many more. Lower credit ratings imply defaults, while higher credit rating means theses instruments are in compliance. Credit rating is basically, an alphanumerical combination, that varies from AAA to C and D. Credit ratings are subjected to change over a period of time, depending on the reassessment of the company. In contrary, credit score is a three digit statistical number that is for individuals. CIBIL Sore ranges from 300-850.
30 November 2017