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  • How To Read Your Credit Report

    A credit report is a detailed summary of all your credit activities and payment behaviour. Prepared by the credit bureaus in the country, credit reports contain information related to your current as well as old credit accounts, loans, payment history, and closed accounts. In addition, the credit report also includes details of your credit cards, credit limit and credit inquiries.

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  • The Credit Report has all the information related to credit and it might be difficult to read at a glance. Let’s take a detailed look at each section of the credit report:

    Credit Score This section will mention your credit score that will be between 300-900. Your credit score is calculated by taking several factors like payment history, age of the credit, credit inquiries, mix credit and credit exposure. You should take measures to maintain a high credit score. Note: If you have no credit history or are new to the credit system, your credit score will be as NA/NH.
    Personal Information Name, address, mobile number, date of birth, gender, PAN number, passport number, Voter ID Card, driving licence number, and name of the employer. Note: Make sure to check if all the above mentioned information is accurate.
    Account Information Credit accounts, credit cards, loans (home/auto), monthly payment history, credit limit, current balance, date when the account was opened, date of last payment, account type (single or joint), amount of loan, amount overdue (if any), total outstanding, and payment status. Note: Make sure there is no error in the account information. If you come across an incorrect entry related to your credit account, raise it immediately for a dispute.
    Credit Inquiries This section will list names of companies and the dates your credit report was pulled for a credit application. It will also mention the loan size and type of loan you have applied for. Note: The report will only include hard inquiries (made by banks and other financial institutions). Soft inquiries (made by individuals) will not be mentioned here.

    FAQs on How to Read Your Credit Report

    1. What is the purpose of a CIBIL Report?

      Your CIBIL Report is a record of your credit payment history from banks and financial institutions, aiding loan providers in informed lending decisions based on your credit history- quickly and objectively.

    2. How does a healthy credit report benefit loan approval?

      A healthy credit report can result in quicker loan approval and often better terms, as it reflects your creditworthiness.

    3. What does the Enquiry Information section provide?

      The Enquiry Information section presents details of lender inquiries for your credit applications, including the lender's name, application date, loan type, and amount.

    4. What does the CIBIL Score reflect?

      The CIBIL Score, ranging from 300 to 900, evaluates your creditworthiness for loan applications. A higher score indicates better repayment ability, increasing approval chances.

    5. What details are included in the Account Information section?

      The Account Information section provides comprehensive loan and credit card account details, including lender names, credit facility types, account numbers, opening dates, payment records, outstanding amounts, and overdue amounts (if applicable).

    6. Why is the Employment Information section important?

      The Employment Information section discloses your occupation and income as reported by the lender when opening a credit account, providing insights into your financial capacity.

    7. What does the red box above Account Details indicate?

      A red box above Account Details signifies that the section is under dispute, which will be removed upon dispute closure. However, changes to disputed information depend on lender confirmation.

    8. How does the Personal Information section contribute to the report?

      The Personal Information section includes your name, date of birth, gender, and identification details reported by various members, such as PAN, passport number, driver's license, and voter ID.

    9. What does an ‘NA’ or ‘NH’ CIBIL Score imply?

      An ‘NA’ or ‘NH’ CIBIL Score signifies limited credit history or being new to the credit system. It also suggests a lack of credit activity in the past few years and the possibility of having only add-on credit cards without personal credit exposure.

    10. What information does the Contact Information section contain?

      The Contact Information section lists your addresses, telephone numbers, mobile numbers, and email addresses as reported by lenders. This section also indicates address categories and the nature of each address, like residential, official, permanent, or temporary. You can add up to four addresses and email addresses.

    TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.

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