CIBIL Report

CIBIL report is a snapshot of your creditworthiness. Calculated by CIBIL rating agencies will help you be on track before proceeding with your next loan. Check the free CIBIL report online. Read through to know more about your CIBIL report.

CIBIL Score Report

The CIBIL report may appear to be the taxman's jargon or something that is meant for a financial expert. However, this is not the case. Instead, the CIBIL report is a credit score report of an individual and is referred to when the individual in question seeks any type of loan from any financial institution. 

Additional Reading: What is credit score?

What is CIBIL Report?

Credit scores bring objectivity to the lending process and safeguard the interests of the lenders. The lending company runs a hard inquiry once a potential borrower applies for a loan or a credit card. A credit report is generated along with a credit score. The credit score report assigns a three-digit number to every potential borrower. 

This CIBIL score range of 300 and 900 is a reflection of the borrower's credit behaviour. As a thumb rule, a higher score is considered better. The CIBIL score free report can be generated online without much hassle. One should check free CIBIL scores and be aware of one's creditworthiness. 

The CIBIL report provides details such as previous loans and advances taken by the individual and the payment history. It carries information on different types of loans taken, be it a home loan or a credit card. It is thus a snapshot of the individual's debts taken and payments thereof. 

Additional Reading: How to read cibil report?

Importance of CIBIL Report

The CIBIL report online is one of the most important documents in any loan application form. It offers a multitude of advantages to the lending institution as well as the borrower. These are:

  • The CIBIL score free report provides insights to the lender about the borrower's credit behaviour. A high CIBIL score reflects a good payment track record and enhances the manager's comfort level in sanctioning the loan. 
  • The same holds for the other borrower who is on the other side of the table. A high CIBIL score earned through financial discipline stands in good stead as it enhances the chances for future borrowings and thus fulfilling the financial objectives.

A high CIBIL score enables the borrower to negotiate better terms, including lower interest rates and lower processing charges with speedy approval. In doing so, the borrower improves their financial health by way of lower interest payout during the tenure of the subsequent loan.  

Additional Reading: What is Transunion Cibil Score?

How to Read the CIBIL Report?

The CIBIL report is a comprehensive credit-related document and comprises different sections. The information is categorized into six sections. These sections are detailed below:

  • CIBIL Score - The CIBIL score assigned to the individual by the CIBIL rating agencies is reflected in the sections related to 'Accounts' and 'Enquiries' in the CIBIL report. The numeric number provides an immediate glance into the credit history of the potential borrower. 
  • Personal Information – The personal information section mentions the name and carries demographic details such as the age and gender of the person. Information about important documents such as Permanent Account Number (PAN), passport, Voter ID, etc., is also available in this section. 
  • Contact Information – The contact information, including the address and telephone numbers, are provided in this section. An individual can add up to four different contact addresses in this section.  
  • Employment Information - This section details the income, monthly or annual, of the individual. This income is reported by the member financial institutions. Thus it may be the individual's income as reported by them in an earlier loan application form and may thus not necessarily be the latest one. 
  • Account Information – The account information section lists the financial institutions with which the individual has a credit history. Along with this, details such as type of loan availed, loan account number, duration of the loan, date of availing loan, month-on-month payment detail, last payment date, and current outstanding are also mentioned in this section. 

Inquiry Information – An applicant may apply for loans and credit facilities from different financial institutions from time to time. These inquiries and transactions, including the amount and type of credit applied for, are reported in the inquiry information section and are made available to the lenders that access the individual's CIBIL report online.

Also Check: Cibil Customer Care Number

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Types of CIBIL Report

CIBIL generates different reports for individuals and companies. The Credit Information Report is generated for the former, while the CIBIL Company Credit Report (CCR) is generated for the latter.   

  • Credit Information Report – Individuals may require credit to accomplish different objectives throughout their lives. The Credit Information Report, which is issued for individual loan borrowers, mentions the CIBIL score is checked by the lending institutions. 
  • CIBIL Company Credit Report (CCR) – Akin to individuals, companies may also require funds from time to time. These may be required to meet working capital demands or fuel their future growth plans through capital expenditure. The lending institutions check the CCR for companies seeking credit. Since the CCR carries the previous credit behaviour of the company, it enables the lending institution to take a quick and objective decision on future lending. 

Additional Reading: How to use cibil score calculator?

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What is the use of the CIBIL Report?

The CIBIL report acts as part and parcel of an individual's life. The credit score report is a reflection of an individual's financial disciple and overall financial health. The potential to avail of further credit depends on the individual's prior credit behaviour. The CIBIL report is used by lenders before extending credit to individuals. At times, potential employers also refer to it to assess the applicant's financial acumen and credit history. In a nutshell, the CIBIL report may play a monumental role in determining what level of financial access and freedom the individual will enjoy in the future. 

Additional Reading: What is commercial cibil score?

How To Resolve CIBIL Credit Report Errors?

The objective of a free CIBIL score and report is to enable the lender to make an informed decision on the applicant's loan application. However, the possibility of an error in the credit score report cannot be ruled out. It is in the best interest of the individual to periodically check the free CIBIL report and ensure that it is accurate. In the event of any discrepancy, the individual must get it rectified. Thankfully, rectification is possible by following the below-mentioned step-by-step procedure. 

  • Step 1 – The first and foremost task is to highlight the error and bring it to the notice of concerned authorities. This can be done by filling out a dispute form which is available on the CIBIL's website.
  • Step 2 – Once the online form is filled and submitted online, the dispute field status would change to "Under Dispute".
  • Step 3 – At this stage, the process will be initiated whereby CIBIL will get in touch with the lending institution that has reportedly made the error in reporting the individual's credit history. The individual will be informed of the status through an email notification. 
  • Step 4 – In case the discrepancy is genuine, rectification will be made. Such rectification will reflect in the individual's CIBIL report online.

Generally, disputes related to credit score reports are resolved within 30-days. 

Additional Reading: What is CRIF Cibil score?

How to Download CIBIL Report?

CIBIL report is available online. The step-by-step procedure to download the CIBIL Report is: 

  • Step 1: Visit the official CIBIL website
  • Step 2: Navigate to the tab 'Get your CIBIL Score'. The link is available on the top right corner of the home screen.
  • Step 3: Go through the available subscription plans. Create your account and make a payment. Please note, a subscription plan will enable you to get your CIBIL report and score more than once a year. Alternatively, individuals who want only one credit report per year can opt for a free CIBIL report. Click on the 'Free Annual CIBIL score and report' link available at the bottom of the home page. 
  •  Step 4: Enter the required information and complete the online form.
  •  Step 5: Enter the details of the identity document selected from the drop-down menu. The options available are PAN No., passport No., Voter ID No., Driver's license No., or Ration Card No.
  •  Step 6: Answer questions regarding ongoing loans and credit cards and submit the information.

Based on your information, the credit report will be generated. While the CIBIL score will flash instantly on the screen, the CIBIL report will be sent on the registered email ID within 24 hours of the CIBIL score check online.

Additional Reading: How to increase cibil score fast?

Difference between CIBIL Report and CIBIL Score

The CIBIL credit report is all-inclusive documentation of the individual's past credit transactions. It details, among others, the various types of loans taken from time to time from different banks and non-banking finance corporations. Additionally, it specifies the repayments made on such borrowings. Such data is received from different lenders and is collated to generate the CIBIL report

It may so happen that an individual may have many previous loans with different repayment track records. A fleeting glance at all the borrowings and repayments may not enable the credit manager to correctly assess the individual's creditworthiness. The CIBIL score, which is a numeric number between 300 and 900, is aimed at overcoming this limitation. 

The score is an objective derived from the CIBIL report and helps the credit manager take an informed decision. The score of 300 is low and suggests relatively poor credit behaviour. On the contrary, the highest score of 900 establishes a clean financial track record of the individual. 

Additional Reading: Check Cibil Score by Pan Card

How does CIBIL Report affect loan prospects?

At the time of applying for a loan, the applicant submits various documents, including photographs, age proof, income proof, residence proof, PAN number, etc. While all these documents are evaluated to determine whether the loan can be sanctioned or not, the CIBIL report may have the most pronounced impact. 

The CIBIL report is not furnished by the applicant, but the free CIBIL score and report is checked by the credit manager to safeguard the interest of the lending institution. A low CIBIL score may adversely affect the chances of availing of a loan. The loan may be rejected based on a CIBIL report, and the individual may lose out on an economic opportunity. 

Therefore, it is of paramount importance that an individual does not default on payments on any of their loans. Moreover, they should periodically check the CIBIL report online and ensure that it is error-free.

Additional Reading: How to get loans for bad credit?

FAQs

✅What documents are required for generating a CIBIL report?

Generating a CIBIL report online is a simple and straightforward process. One needs to create a username and password on the CIBIL website to access the CIBIL report. For this purpose, one needs valid Identity Proof (PAN/ Passport/ Voter ID/ Driving License No.) and Address Proof (Telephone Bill/ Bank Statement/ Credit Card Statement). To complete the identification process, a one-time password (OTP) is sent on the mobile number, and access to the information is allowed thereafter. 

✅What are the ways to check a CIBIL report?

The credit score report can be checked online through any of the four credit bureaus in India. These are the TransUnion CIBIL credit report, Equifax credit report, Experian credit report, and CRIF credit report.

✅Is the CIBIL report generated every month?

An individual may access the CIBIL report as many times as they want as there is no limit on the right to use it. However, it is pertinent to mention that little or no change may happen in the free CIBIL report daily. The changes in the individual's credit behaviour are generally reflected monthly. The individual may therefore observe no difference in the CIBIL report for a month. Therefore, it follows that the report should be accessed only after 30 days have elapsed. 

✅Does late payment of EMI affect my CIBIL report?

Yes. Every credit-related transaction affects the CIBIL credit score. Late payment of EMI indicates a lack of financial discipline and, in more extreme cases, a possibility of default. Thus a late payment will adversely affect the CIBIL report and will reflect by way of a lower credit score.

✅What are the things that can affect my CIBIL report?

Many factors affect the CIBIL report. These are: 

  • Repayment History: There is a direct relationship between the repayment history and a good credit score report. Timely and full repayments of EMIs tend to increase the CIBIL score and improve the CIBIL report.
  • Credit Utilization Rate: A high utilization rate indicates a paucity of funds and financial distress. This may make the lender reluctant in extending further credit.
  • Loan Settlement: One may face financial upheavals and may be tempted to ask for a one-time settlement of their existing loans. Such settlements do offer some reprieve by way of interest waivers. However, they harm the CIBIL score, which may jeopardize the individual's borrowing ability in the future. 
  • Credit Mix: A mix of secured loans (loan against property, auto loans, home loans) and unsecured loans (credit cards) and an impeccable repayment record thereof will boost the CIBIL score. 
  • Credit Application(s) – Every time a loan application is submitted, a hard inquiry is initiated at the lender's end. This leads to a drop in the CIBIL score. 
  • Being A Guarantor On Loans – If you are a guarantor on loan and the applicant is a habitual defaulter, this will impact your credit score too.
  • Number Of Accounts – The number of active credits at point-of-time accounts for approximately 30% of the credit score. It's better to keep them low.

Negative Information – Incidents like foreclosure, charge-off, bankruptcy, repossession, etc., even a decade ago, will continue to affect the credit score.

✅Is CIBIL the only one that provides a Credit Report?

No, three other credit bureaus other than CIBIL are authorized by the Reserve bank of India (RBI) to generate a credit report. Equifax credit report, Experian credit report, and CRIF credit report, in addition to CIBIL credit report, hold equal importance. 

✅How can I remove a loan settled record from my CIBIL report?

The CIBIL report is prepared using the data submitted by banks and financial institutions. So, to remove a loan settled record from your CIBIL report, the record must be updated in the bank's records. Once the bank changes the loan status, it will be automatically updated in the CIBIL report within 30 - 60 days. 

✅How can I remove DPD from CIBIL?

There is no provision available to remove the DPD (Days Past Due) status from a CIBIL report.

✅How do I track the CIBIL report application request?

The steps involved to track the CIBIL report application request are:

  • Visit CIBIL's official website
  • Move to the 'Report Dispatch Status'  
  • Enter the required information 
  • Enter your query 
  • Click on the 'Submit' option

CIBIL executives will get back regarding the status of your request for the CIBIL report.

✅Can I generate my CIBIL report without a score?

Yes, you can check your CIBIL report despite having a high or low score. It can be checked even if there is no score at all.