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 CIBIL report online. Read through to know more about your CIBIL 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.
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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 report can be generated online without much hassle. One should check 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.
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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:
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.
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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:
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.
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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.
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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.
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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 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.
Generally, disputes related to credit score reports are resolved within 30-days.
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CIBIL report is available online. The step-by-step procedure to download the CIBIL Report is:
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.
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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.
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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 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.
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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.
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.
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 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.
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.
Many factors affect the CIBIL report. These are:
Negative Information – Incidents like foreclosure, charge-off, bankruptcy, repossession, etc., even a decade ago, will continue to affect the credit score.
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.
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.
There is no provision available to remove the DPD (Days Past Due) status from a CIBIL report.
The steps involved to track the CIBIL report application request are:
CIBIL executives will get back regarding the status of your request for the CIBIL report.
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.