Everything You Wanted to Know About CIBIL Score & Report

What is a CIBIL Score and Report?

CIBIL Score may be a three-digit numeric summary of your credit history. The score comes using the credit history found within the CIBIL Report (also called CIR i.e. Credit info Report).

A CIR is an individual’s credit payment history across loan varieties and credit establishments over a period of your time. A CIR doesn’t contain details of your savings, investments or fixed deposits.

The Credit info Report (CIR) summarizes your payment history of loans and credit cards borrowed from all banks and financial establishments. supported this credit history, a ‘Credit Score’ is generated. The CIBIL Score may be a 3-digit number starting from 300-900. The nearer your score is to 900, the stronger your credit profile.

A Credit Score plays a crucial role in the loan and credit card approval method. this can be the primary screening criterion applied by banks and financial establishments when reviewing your application.

In the illustration below, 2 people with Credit scores of 810 and 620 respectively apply for a loan. looking on the credit policy of the bank, it’s additional possible that the bank can screen the individual with an 810 Credit Score for more analysis, whereas the application with the Credit Score of 620 might not be processed.

How will the CIBIL Score have an effect on me as an individual?

A Credit Score is looked upon by lenders to work out your trustiness. thus, while a CIR is like a report, a Credit Score is just like the overall rank you get. It analyses all the data in a CIR and returns a score value that quantifies your credit and financial health. therefore, by watching your Credit Score, you’ll get a way of your financial standing.

A low Credit Score doesn’t mean that your loan won’t be sanctioned. additionally, to your Credit Score, your CIR, financial gain and existing loan obligations (debt-burden ratio) also play a key role within the analysis of your application. therefore, if you’ve got a low Credit Score, Bank A might not approve your loan whereas a Bank B could do therefore, looking on their individual credit policies. it’s going to do so at a higher rate of interest.

How will my CIBIL Score impact loan approval?

Today, the CIBIL Score provides lenders the power to differentiate between those have honoured their obligations responsibly and people who have defaulted. people who have managed their obligations suitably build a ‘reputational collateral’ with lenders. In turn, this reputational collateral might permit people to negotiate better terms with a loaner.

It is always recommended to purchase and review your Credit Score and CIR before commencing your loan hunt. It helps you:

•        To understand what the loaner can review whereas evaluating your application.

•        To determine and rectify any discrepancies in your CIR and thereby stop unwelcome surprises throughout the loan evaluation process.

If on purchase of your Credit Score, you are doing not receive a score value- i.e., variety between three hundred and 900- however a “NA” or “NH” instead, this might be because:

•        You don’t have a credit history: you’ve got not availed any credit facility be it loan or credit cards till date.

•        You have a credit history however no credit activity or transactions within the last 2 years.

•        You solely have add-on credit cards and haven’t any direct credit exposure.

To check your CIBIL Score (and CIR) click here and:

•        Fill out the online request application.

•        Pay Rs. 550/-.

•        Complete the online authentication method by answering a couple of queries concerning your loans and credit cards.

•        Post successful authentication, the credit report is emailed to you.

How do I check details of my account number and member name mentioned in myCIBIL Report?

To check account number or member details you’ll be able to purchase your CIBIL Score and Report check it Free also only one time. This report can contain complete details of your credit history across numerous lenders and product, sanctioning you to see all the said info.

Click here to check your Free Annual CIBIL Score and Report online

How do I read myCIBIL Report?

A CIBIL Report has elaborated info on the credit you have got availed, like home loan, auto loan, credit card, personal loan, overdraft facilities. you’ll be able to download the understand Your CIR document here for your prepared reference. you’ll also watch a tutorial which can explain the varied details of CIBIL Report.

Below mentioned are the key sections of the CIBIL Report

• CIBIL Score

Your CIBIL score, calculated supported your credit behaviour as reflected within the ‘Accounts’ and ‘Enquiries’ section of your CIR, ranges between 300-900. A score higher than 700 is usually thought of good.

• Personal info

Contains your name, date of birth, gender and identification numbers like PAN, passport number, voter’s ID number

• Contact info

Address and phone numbers are provided during this section, up to four addresses are present

• Employment info

Monthly income details as reported by the Members (Banks and financial institutions).

• Account info

This particular section contains some main points of your credit facilities as well as the name of lenders, kind of credit facilities (home, auto, personal, overdraft, etc.), account numbers, ownership details, date opened, date of last payment, loan amount, current balance and a month on month record (of up to three years) of your payments.

• Enquiry info

Every time you apply for a loan or credit card, the various Bank or institution accesses your CIR. The system makes a note of this in your credit history and also the same is referred to as “Enquiries”