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CIBIL Report

TransUnion CIBIL Limited (earlier known as Credit Information Bureau (India) Limited) is India's premier and oldest credit information bureau. CIBIL releases credit reports, called Credit Information Report (CIR), which details an individual's credit history. These records are passed on to the bureau by member banks and other financial institutions on a regular basis.

What Is CIBIL Report?

A CIBIL report contains detailed information on the credit you have taken, like home loan, car loan, overdraft facilities, credit card, personal loan, etc. It will mention your repayment history of the money borrowed over a period of time.

Credit scores - the three-digit numeric summary of your credit history, ranging from 300 to 900 - are derived on the basis of what is listed in the credit report.

Importance of A CIBIL Report

A CIBIL credit report is a highly valued report for the following reasons:

  • It helps lending institutions assess your creditworthiness.
  • Banks and other financial institutions extend loans based on what is in the CIBIL credit report. A good CIBIL score will make it easier for you to avail loans from banks.
  • Regularly analyzing the CIBIL credit report helps inculcate financial discipline, which in turn steers you clear from falling into any debt trap.
  • A CIBIL score that is over 750 provides you leverage while negotiating interest rates.

How to Read A CIBIL Report?

A CIBIL credit report comprises of various sections that offer detailed information about your credit history and score. The components of a CIBIL report are:

  • CIBIL Score - Your three-digit CIBIL score is calculated on the basis of your credit behaviour, as reflected in the ‘Accounts’ and ‘Enquiries’ section of your CIBIL report.

  • Personal Information - This section contains your name, gender, date of birth and identification numbers, like PAN, passport number and voter’s number.

  • Contact Information - This section will mention your address and telephone number(s). Up to 4 addresses can be mentioned.

  • Employment Information - This section contains the monthly or annual income details, as reported by the members (banks and financial institutions).

  • Account Information - This section comprises of the details of your credit facilities like name of the lending institutions, kind of credit facilities (personal, home, overdraft, etc.), account numbers, date opened, date of last payment, loan amount, ownership details, current balance and a month-on-month record of your payments.

  • Enquiry Information - Every time you apply for a loan or credit card, the respective financial institution will access your CIBIL credit report. These enquiries get listed in the report and will contain the vendor’s name, type of credit, amount of credit applied and date of application.

Types Of CIBIL Credit Reports

CIBIL generates two kinds of credit reports - Credit Information Report and Company Credit Report.

  • Credit Information Report – A credit information report is generated for individuals and contains details about past credit behaviour, and a statistically derived CIBIL score.

  • CIBIL Company Credit Report – A CIBIL company credit report contains the credit payment history of a company, which is compiled from the information provided by various credit institutions. The purpose of a company credit report is to help lending institutions make informed credit decisions, both quickly and objectively.

Key Terms To Understand In A CIBIL Report

Some of the key terms you will find in your CIBIL credit report are:

Standard (STD)Payments have been made within 90 days.
Non-Performing Asset (NPA)Payments are pending for over 90 days.
Sub Standard Account (SUB)An account that has remained an NPA for over a year.
Credit LimitThe total credit extended on your credit card and overdraft.
Repayment TenureThe duration of the loan repayment period.
EnquiryThis section lists the details of the loan or credit card you have applied. They are provided to CIBIL by the financial institution.
Control NumberIt is a 9-digit unique number that helps the credit bureau track your CIBIL credit report.

What Are CIBIL Credit Reports Used For?

Banks and other financial institutions check your CIBIL report before deciding whether or not to extend credit, like loans and credit cards, to you. Sometimes employers check CIBIL credit reports as part of the application process to determine how you manage your finances. Since CIBIL credit reports can impact many aspects of your life, it becomes necessary to ensure that the information mentioned is both accurate and positive.

How to Get CIBIL Report For Free

As per the Reserve Bank of India's directives, all credit information companies in the country, including TransUnion CIBIL, are required to provide one free credit report on request once in a calendar year.

To view your free CIBIL report, visit TransUnion CIBIL’s official website and go to the "My Account" tab on the top right side of the screen. Click on "Get your Free Report" link and you will instantly get access to your free score and report. In case you are unable to view the “Get your Free Report” link, it is possible that you may have already applied for a free CIBIL report for the year.

How To Resolve CIBIL Credit Report Errors?

Inaccuracies in the CIBIL credit report can bring down your credit score and hurt your chances of getting an approval for a loan or credit card. To keep this from happening, it becomes necessary to regularly check the CIBIL credit report for errors. In case you spot a discrepancy, here are the steps to take to resolve them:

  • Step 1 - Fill out an online dispute form, which is made available on CIBIL's official website

  • Step 2 - Submit the online dispute form. The disputed field will be marked “Under Dispute”.

  • Step 3 - CIBIL will take up the dispute with the concerned lending institution. You will get an email notification regarding status of the dispute.

  • Step 4 - If the dispute is accepted, corrections will be made in the CIBIL credit report.

The total turnaround time to resolve any dispute is about 30 days.

What Is The Difference Between CIBIL Report And CIBIL Score?

A CIBIL credit report is a running record of your past credit transactions and contains details of both borrowings and repayments from/to lending institutions. It is generated by CIBIL based on the customer credit records it receives from various banks and lending entities.

A CIBIL score is a three-digit numeric summary of your credit history. It ranges from 300 to 900, with 300 being the lowest and 900 the highest. The score is derived by the credit bureau after taking into account the information in the CIBIL credit report.

FAQs on Cibil Report

What are the documents required for generating a CIBIL report?

The documents required for generating a CIBIL credit report are:

  • Valid Identity Proof - PAN or Passport or Voter's ID
  • Address Proof - Telephone Bill or Passport or Bank Statement or Electricity Bill or Credit Card Statement

Does late payment of EMI affect my CIBIL report?

Yes. Every late or missed payment gets recorded in your CIBIL credit report and it negatively affects your CIBIL score.

Is CIBIL report generated every month?

There is no limit on the number of times you can apply for your CIBIL report. However, information is provided to CIBIL only on a monthly basis and you might not observe any change before an interval of 30 days has passed between the reports.

How will I know the status of my CIBIL report if there is any error?

If you have filed a dispute over an error in the CIBIL report, the credit bureau will communicate its status to you via email notifications. An automated email notification will be sent to you regarding the status of your dispute every 7 days.

What if I am not satisfied with the results of my CIBIL report?

In case you spot any inaccuracy in the CIBIL report, you can raise a dispute with the credit bureau over the same to rectify it. If you’re not satisfied with the results of the dispute, you can get in touch with the concerned credit institution directly. Alternatively, a dispute request can be initiated again and the bureau will re-verify it with the relevant institution.

What are the things that can affect my CIBIL report?

The factors reflected in your CIBIL report that can affect your score are:

  • Repayment History
  • Credit Utilization Rate
  • Loan Settlement
  • Credit Mix
  • Credit Application(s)
  • Being A Guarantor On Loans
  • Number Of Accounts
  • Negative Information
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