A high CIBIL score is important for faster loan approval. Learn how to get your CIBIL Score and read your Credit Information Report
For loan borrowers, the CIBIL report can provide them with detailed information about their credit history and credit worthiness.
Apart from the credit score, the CIBIL report contains a lot of other information about the credit history of an individual, which includes details of their lenders, past loans, outstanding credit, interest paid, tenure of loans, etc.
To know about your credit standing and prepare well before applying for a loan, it is important to understand the CIBIL report or Credit Information Report completely. It is mainly divided into six parts.
What is CIBIL Report?
The CIBIL report of an individual contains all the information about his/her past credit including loans, credit cards, EMIs, etc. It is maintained by CIBIL, Credit Information Bureau Limited, a credit information company that works closely with all financial institutions to keep track of the records of creditors. It also contains personal information of the individual
How to read CIBIL report?
CIBIL report, also known as credit report, helps financial institutions to make informed decisions about the borrower by giving them detailed information about their past loans such as car loan, home loan, credit card, personal loan, etc. Is.
The CIBIL report is divided into major sections that provide personal information, contact information, credit information, etc.
cibil score
The top section of the CIBIL report shows the CIBIL score of the individual. This is the essence of the report, as it carries a heavy weight in loan approvals. The CIBIL score of an individual ranges between 300 to 900. In many cases, the CIBIL score displays 'NA' or 'NH' in the report. In that case, the person may not have taken any loan or credit at the time of downloading the report. This happens even with people who have no credit history or who are new to the credit system.
personal information
As mentioned, it contains basic information about a person like his/her name, date of birth, gender etc. It also includes details of your Income Tax ID (PAN), passport number, diver's license etc.
contact information
This section contains the address, phone and email ID of the applicant. There is also additional information on whether the address mentioned is a residential, official or permanent address. This section contains the four addresses and email addresses of a person.
Employment Information
This section contains the details about the occupation and income of a person. As the information shown in the CIBIL report is provided by the lender, you may contact the lender directly to make any corrections in the information.
account information
Now, here comes another important section of your CIBIL report. People can find details of their loan and credit card accounts in this section. It also informs about account number, loan amount, latest payment, account type, loan amount, current balance, overdue balance etc.
What does it mean to see a red box above the account details?
A red box above the account details on the CIBIL report means that the given information is disputed and will be removed after its resolution. Sometimes, the red box may continue to appear even after the conflict resolution due to the delay in the update.
inquiry information
It contains details of all inquiries made by the lender on loan applications. This usually includes the name of the lender, the date of the application, the type of loan and its size.
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