All that you need to know about your CIBIL report

CIBIL stands for Credit Information Bureau (India) Limited. It was founded in 2000 and as per the recommendations of Siddique Committee. Its key products are Credit Information Report (CIR) and Credit TransUnion Score for individuals and enterprises. Today CIBIL’s CIR and TransUnion Score are one the most widely used parameters in India by Lenders and Banks to determine the credit worthiness of borrowers.
What does a CIBIL Report contain?
The CIBIL Report is a combination of a CIR and Credit TransUnion Score. CIR typically contains history of all credit payments made by an individual (like credit card payments and loan repayments) across different types of credit institutions. It does not record any assets like savings accounts, fixed deposits or any other monetary investment. A CIR typically contains the following information
1. Credit TransUnion Score – This is a 3 – digit score calculated on the basis of the recorded credit payment history. It can range between 300 and 900. A score above 700 is considered good enough.
2. Personal information – This contains your name particulars, and other Identification numbers like PAN card, passport number etc.
3. Contact information – It contains multiple addresses (up to 4) and phone numbers, typically the data you may have submitted to creditors.
4. Employment information –this is monthly income data again based on the information that creditors have provided about you.
5. Account information – This is the most important section as it contains details of all credit accounts like home loan, personal loan, auto loans, overdrafts, credit cards, etc with details like, account number, date opened, monthly payment details, loan amount, last payment, current balance and ownership details.
6. Enquiry information – This is a record of every enquiry request received for your CIR. Typically when you apply for a loan or credit card, the lender company will request for a CIR and such details are recorded here.
How CIBIL Report is generated?
IT is important to note here that all information that is recorded in Credit Information Report is based on the information that CIBIL has received from different credit institutions. Thus while most of the time this information is correct, there are instances when inaccurate reporting by creditors has led to a bad CIBIL Score for individuals without any fault of his/her. This can be addressed through the cibil dispute resolution mechanism.
How to get your CIBIL report?
Any individual can get his/her Credit information report (CIR) and Credit TransUnion Score by submitting an online request form on the CIBIL website (www.CIBIL.com). A nominal charge of Rs. 500/- is charged for this service. IF online submission is not possible, Individuals can also download the form and send the duly signed form with demand draft of Rs. 500/- to get the report. Through the online mode, a person is able to see his/her CIR immediately. If applied offline, or authentication has failed, a KYC form needs to be submitted and the CIR is sent through Speed Post or Express courier within 7 days to the address provided.

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