Apart from the CIBIL Score, there is a lot more in your CIBIL report, that most people are not aware
Your CIBIL report does not only contain a credit score, there is a lot more in it, which most people are not aware of. Know about it here.
CIBIL Score is a way to measure the ability to take a loan and repay it. The range of CIBIL scores is between 300 to 900. The better the CIBIL score, the more reliable the person becomes for the bank. Usually, a score of more than 750 is considered good. Credit information companies like TransUnion CIBIL, Equifax, Experian and CRIF Highmark issue CIBIL reports from time to time. Your CIBIL report does not only contain a credit score, there is a lot more in it, that most people are not aware of. Know about it here-
How is the CIBIL report prepared?
All institutions including banks and NBFCs provide monthly records of your loan and credit card to credit information companies. Banks and other financial institutions submit data related to customer's loans and credit cards to credit information companies every month, based on these records these companies prepare CIBIL reports.
This information are in the CIBIL report
Credit score: A 3-digit credit score between 300 and 900 is recorded in it which shows the creditworthiness of the person.
Personal information: Apart from credit score, the person's date of birth, PAN, mobile number, address, etc. are mentioned in the first part of CIR.
Account-related information: There is information from your existing loan to previous loans and credit cards, your outstanding amount, loan amount, credit card limit, etc.
Credit Inquiry: Whenever you apply for a credit card/loan, the loan-giving institution requests the credit information company for a copy of your credit report. Such a request made by the loan-giving institution is called an inquiry. This inquiry is also mentioned in the credit report.
If wrong information is recorded in the credit report…
Many times, wrong information is recorded in the credit report due to wrong information given by banks or other financial institutions regarding loan dues. In such a situation, you can complain to the bank. If the mistake is not corrected within 30 days, then the complainant is given a compensation of Rs 100 per day as per the calendar day. This means that the more delayed the settlement, the higher the penalty will have to be paid.
Within 21 days of receiving the complaint, the loan-giving institution has to give this information to the credit bureau and the credit bureau gets 9 days to correct the mistake. If the bank or the financial institution giving the loan does not inform the credit bureau within 21 days, then the bank will have to pay a penalty to the complainant. On the other hand, if the bank gives the information on time, but the complaint is not resolved even after 9 days, then the credit bureau will have to pay a penalty.
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