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Your CIBIL™ report contains information regarding all your credit related activity over several years as reported by your lenders. It is important to obtain and interpret your credit report so that you can identify any areas of weakness that are dragging down your credit score and affecting your ability to get loans or credit cards.

So here is a quick overview of what you can expect to see in your credit report:

First there is a section containing identification data like date of birth, current and previous address, telephone number, email ID, PAN number, driver’s license number, passport number, employment details, annual income, etc. Go over these details and ensure that they are all correctly listed, so that when you apply for a loan, there is no mismatch in the ID details. It is a good idea to check your credit report at least once a year so that if there are any reporting mistakes, it is possible to file a dispute and have it rectified immediately.

Next you will find details of every single loan (both past and current) that you have been granted. Your credit report will list the names of all the banks/financial institutions that have given you credit, with details on the type of loan personal loan, credit card, auto loan, etc.), the date of disbursement, total loan amount, the current outstanding, interest rate, the tenure of the loan, monthly EMI amount, current status of the loan, 36 month history on your repayment behaviour, etc.

Your credit report lists every single late or missed payment over the past 3 years. Late payments, if any, are recorded as DPD or Days Past Due. Any overdue repayments are listed, and the status field will signify if there is any negative status – eg. Is the loan in a WRITE-OFF status, previously SETTLED, whether a legal suit has been filed, or whether the loan is considered CURRENT, which means all repayments are being made in a timely manner? It is important to read this section carefully since it has a significant impact on your credit score. Any wrong information (for example, a fully paid up loan still shown as current) should be corrected at once so it does not affect your score.

Finally, your credit report will list the number of times that you have ever applied for a loan or credit card – this is called a credit enquiry. Too many credit enquiries without a corresponding approved loan could have a negative impact on your credit score because it means that you are ‘hungry’ for credit. This could decrease your credit score.

CIBIL™ is one of the four authorized credit bureaus in India which provide a credit score, the others being Equifax, Experian and CRIF High Mark.

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10 Jul 2020

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