What is a Credit Information Report or CIR?
A Credit Information Report or CIR plays a key role in lender’s decision when you apply for a credit. It is therefore important to monitor it on a regular basis to ensure that the credit information report is up-to-date and to check for any inaccuracies in your CIR. Your CIBIL transunion score and Credit Information Report is a measure of your credit worthiness.
Your Credit Information Report contains details of your credit history and track record in taking and repaying loans from banks and NBFC’s. Credit Bureaus like CIBIL, Equifax and Experian consolidate every individual’s borrowings, credit history sourced from different member credit institutions such as banks and other NBFC’s into a single report called as CIR.
A Credit Information Report (CIR) is a report on past repayment performance reported by various member banks and financial institutions about an individual. It provides information on prompt payment, as well as defaulted payments. The Credit Information Report (CIR) additionally has a list of enquiries made on your account by various member banks / financial institutions/NBFCs for the purpose of approving a credit facility.
What is the use of a Credit Information Report?
As your credit history plays a key role in your ability to obtain credit, it is important to understand the information that is shared by the lenders with a credit information company also known as credit bureaus. Understanding your credit history enables you to take control of your financial situation. So it is a good idea to keep your CIR updated and correct, as it makes it easier for banks to approve your loans. How do I improve my Credit Information Report?
There are a number of things you can do to improve your credit profile.
• Make sure that you repay on time. If you have a good repayment history, this helps to boost your CIBIL score or Equifax Score. With a good CIBIL score (or Equifax or Experian Score) you are likely to get the best terms from leading loan providers.
• If you have a low CIBIL score (or Equifax / Experian score), it is advisable to approach banks and get a secured loan. A secured loan is a loan that is provided to you against a security like a fixed deposit. But make sure that you have a balance between secured and unsecured loans.
• Check your CIR on a regular basis. It always makes sense to get a copy of your Credit Information Report before you apply for credit so that you know where you stand