What is a Credit Information Report or CIR?
A Credit Information Report or CIR plays a key role in the lender’s decision when you apply for 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 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 as reported by various member banks and financial institutions about an individual. It is important that you monitor your CIR from time to time. There are a number of things you can do to improve your credit profile: 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.
Make sure that you repay on time: If you have a good repayment history, this helps boost your credit score, with which you are likely to get the most competitive terms from loan providers.
Make full payments towards your credit card bills, on time everytime.
- 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. If you find any discrepancy, file a dispute immediately and get it corrected.
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A CIBIL Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
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It is not possible for anyone, either lenders or borrowers, to get a CIBIL score or credit report for free.
It is important to know that there is no such thing as a CIBIL defaulter list. There used to be a defaulter list earlier,
To check your credit history, you should obtain a copy of your Credit Report. For this, you need apply to one of the three
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You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
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A poor CIBIL score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,