Maintaining a good credit history, and ensuring that the same is reflected in your CIBIL report is a must to be able to access loans when you need them the most. You can get your CIBIL report by applying for the same at the CIBIL portal. Read on to find out how to understand better the various sections provided in the report:
The very first thing you would see in the CIBIL Credit Information Report is your CIBIL Score. This is an overall valuation of your credit history and is used by lenders to evaluate your creditworthiness. The score is a single number between 300 and 900. Higher the score, more favourable is your application for new credit extension as this means you have been repaying your loans on time and have enough disposable income to repay another loan if required. This is calculated based on the information you would find in the Account Information and Enquiry Information sections of the report. In a few cases the score may be displayed as NA or NH, this indicates one of the following:
The second section of the report presents your personal information like your name, date of birth, gender, etc. as registered with CIBIL. The section also contains all the identifying information that CIBIL may have about you. This includes:
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Your addresses, telephone number, and email address are present in the next section of the report. These details are captured as shared by the lenders. As part of addresses, the report would capture your office address, residential address - both permanent address and the current address. The report does not just contain the current information, but historic information as well. The historic information goes back to a maximum of four iterations.
This section contains the information about your occupation, and your income based on the information shared by you when opening an account for a credit facility or loan. Again, this information is presented as-is from what the lenders submit to the bureau as part of the repayment information.
This is arguably the most important part of the report as your CIBIL score is greatly influenced by this. This section presents information about all your loans and credit cards and your repayment history. All the data shared by the lenders is summarized in a table including:
Status of the account could be one among the following:
STD is considered a favorable status. Every other status is negative.
Within the Account Information section, if any details are disputed then a red box with an alert message is shown above the account information along with the date of the dispute.
The inquiry section is the final section of the CIBIL report. It contains information about any recent inquiries made by lenders. Every time you apply for a loan or a credit facility, the lender would send an inquiry to CIBIL about your credit history. The same is recorded in your CIBIL report as well. Each entry includes the name of the lender, date of the application, type of the loan, and the loan amount requested.
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If anything in your credit report looks off, you can raise a dispute with CIBIL to correct the same. Follow the below steps for this:
A CIBIL score of 650-700 and above is considered healthy. If your score is lower than this, you may find it difficult to get loans and should work to improve your score. Some of the steps that you can take include:
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