Your CIBIL score plays a critical role whenever you apply for a loan, insurance policy or credit facility from any financial institution in India. The report is a reliable instrument that establishes your creditworthiness and your credit behaviour to the prospective lender.
When the applicant puts in a request for a personal loan online, Fullerton India needs to access the prospective borrower’s credit report before the lender decides to proceed with the application. This is a compulsory protocol followed by all registered lenders to assess the risk of default and repayment capacity, specifically in the case of personal loans which are unsecured in nature.
Fullerton India puts in a request with CIBIL to access the applicant’s credit report. CIBIL uses the ECN number to release the report. The ECN number in a CIBIL report is a unique nine digit number that is assigned to the applicant’s credit report and helps lenders keep track of their credit records from a pool of millions of borrowers.
Therefore, if you are wondering what is the control number in a CIBIL report, simply put, it is just another reference to the ECN number. As the lender communicates with CIBIL, the body uses this Control Number or the ECN to locate the applicant’s credit records and share them with the lender.
Besides the fact that the ECN number can be used to track a specific credit report, this nine digit number may be also used to check the unique account, the financial information that it contains along with the applicant’s credit behaviour. All financial institutions that are members of CIBIL can use the Control number to acquire the credit report of a prospective borrower.
The ECN number is confidential. Having said that, the applicant will be able to acquire it under the Credit Information Companies Regulation Act, 2005 from the lender. Alternatively, the borrower may be able to view their individual credit reports listed on the top right hand corner. Finally, the applicant may also call the CIBIL Helpline number and request your ECN number or log on to the CIBIL website to retrieve the credit report at a nominal fee.
Prospective applicants can check their CIBIL score by logging into the CIBIL website. Alternatively, they can also get their credit score on the Fullerton India website in a matter of minutes before making a formal personal loan online application. Follow these steps to get started.
You can apply for a personal loan for up to Rs. 25 lakhs on competitive interest rates from Fullerton India. Generally, a credit score of 750 or above ensures that the prospect of getting the loan sanctioned is significantly higher.
Simply follow these guidelines to apply for a personal loan from Fullerton India.
You can take our personal loan for a variety of reasons.
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