"Let us start the topic from knowing what is CIBIL and What are the Problems You may face in CIBIL?"
CIBIL : CIBIL (Credit Information Bureau India Limited ) is a information collective agency. CIBIL was founded in the year 2000. The Credit bureau services started with a bang in the year 2004. It was a well-designed and Praise worthy efforts by the Promoters. CIBIL was promoted by the State Bank of India (SBI) , Housing Development Finance Corporation Limited (HDFC) and Dun and Bradstreet Information Services India Pvt Ltd. The efforts has gained control over the NPA’s ( Non Performing Assets) and its drives the Indian Economy efficiently.
CIBIL tracks the credit history of an Individual and Commercial. Registered Banks and Financial institution with CIBIL send the records of their respective Customers loan and credit cards to be recorded in CIBIL on a periodic basics (Monthly). This record will help the other Banks and Financial Institution to know the Customer Trust worthiness and their past history of Loans and Credit Cards. So that’s brings them easy to help the Customer in their needs.
A CIBIL Credit report is a detailed report of an Induvial and Commercial credit history. The very first thing what a Lender do is when you apply for any Loan and Credit card is check you Credit report. Your Credit report determines your Eligibility and Trust- Worthiness. The sole reason why a Lender checks your CIBIL credit report is to see whether your Trust-Worthy to lend money? Your CIBIL credit report creates the better chances of Interest rate and Approvals.
CIBIL credit report is undoubtedly the stress full thing because Your future lies in someone else hands. You might have come to know by now that CIBIL is an agency that’s collect the records of your Credit history. It is you Who perform and they will be updating your report, It is somewhere good that someone is collecting your records and updating in your report rather you do it on your Own.
Its is definite to have some types of errors in collecting and updating the records and some other errors can caused by you. This errors can make a big difference in your Financial decisions. Here are some Problems you may face in your CIBIL credit report.
Some of the common problems in the CIBIL credit reports are:
Incorrect details in CIBIL report (Incorrect Account Information or Personal details) : looking into this Incorrect details made in your report can be classified in to 2 broad visions.
Errors belong to You: Now this error is directly associated to you. As mentioned above incorrect details of your Account information (Likewise Change in Account number, Account Name, Loan type, Opening and Closing dates, Balances and etc. or Personal Details (Change in Name, DOB, Address, Pan number, Contact number and etc.)
Errors does not belong to You: There are some errors that are not connected to you directly or indirectly. To maintain all the correct records of millions of customers it isn’t easy job for them, some times 2 accounts might get mixed up. For example, the names are same or some other details are similar. These kinds of errors may also arrive that you don’t have any idea about it.
Number of Negative Tags (Such as; Settled, Written-Off, Post Written-off Settled and Suit Filed): These are the errors are directly connected to you. You might have Settled the account or Defaulted against the bank or Settled the account after defaulting. These are major errors in your CIBIL credit report and will create a huge impact on your Trustworthiness and your Loan or Credit card eligibility.
Large numbers of DPD’s (Due Past Days): Due Past Days are the records of your timely repayment. DPD’s will also can give a negative impact on your Credit score. Even if you have 1 or 2 late payment of Emi’s that will have a deduction in Your score and that’s also reflect as that you are not able to make on-time payments. Paying On-time Emi’s will Increase your Credit score and future eligibility.
Hard Enquiries for Loans and Credit cards: Hard Enquiries are not nothing but a Lender access your CIBIL credit report to check your past credit history and Your Credit trust worthiness. Any Hard Enquiry about the Loan or Credit card can decrease your Credit score. It is always better to know your Credit score and Your Own credit profile before making any Enquiry about the Loans or Credit cards.
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