Are you in need of loan? Do you fulfill all necessary requirements of bank for loan approval still your loan request got rejected? Check you Credit Report, now Credit Information Bureau (India) Ltd. allows individuals to access there credit report directly from CIBIL.
What Is CIBIL?
The Credit Information Bureau (India) Ltd (CIBIL), is a credit bureau of India. It is an independent unit which maintains a repository of credit information (history) of individuals and commercial establishments. It collates credit data from all its members which includes banks, financial institutions, housing finance companies, credit card issuing companies and other lending institutions. It collects credit information from all its members to generate credit reports and circulates the same on request. This report helps its members in their credit decision making.
Until now, this information was available only to the members of CIBIL i.e lenders to verify the credit history of an individual or commercial establishment before approving any credit request (like loan) of the applicant. Now borrowers can also check there credit rating directly from the CIBIL.
Now people are using various ways of making financial transactions like debit cards, credit cards, etc. There are instances where borrower defaults unintentionally, normally it happens in case of credit card payment and personal loans where lender do not notify dues to borrowers. Now individuals can get there credit information report (CIR) directly from the CIBIL to analyze and in case of any mistake they can get it rectified.
For an instance, You apply for a home loan at a bank and your loan get rejected on the basis if bad or poor credit report. Then what will you do? You can get your credit report from CIBIL to analyze your defaults (if any). If you find any inaccuracy in the data available with the CIBIL, you can also get the details rectified.
What Is The Procedure To Get Credit Information Report (CIR) From CIBIL?
In order to get the CIR, one needs to fill up a requisition form available on CIBIL’s website. Along with the filled form, you have to provide self attested copies of some documents to CIBIL which includes identity proof and address proof. The fee for obtaining the CIR is Rs 142. It must be paid through a demand draft favouring ‘Credit Information Bureau (India) Ltd.’, payable at Mumbai and sent to CIBIL.
The documents can be sent either through email, post or fax. On receiving the documents and fees, CIBIL will process the request and send a copy of the CIR.
What All Details Are Included In The Credit Information Report (CIR)?
- Name and address of borrower
- Identification and PAN numbers
- Passport details
- Date of birth
- Records of all the credit facilities availed by the borrower
- Past payment history
- Amounts overdue
- Number of inquiries made on that borrower by different members
- Suits filed and their status
What All Details Are Not Part Of A Credit Information Report (CIR)?
- Income and revenue details
- Amounts deposited with banks
- Details of assets
- Details of investment