The CIBIL report contains a great deal of additional information about a person’s credit history, including the details of their lender, past loans, due credit, paid interest, loan duration, and so on.
Understanding the CIBIL report, also known as the credit information report, is essential if you want to know about your creditworthiness and prepare well in advance of applying for a loan. The majority of it is divided into six sections.
What is a report from CIBIL?
A person’s CIBIL report contains all of his past credit information, including information about loans, credit cards, and EMIs, among other things. Credit Information Bureau Limited (CIBIL), a credit information company that collaborates closely with all financial institutions to keep a record of creditors, is responsible for its upkeep. Additionally, it contains the individual’s personal information.
How do I read a CIBIL report?
A credit report, also known as a CIBIL report, provides financial institutions with detailed information about a borrower’s previous loans, such as a car loan, home loan, credit card, or personal loan, to help them make an informed decision about the borrower.
The major sections of the CIBIL report provide personal information, contact information, credit information, and other details.
CIBIL score
The individual’s CIBIL score is shown in the top section of the CIBIL report. Because it has a significant impact on loan approvals, it serves as the report’s central point. A person’s CIBIL score can be anywhere from 300 to 900. Reports frequently show the CIBIL score as either “NA” or “NH.” If that’s the case, the individual may not have utilized any credit or loans prior to downloading the report. It also happens to people who are new to the credit system or have no credit history.
Personal Information
As previously stated, personal information includes fundamental information about a person, such as their name, date of birth, gender, and so on. It also includes information about your passport number, diver’s license, and Income Tax ID (PAN).
Contact information
The applicant’s address, phone number, and email address are all included in this section. In addition, additional information is provided regarding the type of address—residential, official, or permanent. A person’s email address and up to four other addresses can be included in this section.
Employment information
Information about employment This section contains information about a person’s income and occupation. As the data displayed in the CIBIL report is given by the loan specialist, you can contact straightforwardly to the bank for making any adjustments to the data.
Account data
Now comes a more significant section of your CIBIL report. This section contains information regarding individuals’ credit card and loan accounts. In addition, it provides information about the account number, loan amount, most recent payment, account type, loan amount, current balance, overdue balance, and other details.
What does it imply when you see a red box over the account information?
On the CIBIL report, a red box above the account details indicates that the provided information is disputed and will be removed once the dispute is resolved. Due to a delay in the update, the red box may occasionally continue to appear even after the dispute is resolved.
Enquiry information
Information on all inquiries made by the lender regarding credit applications is called inquiry information. The lender’s name, the date of the application, the type of loan, and its size are typically included.
