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Thursday, March 21, 2013

All about cibil report- Check before apply for a loan

The government as well as banks is very strict now days for allowing a loan. Earlier people do some fraud in one bank and apply to another. But now day’s banks cannot pass the loan before checking the cibil report of the applicant for loan. In cibil report of every loan and credit card comes with all the details and outstanding balance if any. So one should check his/her cibil report before applying for a  loan, as there are no chances to pass a loan if cibil report is not good.

What is in cibil report
 Cibil report is the complete credit chart of a customer. It includes all the loans and credit card. It shows the bank name, branch, account type, date of open, sanctioned amount, current balance, overdue etc. of each and every loan one has taken.

How cibil gets this detail 
Cibil is the government company. One need to produce the id proof such as PAN card, Passport, Voter ID card etc. for taking a loan. With these documents cibil make the reports of all the loans taken with different banks and join together.

What is cibil score
Cibil department gives scoring as per the loan repaying ability, loan taken, overdue, time to clear overdue, any suit filed against the name etc. it’s about the full evidence of your credit worthiness. Based on the credit history, cibil gives the point in the range of 300-900 points. The higher points mean the great chances for approval of loans. As per the data 80% of the loans approved with a credit score is more than 750.



How to get a cibil report
One can get cibil report very easily. One need to fill a form online and pay the fees of 470 rupees to cibil and get the cibil report online in minutes. The procedure to get cibil report is as under.
- First go to the cibil.com website.

- Click to the know your score order now.

- Then one need to order, first click on the i want to purchase my cibil Transunion score.

- Then fill the form down under.

- In the fourth column, help us to identify you, one need to give the id proof and address proof. One can give 1 id and one address proof for it. One need to give only numbers of id and address proof and not Xerox copy.

- One is advised to give at least one loan account number if any in the fifth Coolum.

- Then pay the cibil fees either by debit card, credit card or net banking.

- Then they will ask for additional details such like the month and year of loan taken. These questions come in KBC type like choose one in four options. 

- Upon authentication, an email will be send to the given email id with the cibil report.

- This report comes in pdf locked format. The password is suggested in the email.



What is negatives codes in cibil reports
- One or more trades with suit filed status in the past 24 months.

- One or more trades with restructured debt in the past 24 months.

- Several overdue accounts can be a concern to many lenders and can negatively affect your credit score. Timely payments in the future will help improve your score.

- Recent late payments may have a negative effect on your score. Timely payments in the future will help improve your score.

- Irregular payment history might be a risk factor to lenders. timely payments in the future will contribute to an improved score

Dispute
If anybody is not satisfied with credit report as it shows some wrong information, one can raise dispute through online from the cibil site. One need to mention all the details and submit online form. It is completely free but there are two drawbacks.
- They only entertain the dispute if cibil report is taken by the customer not the bank.
- They will reply or change in cibil report in almost 30 days.

Emergency
Sometimes there is an emergency to change the cibil report so oner can contact cibil from the phone numbers. The number are in the cibil website, contact us.
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