CIR or Credit Information Report has detailed information on the credit that is availed by an individual such as an automobile loan, home loan, overdraft facilities and personal loan. It is possible to download the CIR report online. Sometimes late payments are not intentional but still reflect in the CIR; however, they leave a black mark in your CIR.
Information included in CIR:
The first score in the CIR is calculated based on the credit behaviour and is included in the accounts and enquiries section of the report. Ranges 300-900, a score above 700 is considered good.
- Personal information comprises the name, gender, Identification numbers like PAN, Voter’s number, Passport number and more…
- Contact information: Telephone numbers and addresses are specified in this section.
- Employment details: Annual or monthly income details as mentioned by the bank and financial institutions.
- Account information: This contains the credit facilities including the name of lenders, type of credit acquired like home loan, auto loan, other details such as the date opened, loan amount, date of last payment, and also a month on month record of payment.
Every time an individual applies for a loan the respective financial institution or bank accesses the CIR. All enquiries are noted in the credit history of the report as enquiries.
There are, however, a number of things that can improve the credit profile and thereby chances of getting credit. Mistakes in credit reports happen often and these happen because information is not first hand.
- Always make payments on time: If you cannot do this, it is a good option to contact the lender for other payment options available. Talk about any difficulty in payment with the lender ASAP.
- If you happen to pay off debt, but the report does not show it then contact the concerned organization and request them to make necessary changes.
- Close all accounts which are not in use currently.
- Keep a check on the credit information report on a regular basis. It is a wise idea to get the copy of this report before applying for a loan.
- It is significant not to forget payments during or on important life issues.
In short, CIR is a summary of information about the way you handle debts since a variety of businesses check the credit report to make decisions it is only advisable to keep it clean and without any black marks. High credit scores mean you have positive information on the credit report and low credit, on the other hand, indicate negative information.
CIR has to be clean and free of blemishes if there are any mistakes the consumer should contact the credit bureau and ask for rectification. For instance, you can attach copies of cancelled cheques to show payments were made, but do not appear in the report. If a mistake is intentional, the person can improve it by taking a small loan for a year and paying it on time.