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Has your bank refused your loan? Do you want to buy a car but for some mysterious reason, the bank won’t give you a loan? You have a low TransUnion CIBIL credit score.
Before you take out your newest loan or a flashy credit card, you need to understand what CIBIL is. It is also imperative that you understand where you stand in regard to your credit score.
Credit Information Bureau (India) Limited, now known as TransUnion CIBIL, is a credit information company. It maintains records of global consumer information.
What kind of information do they record? Well, it is mostly the credit information of people who have taken loans of any kind. This includes credit card debts and payments of said debts.
The CIBIL has more than 2400 members including major banks and other financial institutions. Its database holds the credit history of some 550 million individuals and businesses.
The CIBIL uses its records to develop a Credit Information Report or ‘credit score’ which is then provided to the financial institutions. This credit score determines whether you will be able to pay back the loan you are asking for. All financial institutions refer to this score before approving any loans that you apply for at any time.
Problems You Might Have with Your CIBIL Score
Here’s the thing. Pay your bills regularly and on time. This simple decision will help you maintain a good score. Moreover, CIBIL relies heavily on the financial or credit institution for giving them accurate information about your accounts and dealings. AS you know, clerical errors are a distinct possibility. There may also be other problems with networking etc.
1. An issue with ownership may arise if some personal information or one or more of your accounts are not your own.
2. There may also be incorrect personal details whether by your mistake or negligence of the credit institution.
3. There may also be inaccurate account details submitted by the credit institution.
4. Defaulting on your loan.
5. Paying your credit card bill late.
6. Having a disproportional mix of secured and unsecured loans
7. Making too many applications for loans.
How to Fix Your CIBIL Problems
There is a common misconception that CIBIL maintains a defaulters list. This is not true. If you have defaulted on any of your loans or credit card payments, CIBIL simply stores that information. It does not put you on any list.
CIBIL simply maintains your credit history, good and bad, to be supplied to credit institutions on request. It is the institutions that decide whether to offer you credit or not. Hence, there is no question of asking CIBIL to remove you from such a “defaulter’s list.”
The only thing you can ask CIBIL to do is correct any inaccurate information on your credit profile. Moreover, you must contact CIBIL yourself. No agency or “CIBIL consultant” can do it for you.
If there are any discrepancies in your information that is affecting your credit score, you must raise a dispute with CIBIL. They will look into the issue and contact the respective credit institution. They will verify the information through this institution and communicate the results to you via email.
For the other problems mentioned above, it is important to maintain personal vigilance on repayment of loans.
There are no branches of CIBIL in India. There is no need for its material presence in the country as it maintains a digital database. Hence, there is no question of visiting offices. All of the work is done online.
Moreover, CIBIL does not have any agencies either. Any CIBIL consultant, or similar entity, that claims to be affiliated to CIBIL is being false. All credit consultants, credit score repair agencies, etc. work independently only to advise you on how best to maintain a good credit score.
None of these agencies has any direct, legal relationship with CIBIL. They do not have the inside track or the key to the back door to CIBIL. Hence, be wary of agencies promising to magically improve your credit score.
CIBIL will not communicate with anyone other than you about your credit score or credit report. If you come across any issue, you must communicate with them directly.
We at CreditSeva do not know magic either! But we have a team of dedicated professionals to help guide and advise you in making better credit decisions.
Why choose CreditSeva?
Our catchphrase, as it says on our website creditseva.com, is “Managing credit simplified.” We aim to make your credit handling easier and simpler.
Once you sign up on CreditSeva, you will receive a real-time analysis of your credit report for free. This will, then, help you get a better grip on your finances.
Moreover, once you have gone through your credit report, we will suggest decisions which will help improve your credit score.
You can keep an eye out for any identity theft with our real-time analysis on our Monitoring Tool.
We provide a Rectification Tool to help you take care of any errors that you may have spotted in your credit report. We do not (cannot) contact CIBIL directly with your error rectification. We simply help you to find the issues and guide you through the rectification process.
There is also a Loan Closure Tool on offer for you. This is a real-time loan closure platform. This tool helps you to choose the right loan offers from different banks, close bad loans and make payments directly to your banks.
CreditSeva also provides you with a Score Building Tool which will help you make the right choices to positively influence your credit score.
We know how important the data you are providing us is. But rest assured. We have a world class data network infrastructure to keep your information protected. We also use 128-bit encryption for all data. In fact, this system is trusted by all our premier partners.
CIBIL Consultant FAQ’s:
1. What is CIBIL?
CIBIL is the central credit bureau that maintains the credit information. It maintains the information of all consumers of credit institutions like banks.
2. What is the TransUnion CIBIL score?
The TransUnion CIBIL score is a 3 digit numeral ranging from 300 to 900 which represents the creditworthiness of an individual.
3. What is the meaning of the CIBIL score?
The superior the score the greater is the creditworthiness. Before a financial institution issues you with credit, they check your CIBIL score. Hence, a good score will help you get approved for loans easily.
Generally, a score around 750 is a good credit score. Credit Consultants, like us here at CreditSeva, help you to maintain and improve this score.
4. How beneficial is it to maintain a good score?
Maintaining a good CIBIL means that you get quick approval for loans. A good score gives the lending institution confidence in you. They understand that you are the kind of person who will pay back the loan on time.
5. What are the major factors that affect the score?
As mentioned above, the most common factor that affects the score is the time you repay your loans and credit card bills. If you are prompt in these payments, then your score will go up. But if you default, then your score gets drastically reduced.
Moreover, it is important to choose the right proportion of secured and unsecured loans. This way the credit institutions can maintain confidence in you as a consumer.
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