- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
A CIBIL credit report consists of all the particulars related to your borrowing history and the discipline of its repayment. Your CIBIL score indicates financial stability and helps the lenders in deciding if lending to you is worth taking a risk or not. Simply speaking CIBIL Score explains the probability of a borrower paying back the loan that was taken. A CIBIL credit report is very important nowadays because of the following reasons.
1. You can still within yourself a financial discipline after you have analyzed the credit report.
2. With the help of CIBIL Report and Score, borrowers can avoid the debt trap.
3. Extreme financial leverage can be avoided by analyzing the credit report in a proper way.
4. Whenever an individual applies for a home loan, the very first thing that is done by the lenders is the downloading of the individual’s CIBIL Report. This helps in determining the creditworthiness of that individual.
5. If a borrower has a good CIBIL Score, there are chances of getting a home loan and home low insurance products at lower rates and premiums.
6. CIBIL Report provides the potential lenders with a comprehensive idea about the borrower’s discipline of spending and also provides the ability to fulfil their debt obligations.
7. It provides individuals with information on their credit strengths and weaknesses and facilitates to take up steps that focus on the improvement of credit health.
8. It helps in providing assurance for a greater transparency and streamlining in the process of loan approval.
9. Borrowers can know why their loan has been rejected.
10. Lenders can take quick decisions on whom to lend without the need of spending money as well as time on checking their backgrounds.
How Will Creditseva Help You
Creditseva is a platform where you can examine your credit health instantly, identify errors in your credit report and communicate with the credit bureau. You can also watch out for any identity theft, fraud and check for any co-signed loan that may affect your score. Creditseva also facilitates to track your credit profile on the go.
Why Is CIBIL Report Important?
A CIBIL report plays a prominent role in an individual’s financial journey. The Enders depends on your CIBIL report to verify an individual’s creditworthiness. The main purpose of a CIBIL report is that it aids the lender as well as the borrower in identifying and understanding their credit history clearly and completely.
Purpose of a CIBIL Report:
A CIBIL Report helps to measure the ability of a borrower to repay the loan. The lenders refer the report and measure how much loan an individual currently has and if any new loan can be taken further.
Most Important Things You Should Know about CIBIL Report
1. Decides the Credibility: CIBIL Report describes the credibility of an individual. If you are an individual who has managed to repay all the loans on time, you will have a good credit report.
2. Maintains a Monthly Record: CIBIL Report is based on the month on month details about the type of loans and the number of loans taken by an individual. It provides the entire credit related information of an individual.
3. Helps for Further Improvement: The CIBIL Report facilitates an individual to analyze the complete credit history and understand the scope of improvement in different areas.
4. Main Component of CIBIL Report: A CIBIL Report essentially depicts the payment history of the loans belonging to an individual. It basically displays the exact portion of loan an individual has cleared and the current debt status of the individual.
The loan market has well transformed in the last five years with the availability of individual credit information through CIBIL report. Generally, the lenders look at CIBIL Report before deciding on a loan. If you have applied for a loan, you should know the important points that are related to CIBIL report.
Importance of CIBIL Report FAQ’s:
1. Who updates the CIBIL Report?
Usually, the lenders provide the credit related information to CIBIL on a regular basis. Therefore, if the contents of the CIBIL Report change the ratings may vary from day to day.
2. How can I get betterment in my CIBIL Report?
If you are intending to maintain a good credit report, you should make the payments the repayments on time and in full amount. It is very crucial that all the loans should be repaid at the proper time and in complete amount.
3. Can the CIBIL Report be updated by CIBIL on its own?
No, CIBIL cannot update anything on your report all by itself. CIBIL can only update an individual’s credit report when the lender sends a report to CIBIL about the individual’s loans and repayment. An individual can also approach CIBIL, if there are discrepancies in the report.
4. Some Important Terms Written In A CIBIL Report
There are some important terms that are mentioned in a CIBIL Report. These terms are rarely used in the day to day life of individuals. So it is quite obvious that it is not easy to understand these terms. Given below are some key terms that are usually mentioned in a CIBIL Report.
- Control Number: This is a unique number allotted to every individual and it is mentioned in the CIBIL Report.
- EMI Amount: The amount of an equated monthly instalment that an individual pays on the loan.
- Sanctioned amount: It is the total loan amount sanctioned to an individual.
- Repayment Tenure: This is the duration of the repayment period of the loan that belongs to an individual.
- Days Past Due: It is the number of days past the due date for the repayment of a loan. It indicates the delay made in the payments that are made each month.
- Amount Overdue: This is the amount that has to be paid back to the lender within the tenure that has been specified by the lender. It includes both principal and interest.
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