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Understand Your Credit Score and Report

What is a CIBIL Score?

Transunion Cibil Limited is the first credit information company in India, also commonly known as a Credit Bureau, we collect and maintain records of payments related to loans and credit cards of individuals and non-individuals (commercial bodies). These records are deposited with us by banks and other lenders on a monthly basis. Using this information, a credit information report (CIR) and a credit score are developed, due to which lenders evaluate and approve loan applications. Credit bureaus are licensed by the RBI and governed by the Credit Information Companies (Regulation) Act of 2005.

How do I check details of my account number and member name mentioned in myCIBIL Report?

your CIBIL score and report to check the account number or member details. This report will have complete details of your credit history on various lenders and products, enabling you to check all of the above information.

How do I read the myCIBIL Report?

The CIBIL report contains detailed information about the credit you have received, such as home loans, automobile loans, credit cards, personal loans, overdraft facilities. You can download the document you understand of your CIR for your prepared reference here. You can also watch the tutorial which explains the various details of the CBIL report. Below are the main parts of the CIBIL report.
  • CIBIL Score
    Your CIBIL score, determined dependent on your credit conduct reflected in the 'Records' and 'Request' segments of your CIR, is between 300-900. A score over 700 is, for the most part, viewed as great.
  • Personal information
    Contains your name, date of birth, gender and identification numbers such as PAN, voter number, Passport Number...
  • Contact InformationAddresses and phone numbers are given in this area, with up to 4 tends to show...
  • Employment InformationDetails of monthly or annual income as reported by members (banks and financial institutions).
  • Account informationThis section includes details of your lending facilities, lender names, credit features (home, auto, personal, overdraft, etc.), account number, ownership details, date opened, last payment date, loan amount, current balance and month records of your payment (3) Year to month).
  • Inquiry InformationEach time you apply for a loan or credit card, the important bank or financial institution gets to your CIR. The system notices this in your credit history and is known as "inquiry".

How can I improve my credit score?

You can improve your credit score by maintaining a good credit history. This can be viewed positively by lenders and can be done with 6 simple rules:
  1. Always pay your dues on time
    Late payments are viewed negatively by debtors.
  2. Always keep your balance lowIt is not always appropriate to use too much credit, control your usage.
  3. Maintain a healthy credit mix
    It is better to keep a healthy combination of protected (eg home loans, auto loans) and unsecured loans (such as personal loans, credit cards). Too many unsecured loans can be viewed negatively
  4. Apply for new credits in a moderate way
    You do not show credit as a need, apply for new credit carefully
  5. Monitor your co-signer, guaranteed and joint accounts monthly
    You are held equally responsible for wrong payments made in co-signer, guaranteed or jointly held accounts. Negligence of your co-holder (or guaranteed person) can affect your ability to get credit in your time of need.
  6. Keep reviewing your credit history frequently throughout the year
    To avoid unfortunate incidents like a rejection of loan application, buy your CIR from time to time.

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