How to Own your CIBIL Report

There is a pro­ce­dure for pur­chase of one’s own CIBIL report so that before you apply for loan, you are aware of the same & you may get the errors rec­ti­fied, if there any, before you’re your lender seen the wrong cred­it report of yours. .  You can vis­it the fol­low­ing link to buy the report from CIBILhttps://www.cibil.com/online/credit-score-check.do

Since April 2011, Cred­it Infor­ma­tion Bureau (India) Ltd (CIBIL), Indi­a’s first cred­it infor­ma­tion com­pa­ny, has allowed con­sumers to pur­chase their “CIBIL Tran­sUnion Score” direct­ly from CIBIL & is now avail­able to con­sumers for Rs 470. 

The very pur­pose of shar­ing the CIBIL report with con­sumers is to help them to assess their own cred­it his­to­ry bet­ter and enable them to ‘see them­selves as lenders do. Know­ing their CIBIL Tran­sUnion Score will enable con­sumers to bet­ter man­age their cred­it his­to­ry, avail speed­i­er access to cred­it and derive ben­e­fits asso­ci­at­ed with good cred­it his­to­ry. The score is pro­vid­ed along with the CIBIL Cred­it Infor­ma­tion Report (CIR). The Tran­sUnion Score is a three-dig­it numer­ic sum­ma­ry (rang­ing from 300 to 900) of a con­sumer’s cred­it his­to­ry, com­piled from infor­ma­tion received from cred­it insti­tu­tions who are mem­bers of CIBIL.

An indi­vid­u­al’s score pro­vides a cred­it insti­tu­tion with an indi­ca­tion of the “prob­a­bil­i­ty of default” based on his/her cred­it his­to­ry. It helps in esti­mat­ing the like­li­hood of repay­ment of their loan based on the indi­vid­u­al’s past pat­tern of cred­it usage and loan repay­ment behav­iour.    The clos­er the score is to 900, the more con­fi­dence the cred­it insti­tu­tion will have in the indi­vid­u­al’s abil­i­ty to repay the loan and hence, the bet­ter the chances of his/her appli­ca­tion get­ting approved.

Con­sumers can pay for avail­ing their Tran­sUnion Score by fol­low­ing an online pay­ment pro­ce­dure or through a demand draft. The high­er the score, the more favourably it is viewed by cred­it insti­tu­tions. How­ev­er, every insti­tu­tion has its own bench­mark of what con­sti­tutes a good cred­it score & some­times they gen­er­ate CIBIL with­out score which gives just the track record & they used to analyse the same at their own. CIBIL does not rec­om­mend any cut-off score loan appli­ca­tion eligibility.

CIBIL ben­e­fits both cred­it grantors and con­sumers by col­lect­ing, analysing and deliv­er­ing infor­ma­tion on cred­it his­to­ries of mil­lions of bor­row­ers. It pro­vides its mem­bers with infor­ma­tion on both con­sumer and com­mer­cial bor­row­ers, thus enabling them make sound cred­it deci­sions across both indi­vid­u­als and businesses.