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Business News/ Money / Personal Finance/  What is a CIBIL report and how to read it?
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What is a CIBIL report and how to read it?

High CIBIL score is important for faster loan approval. Know how to get your CIBIL score and how to read your the credit information report

Know how to read your CIBIL report.Premium
Know how to read your CIBIL report.

For those who wish to take a loan , CIBIL report can provide them a detailed information about their credit history and credit worthiness.

In addition to credit score, CIBIL report consists of a lot of other information about a person's credit history, including the details of their lender, past loans, due credit, interest paid, tenure of loans, etc. 

To know about your creditworthiness and prepare well before applying loan, it is important to fully understand the CIBIL report or the credit information report. It is mainly divided into six sections. 

What is a CIBIL report?

A CIBIL report of a person contains all the information about his past credits including loans, credit cards, EMI, etc. It is maintained by CIBIL, Credit Information Bureau Limited, a credit information company that works closely with all financial institutions to keep a track record of creditors. It also contains the personal information of the individual

How to read a CIBIL report?

A CIBIL report, also known as a credit report, helps financial institutions in making an informed decision about a borrower by giving them detailed information about his past loans like a car loan, home loan, credit card, personal loan, etc.

CIBIL report is divided into major sections that provide personal information, contact information, credit information, etc.

CIBIL score

CIBIL report’s top section depicts the CIBIL score of the individual. It is the crux of the report, as it carries huge weightage in loan approvals. CIBIL score of a person ranges from 300 to 900. In many cases, the CIBIL score displays ‘NA’ or ‘NH’ in reports. In that case, the person might have not taken any loan or credit till the time of downloading the report. It also happens with those people who don’t have a credit history or are new to the credit system. 

Personal Information

As mentioned it contains basic information about a person like his name, Date of Birth, gender, etc. It also mentions details of your Income Tax ID(PAN), Passport number, diver’s license, etc.

Contact information

This section contains the address, phone, and email id, of the applicant. There is also additional information about whether the address mentioned is a residential, official, or permanent address. This section contains up to four addresses and email addresses of a person.

Employment information

This section contains details about a person’s occupation and income. As the information shown in the CIBIL report is provided by the lender, you can contact directly to the lender for making any corrections to the information.

Account information

Now, here comes another important segment of your CIBIL report. People can find the detail of their loans and credit card accounts in this section. It also informs about the account number, loan amount, latest payment, account type, loan amount, current balance, balance overdue, etc.

What does it mean to see a red box above account details?

A red box above account details on the CIBIL report means that the information given is disputed and will be removed after its resolution. At times, the red box may continue to appear even after dispute resolution, due to delay in the update.

Enquiry information

It consists of details of all the enquiries made by the lender for credit applications. It generally consists of the name of the lender, the date of the application, the type of loan, and its size.

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Published: 20 Dec 2022, 03:52 PM IST
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