EVERYTHING YOU NEED TO KNOW ABOUT CIBIL REPORT AND PROCESS TO CHECK ONLINE
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What is the CIBIL Report? A Credit Report or CIBIL report is also known as a Credit Information Report (CIR). It is a detailed record of your credit history consisting of your personal information, contact details, employment information, loan account and credit card information, and enquiry information. The report is generated by CIBIL through customer's credit data received from various banks and lending entities. This data is then formatted and processed to make a detailed credit report for each customer. Following is the information commonly contained in your credit or CIBIL Report.
• Personal information like name, age, address. gender, PAN number etc • Employment information along with income details • Loan details along with types of loans availed in the past, ongoing loans and their subsequent repayment timelines • Defaults on loans, if any • Loan settlements, if any • Your Credit card details • Defaults made by you towards paying credit card bills • Number of enquiries made by you through various loan providers • Your Credit scores Your cibil score report provides lenders with detailed information about the applicant’s creditworthiness based on previous and current credit behavior. Based on the report, lenders take the lending decision.
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How can you access your free CIBIL Report and Score Online? Individuals can access their credit report and score through any of the three credit bureaus that operate in India such as CIBIL, Equifax and Experian. What you need to do is you have to create a request by visiting the website of the respective credit bureau and follow the instructions given by them. You should check your credit report and cibil report online at least once a year and especially before applying for a new loan or credit card. Checking your credit report consistently will help you spot any discrepancy or error which might be lowering your credit score. On the other hand, you can also check your score and download credit report for free by availing the services of Fintech companies online in a hassle-free manner as per your convenience and requirement.
How is your CIBIL Report Generated? Credit Information Bureau of India Limited (CIBIL), India’s oldest and first Credit Information Company, collects and maintains the records of individual’s credit-related transactions such as loans and credit cards. These records are provided by banks and other lenders on a monthly basis to the Credit Bureau. Using this information, a Credit Information Report (CIR) and Credit Score is developed. This enables the lenders to evaluate and approve loan applications based on their past record.
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Top reasons to check your CIBIL Report regularlyRegularly reviewing your credit report should be at the top of the list of your personal financial habits. A credit report can act as a shining light into your financial background, helping reveal your personal payment history and creditworthiness to the lender which helps them to decide whether to approve your loan and credit card application or not. Your credit report can even serve as a sentinel against identity theft and consumer fraud. That is why it is recommended to check your free cibil report regularly. • Help you to know the impact of any missed payments • Informs you of your creditworthiness • Detecting and disrupting any errors • Helps in detecting identity theft • Helps you keep an eye on your credit score
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The best way to know about your credit standing is to check your credit report and score which you can easily do it online. This will enhance the chances of your loan and credit card approval. The best thing is that you can do it online for free of cost and whenever you want. Check your Credit Score & Report in just 1 minute - https://indialends.com/credit-application
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