Getting impressed with the platinum credit card being offered by ABC Bank, Aditya decided to apply for the same. However, in spite of a good salary package, he got a refusal letter from the bank stating that the application did not meet the eligibility criteria. Upon contacting the customer care, he was informed that his CIBIL check was negative and hence the card was refused.
Kuber is a chartered accountant and a good friend of Aditya. So, to know more about why and how this happened, he visited Kuber, who lived just a couple of houses away.
“I have been paying all my EMIs and credit cards on time. Really surprising why the CIBIL check was negative?” Aditya was certainly upset on the refusal.
“You know last time we talked, we discussed the CIBIL check. I believe there must be something more to your CIBIL score than few misses on credit card dues. Let’s check your CIBIL score online.”
Aditya was all ears to it.
“CIBIL score report can be requested from their website and is available for free once in a year.” Kuber continued.
A few minutes later, the credit score report was on screen and it showed one loan overdue in the name of Aditya and a credit score of 450 denoting moderately risky borrower. Digging further, it figured out that a loan, not pertaining to Aditya, was being shown overdue.
“That’s why it becomes all the more important to monitor your credit score regularly. This might be a case of mistaken identity where this loan unintentionally got tagged to your credit history. In a worse case, it might be a case of identity theft wherein someone has taken a loan on your credentials and is now defaulting. We need to get the details from the bank only.” Kuber was loaded with information on the topic.
“Not to worry, this is something which can be got corrected, though it might take some time. We can apply to the bank for correction in the credit history with all the supporting documents. But do learn a lesson out it, make sure, you monitor your credit score regularly.”
Aditya was relieved now and insisted Kuber accompanied him to the bank for getting it corrected. Kuber happily agreed to it and the conversation then got directed to Indian Cricket Team’s performance against Australia.