CIBIL is the most popular credit rating agency in India. It stands for credit information bureau of India limited. Cibil carefully collects information from different lenders regarding loans and other advances and prepare a credit information report (CIR) and performs analysis of these data to prepare a separate cibil for each borrower. Cibil report provides information under various sections mentioning their specific details. Let us see what each of these sections contains individually to learn more about cibil score-
- Personal information – This section provides your personal information like your name, date of birth, gender, identifying number (PAN number, voter id, passport no etc) to the lenders. You should carefully check this section for any disprencies in your cibil rating and correct them with cibil.
- Contact information – Your address and telephone numbers are provided in this section. Upto 4 addresses are provided by cibil rating in this section.
- Employment information – This section provides information regarding employers and income at the time of application for loan.
- Account information – It is the most important section in your report from lender’s point of view. It contains all the details of credit facilities that you have availed ( home loan, auto loan, personal loan etc), account numbers, date of opening, date of last payment, current balance and record of last 3 years of your emi payment for different credit facilities that you have availed. This section on cibil score report would also mentions details about write off/settled/suit filed. Settled means partial payment in consent with the lender. A loan would be written off if, payments are not received for more than 180 days by banks.
- Enquiry information – This section on your cibil score report would mentions your past loan applications. An “enquiry” means that a lending institution has enquired about you on cibil. Enquiry section would also include purpose of enquiry. A large number of enquiries on your cibil rating report would be seen as a negative thing by lenders as it indicates that you are seeking excessive credit.
For a borrower, it is utmost important to read his cibil report for sound decision making. More importantly, he should look out for any wrong data or information mentioned in cibil report. Careful investigation of account information would safeguard against any unexpected shock at the time of credit application.