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 How to purchase my cibil report?

How to purchase my cibil report?

Looking to apply for a loan? Whether you can afford it or not is not only in your hands anymore. It has become mandatory for banks to assess the credit history of every loan applicant prior to sanctioning a loan. This is one of the main reasons why it is important to have a positive credit history. Did you know that 80% of the approved loans are for those individuals whose cibil score is above 750? It is quite evident how important a role your credit history plays in getting your loan approved.

Although it isn’t the only concluding factor in getting your loan approved, it is definitely one of the important point of consideration for lending institutions: to ensure you aren’t going to default while paying back your loan.  Usually when a loan is applied in a bank, the credit information report of the applicant is requested by the bank from the Credit Information Bureau (India) Limited or CIBIL. This report is used only by the bank and is usually not released to the customer. Based on the credit score given, the bank will further process your application.

However, there have been several situations where the application was rejected because of a negative cibil score or report (instances of delay payments or emi bounces). Banks usually don’t share the report with the individual who has applied for the loan, which is why its a better idea to go ahead and purchase the credit report on your own. The process is fairly simple and is as follows:

Step 1:      Submit the completely filled form online. In case there was some issue with your validation process, you might have to submit the relevant identification number of your id and address proof. Although, it is not mandatory, it is always better to mention these in order to avoid any kind of discrepancy.

Step 2:      You will have to make an online payment of Rs.470.

Step 3:      After making the payment, you will be asked a few questions in order to validate your loan and credit card details. This is the procedure used to validate your credit information report.

Step 4:     If you have answered the questions correctly, you will be shown your credit information report almost instantaneously. A copy of which will also be mailed to you separately.

Step 5:       However, if your authentication was not successful, then you will have to follow the steps that are given, and ensure you get the report via mail.

After receiving the report, you should carefully look through the report. You will find all the details of your past loans and credit cards, how many emis you have successfully paid or if there were any check bounces or delay payments, along with your basic personal information such as residence, employment, account details and also the details of the number of times the enquiry was made for the credit report.

Once this process is done, incase you have had some setbacks and are unable to apply for a loan, go ahead and consult with an expert so that you can make yourself eligible for applying a loan.

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