Help and Advice

Here’s What Your CIBIL Report Can Do For You!

Here's What Your CIBIL Report Can Do For You
Written by CreditSmart

First things first! Getting a hold of your CIBIL credit report will enable you to confirm if your credit rating is precise or if there are any inconsistencies in your report. If you discover any erroneous entries or inconsistencies in the info on your credit report you can get it fixed by approaching CIBIL through its online issue resolution form. CIBIL can likewise assist you in solving such disparities or conflicts on your credit file.

You’ll Be Ready For A Loan

We have actually constantly stressed on CreditSmart how an excellent CIBIL report is necessary for loan approvals. If you still feel that getting a loan is a simple task and all you need is some proper paperwork and a smile, please consider that BI India now notes down 5 reasons you need to access your CIBIL file and CIBIL TransUnion Score prior to obtaining a loan.

Your CIBIL Report and CIBIL Transunion Score offers a snapshot of your financial life and habits to banks for approval of your loan or credit card application. A healthy CIBIL Report and a high CIBIL TransUnion Score suggests that you are handling your loans and credit relationships well and are economically smart.

Make Sure The Details Are Your Details

A CIBIL file keeps a watchful eye on your loan and credit card accounts. It is a important tool to keep track of the status on all your loans – be it loans that you have actually been approved for, ensured, or co-applied. It likewise supplies you a photo of your charge card- the ones you own and the ones you might have offered to your partner or kids as add credit card. Something as simple as keeping this information up to date and correct can improve your CIBIL score.

Helps You Maintain Healthy Credit

Banks and loan providers now rely on CIBIL Reports and CIBIL TransUnion Scores almost exclusively to influence their decision making on a loan app. Accessing your CIBIL Report prior to trying for the loan might offer you much leverage, because it will give you time to identify any weaknesses in the report and allow you time to fix or explain them. This knowledge enable you to get the loan at much better terms and conditions, if you walk in knowing you have a high credit score and a healthy CIBIL Report.

Examining your CIBIL Report will give you a deep understanding into your monetary health with reference to your credit exposure. i.e. How much financial obligation do you hold in total?, How often have you applied for a loan or credit card? Do you have harmful flags like “Settled”, “Written-Off” or “Suit Filed” versus any of your loan accounts or credit cards?

So like the title says, what can your CIBIL report do for you? It can provide you the most important thing you need when taking control of your finances: KNOWLEDGE.

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