Understanding Your CIBIL Report
With every detail of your credit use, score, and history going into your CIBIL report, suffice to say the latter contains it all. Even with solely the basics, the report can be tricky to read at times. If you have details pertaining to overdraft facilities, credit card loans, home loans, personal loans, automobile loans, and so on, your CIBIL report can start to look like a maze. However, you can read it well if you know how.
Simplest Definition: The three-digit numeric summary of your credit history based on activity with credit institutions and loan types is reflected in your CIR report. The report lacks data on your fixed deposits, investments, and savings.
A standard CIBIL report or CIR (Credit Information Report) has six primary segments, each of which we will discuss below.
1. The CIBIL TransUnion Score
Using patterns from your credit use or ‘behavior’, your current credit score is mapped out in this section. It will also reflect in the ‘Accounts’ and ‘Enquiries’ sections, which we will also detail below. This score has its range in the 300-900 marker, with a score exceeding 700 being healthy.
2. Personal Information
As the name itself suggests, this is the part where you will find all data pertaining to yourself, especially personal details of your credit usage and history. Date of birth, name, and gender are also included. Additionally, this segment contains identification numbers; examples being voter’s ID number, passport number, PAN and so on; whatever is applicable and required.
3. Contact Information
Again, this is a straightforward segment on your CIBIL report. This one details telephone numbers, including mobile/cellular numbers, and addresses pertaining to you, the account holder. There is room for up to four distinct addresses to be present.
4. Employment Information
This is one of the more crucial segments in your CIBIL report. It has information concerning your annual and monthly income as shared or reported by Members, namely financial institutions and banks.
5. Account Information
You can consider this the very heart of your CIBIL heart. All your lines of credit or ‘credit facilities’ are included in this segment of your CIBIL report; this includes those loans we mentioned earlier, credit, home, etc. Other pertinent details include…
- Ownership details
- Date of last payment
- Account numbers
- Date opened
- Current balance
- Loan amount
Additionally, there is a monthly record of your payments for up to 3 years.
6. Enquiry Information
Your selected financial institution or bank accesses your CIBIL report each time you apply for a credit card or loan. You are therefore not the only one who gets to see your credit pattern but also select officials with whom you enact or are enacting credit-based business. Your credit history will have notes of all this; the system takes care of these things. This entire process is termed ‘Enquiries’.
Important Facts About Your CIR
Here are some guides, points, and ideas on how to understand your CIR:
- If you want to check member details or account number data, you need to purchase your CIBIL TransUnion Score or CIR. Your credit history will be detailed therein.
- Certain loan types demand a guarantor to offer security for the cash amount provided as a loan. This guarantor is held just as responsible as you are when it comes to loan repayment. They furnish the lender with a guarantee that they will honor their duty to the loan in the event that you, the primary borrower, cannot. This will influence your credit score on the report.
- There is a small chance that your report will show an outstanding amount even after you have gained an NOC (Non Objection Certificate) and closed all accounts with the institution or bank in question. The main reason this can happen is that communication has been lax between apt parties (credit institutions) and CIBIL. You can get updates on this matter once you raise a dispute with CIBIL on the same.
- When performing the previous action-point, information will not be modified in CIBIL’s database. This is thanks to the Credit Information Companies (Regulation) Act of 2005. Only when CIBIL has received confirmation from the bank or credit institution in question will modifications be done. Keep track of your update status during this time.
A side-word on add-on credit cards: Even if you have a primary card along with an add-on version, both parties will find their CIR reports containing notes on the history of usage and default in payments.
If you’re looking for an estimate of your 3 digit CIBIL score, look no further than our CIBIL Score Tool.