How to Own your CIBIL Report

How to Own your CIBIL Report

There is a procedure for purchase of one's own CIBIL report so that before you apply for loan, you are aware of the same & you may get the errors rectified, if there any, before you’re your lender seen the wrong credit report of yours. .  You can visit the following link to buy the report from CIBIL https://www.cibil.com/online/credit-score-check.do

Since April 2011, Credit Information Bureau (India) Ltd (CIBIL), India's first credit information company, has allowed consumers to purchase their "CIBIL TransUnion Score" directly from CIBIL & is now available to consumers for Rs 470.

The very purpose of sharing the CIBIL report with consumers is to help them to assess their own credit history better and enable them to 'see themselves as lenders do. Knowing their CIBIL TransUnion Score will enable consumers to better manage their credit history, avail speedier access to credit and derive benefits associated with good credit history. The score is provided along with the CIBIL Credit Information Report (CIR). The TransUnion Score is a three-digit numeric summary (ranging from 300 to 900) of a consumer's credit history, compiled from information received from credit institutions who are members of CIBIL.

  

An individual's score provides a credit institution with an indication of the "probability of default" based on his/her credit history. It helps in estimating the likelihood of repayment of their loan based on the individual's past pattern of credit usage and loan repayment behavior.    The closer the score is to 900, the more confidence the credit institution will have in the individual's ability to repay the loan and hence, the better the chances of his/her application getting approved.

Consumers can pay for availing their TransUnion Score by following an online payment procedure or through a demand draft. The higher the score, the more favorably it is viewed by credit institutions. However, every institution has its own benchmark of what constitutes a good credit score & sometimes they generate CIBIL without score which gives just the track record & they used to analyse the same at their own. CIBIL does not recommend any cut-off score loan application eligibility.

CIBIL benefits both credit grantors and consumers by collecting, analysing and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses.