Understanding CIBIL SCORE And CIBIL REPORT

Understanding CIBIL SCORE And CIBIL REPORT

When you make a loan agreement with any financial institution you get to be in the credit rating of your finances by that particular institution. You will be rated with a credit score which is the number that denotes your financial capability and wealth to repay your dues timely. Basically, it is a stamp on your financial status in connection with certain laid rules.

You need to be well educated about such terms credit score or cibil score and cibil report to go ahead with your financial commitments. Find out more  about the meaning of these and their uses.

CIBIL score And Report:

A CIBIL score is a three-digit number which shows the summary of your credit history. This can be derived from the data found in your respective CIBIL report (CIR) also called the credit information report.

This is an individual’s credit history across all the loans and its details with credit institutions over certain time. But this CIR will not have details with regard to your saving, investment or fixed deposits.

Key sections of the CIBIL report:

 

In order to be clarified and clear about your credit history, you must know the components of your CIBIL report and thus be self-educated to keep you safe at all times in your financial life. Some quick points for your reference are:

  1. CIBIL score: the score calculated with your credit history and behavior is denoted as a number between 300 and 900. Generally, a score of 700 is considered to be good.
  2. Contact information: your address and contact numbers, up to four addresses, are found here.
  3. Employee information: your monthly income and details of your income as reported by the financial institutions is found here.
  4. Personal Information: your name, date of birth, your unique identity documents such as PAN Number, Passport number and voter’s id are found here.
  5. Account information: a section dedicated to the complete details of your credit, names of lenders, what type of loan you have taken such as auto, personal, home or personal loan. It also has the current outstanding payments from these loans.
  6. Inquiry information: each time that you apply for a loan or credit card, your CIR will be accessed by the financial institution and this is classified under a section called This will be helpful for every institution to know better about your credibility terms.