What is a CIBIL report and how to read it?

In addition to credit scores, the CIBIL report includes a lot of other information about a person’s credit history, including details about their lender, past loans, credit due, interest paid pay, loan term, etc.

To know about your creditworthiness and prepare well before applying for a loan, it is important to fully understand the CIBIL report or credit information report. It is mainly divided into six parts.

What is a CIBIL report?

One ETHNIC a person’s report contains all information about his past credits including loans, credit cards, EMIs etc. It is maintained by CIBIL, Credit Information Bureau Limited, a company Credit Information works closely with all financial institutions to track creditor records. It also contains personal information of individuals

How to read CIBIL report?

CIBIL report, also known as credit report, helps financial institutions to make informed decisions about a borrower by providing them with detailed information about his past loans such as loans car purchases, home loans, credit cards, personal loans, etc.

CIBIL report divided into main sections providing personal information, contact information, credit information, etc.

CIBIL score

The top section of the CIBIL report describes the individual’s CIBIL score. This is the crux of the report, as it carries a lot of weight in loan approval. A person’s CIBIL score ranges from 300 to 900. In many cases, the CIBIL score shows ‘NA’ or ‘NH’ in reports. In that case, the person may not have received any loan or credit until the time of report download. It also happens to people who have no credit history or are new to the credit system.

Personal information

As mentioned, it contains basic information about a person like name, Date of Birth, gender, etc. It also mentions details of Income Tax ID (PAN), Passport number, diver license etc.

Communications

This section contains the applicant’s address, phone and email id. There is also additional information on whether the address in question is a permanent, official or permanent address. This section contains up to four addresses and a person’s email address.

Job Information

This section contains detailed information about a person’s occupation and income. Since the information shown in the CIBIL report is provided by the lender, you can contact the lender directly to make any corrections to the information.

account information

Now, this is another important part of your CIBIL report. People can find details about their loans and credit card accounts in this section. It also informs about account number, loan amount, last payment, account type, loan amount, current balance, past due balance, etc.

What does it mean to see a red box on account details?

The red box above the account details in the CIBIL report means that the information provided is in dispute and will be deleted once it is resolved. Sometimes, the red box may continue to appear even after dispute resolution due to delayed updates.

request information

It includes details of all inquiries made by lenders for credit applications. It usually includes the lender’s name, the date of application, the type of loan, and its size.