What is CIBIL?
Credit Information Bureau of India Limited also known as CIBIL (acquired by TransUnion) was incorporated as a credit information company to provide risk information. CIBIL is credit report agency or bureau which maintain records of individuals and small medium enterprises who have borrowed the personal loan, home loan, loan against properties, sme or business loan, and credit cards. The RBI has instructed Banks and NBFC to submit repayment and borrowing data to CIBIL on monthly basis. CIBIL provides credit history of over 600 million individuals and 32 million small medium enterprises.
What is Credit Information Report (CIR)?
CIBIL collects the borrowing and payment information from Banks and NBFC and issues Credit Information Report known as Credit Report.
What is a Credit Score?
Credit Score is primarily based on a credit report information about the payment history of an individual or commercial entity to check if you have paid earlier dues on time. Bank check your CIBIL Score before approving your loan. Credit Score help Banks and NBFC to determine the interest rate, credit limits and who to offer loans and credit card. Credit scores also help to evaluate the credit risk of consumers and to mitigate losses due to bad debts.
The CIBIL credit score represents a summary of credit history and credit rating of an Individual in a three digit (ranges between 300-900, with 900 being the best score). Individuals with no credit history will have a score of (-1). If the credit history is less than six months, the score will be zero (0).
How to get Free Credit Score Report?
As per the Reserve Bank of India Notification dated 1 January 2017, RBI has made it mandatory for all credit information agencies to provide a free full credit report (FFCR) once in a year without any charge to individuals who has a prior credit history. This rule has come into force on CRIF High Mark Credit Information Services Pvt. Ltd, Equifax Credit Information Services Pvt. Ltd, Experian Credit Information Co. of India Pvt. Ltd and Transunion CIBIL Ltd. Thus, you can obtain a free credit report from each credit bureau for every year, totalling 4 free credit reports.
CRIF High Mark – www.crifhighmark.com
- Visit CRIF High Mark Free Credit Report
- Submit Know-Your-Customer (KYC) details such as name, address, email, mobile number and Permanent Account Number (PAN)
- CRIF High Mark will verify the details submitted by customers
- CRIF High Mark will send an email to customers to authenticate credit history by answering a set of questions
- Followed by registration on the website to activate the account.
- The credit report will come on email after the authentication.
Equifax – www.equifax.co.in
- Download an Experian app, available on Android and iOS
- Submit basic KYC details, Aadhaar number
- Grant permission to authenticate Aadhaar details to get a free credit report
Experian – www.experian.in
- Submit basic KYC details and Aadhaar details
- The voucher code will be generated in a day’s time after you share your basic KYC details
- Use a voucher code, instead of paying the fee at the payment page
- Enter Voucher code and answer a few questions based on your credit history
- The score will be displayed and the PDF report will be sent to the verified email
Transunion CIBIL – www.cibil.com
- Visit CIBIL Free Credit Report
- Free report link directs you to a request form.
- Complete KYC and authenticate online verification
- The score will be displayed but can not download the report
How to submit a dispute form?
- You can dispute multiple fields and information on your report in a single dispute by navigating to each section on the Online Dispute Form (i.e. Personal, Contact, Employment, Account Details and Enquiry).
- Once the dispute is submitted, CIBIL will also mark the relevant field/ account/ section on your credit report as “Under Dispute”.
- It may take approximately 30 days to resolve a dispute, subject to the time taken by the Credit Institution to respond.