Why You Should Need To Know More About Your CIBIL Report?

Whenever somebody decides to take a loan from any lender, that lender wants to be sure of that person’s creditworthiness so that the lender has some trust in getting that amount back. And how does the lender measure the creditworthiness of anyone? Well, the answer would be the credit report. Credit report of any individual contains the detailed record of all your credit history such as personal details (name, address, date of birth etc), contact details, information about your employment, inquiry information, credit card information, loan account, etc.

The credit report usually have all the details about how well you manage your debt and your payment details, etc for the last 36 months. In a sense, it has all the credit history of an individual. Before giving the loan, the lenders can check the creditworthiness of an individual by checking the credit report given by Transunion CIBIL which is one of the leading credit rating agencies of India. CIBIL report India is also one of the most useful ways to check any individual’s repayment behavior. But a lot of people confuse CIBIL report with CIBIL score, that’s why we will be telling about the differences, how can you check your free credit score, and other things in this article. Keep reading!

What is the difference between the CIBIL report and the CIBIL score?

A CIBIL score is nothing but a summary of your credit report by a three-digit number which ranges from 300 to 900 where 300 represents as worst and 900 as best. Your CIBIL score comes from your credit report as it largely depends on your credit history and payment behavior. Also, the CIBIL score is based on your last 24-month behavior while your credit report indicates your last 36-month behavior.

You should remember that both the CIBIL report and CIBIL score affect your loan eligibility as lenders assess both before sanctioning your loan application. So it’s important to keep your repayment track in order so that there won’t be any problem with your CIBIL report.

What are the various sections of the CIBIL Report?

Banks and finacial institutions provide the information about you to the CIBIL, on the basis of which your CIBIL report is generated. You can know about all the sections in your CIBIL report mentioned below.

CIBIL Score: This section indicates your CIBIL score which is used by lenders to measure your creditworthiness. It ranges from a score of 300 to 900.

Account Information: This most important section will have all the information about your existing loans and credit card like the name of lenders, your co-applicant, etc.

Employment Information: This section will tell your employment and your income details for that particular time when the lender sanctioned your loan.

Personal Information: This section will contain details like name, date of birth, gender, PAN number, Passport number, Driving license, etc.

Contact Information: This will give you the details about your address, contact number, email address. It will also tell about the address type whether it’s an office address or residence address.

Inquiry Information: It will show you all the inquiries made by the lender regarding your credit report.

You can check your free credit score by visiting the official website of TransUnion CIBIL. By following a few simple steps, you can get your free credit score in your email id which you provided while signing up.