Credit Information Report and Credit score play a crucial part in the loan approval and disbursing process these days. Based on your credit history and score, a bank will decide whether to approve your loan request or how much interest to charge you on the loan. Here we are representing some Frequently Asked Question (FAQ) regarding CIBIL and CIR report at one place with all the answers. Questions such as How can I know my CIBIL score? How can a guarantor request for a loan if the borrower is default? Does settlement of loan affect credit score? Have a good credit score still not able to get loan? You can visit our previous article on CIBIL and check their website too.
My credit card request was rejected by HDFC and Axis Bank, due to CIBIL rating. How can I know my CIBIL rating now?
You can check always your CIBIL credit score & the settlement details of your previous credit card by applying for Credit Information Report (CIR). To get CIBIL’s CIR Report and cibil Score offline (downloading form and posting it) and online (submitting information on internet) are available. Both these process are explained in on CIBIL’s website.
For a first time borrower, how will credit score be calculated?
A generic credit bureau score is a numerical expression based on statistical analysis of a person’s credit history that will represent the creditworthiness of that individual. Advanced statistical techniques are used to determine the specific levels of risk associated with a particular borrower based on his credit history with respect to data available by banks like HDFC Bank, Axis Bank, ICIC Bank. Borrowers who have their records at the CIC for at least six months (starting from the ‘open’ date of the account) are eligible of being scored.
The CIBIL TransUnion Score 2.0 introduced a risk index score range for those individuals who have a credit history of less than 6 months. These individuals were categorized under the category of “No History- NH” in the earlier version. The score range is from 1-5, with 1 signifying “high risk” and 5 signifying “low risk”.
How much minimum score I should have to get home loan. Which bank would be easy to get home loan if the score is less?
There are no fixed criteria defined as far as your minimum credit score is concerned. A score of 750+ is considered good but in no way provides guarantee to get a home loan or any other loan. Also, your Credit Score is not the only deciding factor for the banks to approve your loan. There are other factors also like your income, the income-expense ratio, the loan to value ratio, the tenure of the loan etc.
Every bank have their own set of parameters and policies to sanction a loan may it be Personal loan, Home Loan, etc. and it is not possible for us to analyze which bank has soft policies towards a low score applicant. We can help you prepare with best available support
I have taken a CIBIL Report by paying a certain amount about a year back. Report did not mention the score. After enquiring their office, they mention I should contact Axis Bank (In my case) for the score details. Is there any other way to know my score?
There are two versions of CIBIL Credit Information Report (CIR) – one with CIBIL credit score and the other one, without it. With cibil score, it is charged more than the one without score. If you want to check your score, go for the one which costs more No bank may it be Axis Bank, ICICI Bank, HDFC Bank, etc. would be able to provide you this report.
I tried logging my application for the CIR in CIBIL website, though I gave complete information and whatsoever necessary it doesn’t accept it.
The reason why we keep getting transaction failures (with payments getting deducted) is because of the way the CIBIL website handles cookies. It’s always better to clear off everything in your browser before attempting to pay for your report may it be history , cache or cookie. Always not the Identification number.
In case the authentication still fails, please take the print out of the payment receipt (you get it in email also) , self attested photo copies of the required documents (identity and address proof) which you had put in the form in the start , and send it to CIBIL address. You should get back your CIBIL score in next 10 days.
- Online Payment Confirmation
- Identity Proof – PAN / Passport / Voter’s id (Identity proof should be valid and not expired)
- Address Proof – Bank Statement / Electricity Bill / Telephone Bill / Passport / Credit Card Statement (Address proof should be not more than 3 months from the date of application and should be in your name)
Address where they are to be mailed
- Consumer Relations – Disclosure Request,
- Credit Information Bureau (India) Limited, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.
There are many other questions if you talk about CIBIL score and CIR Report in terms of Personal Loan, Home Loan, etc. To know more stay tuned.