Ever wondered why your application for the loan had been declined? If you're misusing your own credit taking capacity, then be you must know that you are being watched like never before in this country. CIBIL has developed an algorithm to consider several fields before making the credit report. But there will always be some mistakes made on the part of lenders or identity theft such as lack of updated information, errors in personal data etc.
CIBIL report is not always bad. It’s a very good concept which is now taking shape in India. CIBIL gives you the power to put up your credit report. So if you are responsible and use your credit effectively and with planning, you can build a good credit history with CIBIL, which will help you in long run. Individuals can check for any discrepancies in their credit report as individuals now have access to their CIBIL report online. While reading your credit report, make sure you read the whole report it is not only important to read your credit score.
Sometimes Banks makes mistakes in CIBIL Report which as mostly manual. If you find out problems in you CIBIL report, ask your bank to communicate it to the CIBIL