However, not all facts we are aware of the CIBIL report. Here are a few hidden facts of your CIBIL report.
- CIBIL report does not clarify if the score can be considered for your credit assessment: For instance, availing home loan. The credit score available on the report does not state if it can be considered for home loan assessment. The lender decides on the overall report for the credibility to sanction the loan. It only reflects your credit history. For example, if the report says that you had over dues of home loan in the past, then the lender may reject your application despite having a high credit score.
- The CIBIL report won’t provide any suggestions or measures: Your CIBIL report may have details about defaults, your over dues, or any delayed payments. However, it will never provide any corrective measures or suggestions to improve your CIBIL score. It does not tell you how you can improve the chances of approval for your next loans. You have to decide if you want to close any credit card or pay any outstanding amount.
- You won’t find any credit utilisation ratio in the CIBIL report: The total debt/ credit balance to the total available credit gives you theCredit utilisation ratio. This information will not be available in your CIBIL report. Around, 30 per cent of the overall credit score is affected by the credit utilisation ratio.
- The CIBIL report will not list the names of any defaulters: We may think that CIBIL cares to maintain a record of all defaulters, but that’s not the case. Lenders cannot access any report that may blacklist you from availing future loans. All that is available in the report is that you have some defaults affecting your credit score negatively.