All about your financial standing record, credit history and your worthiness information is available at your Credit Information Bureau of India Limited (CIBIL) or in the Credit Information Report (CIR). Your CIBIL report is a vital part when it comes to home loan buyers. Therefore, it is a crucial part of your financial planning and also to get to the credit access more easily.
 
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.
Your CIBIL report will not have the reasons for any settlements or closure of accounts: This information is not available. There could be a reason where you didn’t pay all your EMIs on time, and you paid the final amount at one go. And all you may have is the final score and foreclosures information. The loan officer may probe the reason for such settlement while having a personal discussion with you during the appraisal of your home loan application.
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