Did You know about these 5 Facts of CIBIL Report?

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.

Looking for property portal?

Find a property Post property

Here is How You Can Find a Property Investment Hotspot

When it comes to investing in real estate, a lot of careful planning and considerations need to be taken into account. Not every real estate area gives a good return in future and to make sure your investment does not end up bad; one must be mindful ...

Jun 03, 2019
Impact of RBI Holding or Increasing the Repo Rates

Homebuyers who have been keeping a close watch of the market and the RBI’s reduction in repo rates cannot be happier. The repo rates are now at the all-time low at 5.4 percent. The repo rate is the rate at which the RBI lends out the loan to the ot...

Sep 14, 2019
A Comprehensive Guide on How Much Service Tax You Need to Pay on Property

Whenever you buy an under construction property, you are liable to pay the service tax associated with the property to the Government. However, buyers find it quite confusing to compute the exact amount of service tax they need to pay to the concerne...

Dec 28, 2016
For Budget 2020 Government Invites Suggestions

For the upcoming Budget, the government of India asked the citizen to suggest what they expect from the Budget 2020. On their official website mygov, the government asked the citizens of the country to give their suggestions until January 20, 2020. O...

Feb 04, 2020

Did You know about these 5 Facts of CIBIL Report?

Looking for property portal?

Related Articles

Here is How You Can Find a Property Investment Hotspot

Impact of RBI Holding or Increasing the Repo Rates

A Comprehensive Guide on How Much Service Tax You Need to Pay on Property

For Budget 2020 Government Invites Suggestions