The full name of CIBIL is Credit Information Bureau India Limited. Credit bureau of India keeps all kinds of credit related information and records of companies like loans, credit cards etc. or even personally. Under the Credit Information Companies (Regulation) Act, 2005, the Reserve Bank of India added several rules to it, with the help of which this company performs this work.
All these records are deposited by the registered bank member or other financial institutions in CIBIL within a regular period of time. Generally, this time period is of 1 month. Under this, there is a data base size of 17 crore under more than 65 lakh companies. It consists of at least 500 members in the current time. With its help, information about repair, bank consumer loans, credit cards and other types of banking history is available.
The goal of CIBIL is to help credit grunting institutions by submitting credit information, decorating them and disseminating them in order and making these essentials accessible to these credit grunting institutions.
Owner of Cibil
Cibil’s equity was jointly operated by State Bank of India, Housing Development Finance Corporation Limited, Dun & Brad Street Information Service India Private Limited and Trans Union International INC. The shareholding ratio of all these was as per 40: 40: 10: 10. The shareholding ratios of this time have changed, as many other banks have joined this time.
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How to Cibil Work
To get full details of the payment history of a credit applicant, a credit granter has to submit all the credit records of the applicant, which can be in different institutions. Taking the data related to the Cibil consumer and the company, it sends the credit report to its member.
When Cibil Provide Credit Report
It is a comprehensive credit bureau, catering to the needs of both the company and the customer. Its consumer credit bureau records the credit of one’s personal and the company credit bureau works for a partnership firm, private and public limited company etc.
What is Credit Information Report
This is the credit payment history of a Borrower, which they receive from various credit granters. Its purpose is to help the credit grantor to take the right decision in a short time. It is usually a three-digit number. It is completely based on a person’s transaction history. With the help of this, the details of loan type, institution etc. can be ascertained within the time period of a person. It does not include the savings of a person, fixed deposits etc. So no one can get the details of all of them with the help of this.
How to Get Cibil Report
You can apply for CIBIL report very easily. For this, pay attention to the following points.
- First go to the CIBIL website. This website is: https://www.cibil.com. From here you will get the form to apply.
- After receiving this form, name, address, email, mobile number, date of birth, etc. have to be given. Fill it well.
- Along with this, submit all the necessary documents related to it, such as PAN card, passport, voter ID, driving license, etc. in the form of an identity card.
- Use electricity, mobile bills, credit cards as residential certificates.
- If you want both a CIBIL credit report and a score, then attach a demand draft of Rs 470 with these documents and if you want to know only the credit score, then attach a demand draft of Rs 154 only.
- Send all these documents together at the following address:
Consumer Relations – Disclosure Request
Credit Information Bureau (India) Limited.
Hohest House, 6th Floor, 193, Blackbay Reclamation
Nariman Point, Mumbai 400 021
- After all the work is done well and after the completion of all the formal activities, the CIBIL report will come to your address within the next 10 to 15 days.
- If there is any problem then you can visit Cibil Customer Care with the help of this website: https://www.cibil.com/contact-us
Good Cibil Score for Loan
A score above 750 is considered a good score, with the help of which credit cards, loans etc. can be easily obtained, but usually most people have a score between 300 and 600. However, it is not the case that those who score below 750 cannot get a loan. This number starts from 300 and goes up to 900.
How to Remove Error in Cibil Report
Normally, a person checks his credit report even when his loan application is rejected in some way. The reason for this is often related to the credit report itself. With the help of CIBIL you can correct the errors of your credit report. For this, you have to pay attention to the following points.
- First of all, buy your CIBIL report.
- After this, check all the facts given in it and find out at which place this error is.
- After this, submit your name, address, date of birth, control number along with the details of the error on the website of the credit bureau.
- The control number is a unique number. It is 9 numbers, which is printed on the right hand side above the CIBIL credit report.
- When a credit report is prepared, it is generated from the new one. So it varies for different reports.
- It is very important to give this number to the bureau, because with this help they are able to find your CIBIL credit report and work on the errors in your report.
How to Improve Cibil Score
You can improve your CIBIL score by constantly keeping in mind your credit report. For this, pay attention to the things given below.
- The easiest way to improve your score is to apply in CIBIL to get your credit report. Keep in mind that you may have to pay for this. After this, take good information about all types of reporting in it that there is no error. If any kind of error is found, you can easily submit it to the bureau to fix it.
- Keep your credit card spending up to 50% of its limit. This can reduce your credit utilization ratio, which plays a huge role in influencing your credit record. For example, if your credit limit is 2 lakh, then keep in mind that your one month’s expenditure does not go above 1 lakh.
- Always keep your credit card balance low. A high credit limit greatly helps you to make payment flexibility and score.
- If you want to make a score, neither apply for any new card nor close any card soon. A new card can give you the highest credit limit, but if you are unable to pay on time, your credit score will fall. Therefore, it is best not to take a new credit card at the time you are engaged in preparing your score.
- Take the help of payment reminder. With this help, you will be able to know the last date of payment and will be able to pay before the last date. A credit score is affected if you do not pay on time. With the help of repayment history, you can go up to 30% beyond your credit score. So keep in mind that you are able to make full payment on time, so that your score can improve further. You can also use a direct bank account for this, with the help of which payment can be made on time.