Tag: Credit Report

How to correct the errors in CIBIL report ?

Posted on by Jagoinvestor

Did you come across many errors in cibil report of your ? Was there any kind of mistake in cibil report ? Are you wondering how to clear yourself out of CIBIL defaulter list? Is your name in cibil defaulters ? In this article you will see what can be done to Correct the errors in CIBIL Report and remove your name from cibil ? Firstly let’s understand the type of errors that can be on your CIBIL report. Before that, the first thing you need to do , apply for your CIBIL Credit Report Online

1. Errors in CIBIL Report

Banks keep on updating CIBIL about your credit behaviour on monthly basis. So, at the time of entering some data, it might happen that some human error happens. Even though these are human mistakes, still they are responsible and correctly blamed for a lot of complaints. Let me give you an example – Suppose your outstanding credit was Rs 2,000, but accidentally it was entered as Rs 20,000. Similarly, there can be various things which can get wrong:-

  • Account/ Loan Type
  • Account Status
  • Ownership Type
  • Date of Last Payment
  • Date Opened
  • Date Closed
  • Sanctioned Amount/ High Credit
  • Current Balance
  • Amount Overdue
  • DPD/ Asset Classification

Remember that each of these little things are very important and different banks can have different criteria and weightage on a particular thing. So getting each thing right is very important for your future loans. Make sure you have them corrected.

2. Mistakes in your Basic details like Name , Address , Date of Birth

There can be at times mistakes in basic details like Name, address, Date of Birth etc… For Example, in my CIBIL report, my name “Manish Chauhan”, can be misspelt as “Manish Chavan” (like all the people in Pune do when they write my name). So if name is misspelt as “Manish Chavan” and tomorrow some real “Manish Chavan” runs away after taking Rs 50, 00,000 home loans, with help of human error, there are chances that this impacts me. Don’t take it lightly incase your name or any other detail is incorrect. The full list of details is as follows

  • Name
  • Date of Birth
  • Gender
  • Income Tax ID
  • Passport Number
  • Voter’s ID
  • Telephone Numbers
  • Address
  • State
  • PIN

3. Something Does not Belong to you or Has Duplicate Entry

At times you will see things which do not belong to you, it comes into the category of “human error” or actually it might be on your name, just that you are not aware of it, this might happen if your documents are misused by some other person. This happens and has happened with lot of people. So take this seriously. Note that you might not see a recent update in your CIBIL report if you have applied for a CIBIL report within 45 days of a transaction. It takes time to update it in CIBIL report.

How to Correct your CIBIL report

Cibil has an online redressal mechanism for handling the mistakes in CIBIL Credit Report or to correct errors in cibil report, which is called “Dispute Resolution” .

CIBIL report Mistakes Correction

Step 1 : Fill up a Dispute Resolution form

The first step is to fill up this CIBIL Online Dispute Resolution Form. Make sure you put all the information correctly. There is something called as CONTROL NUMBER which you will find in your CIR report, you have put fill this control number in this dispute form along with other details. You will also have to give them the exact mistake and the correct information. The Control Number is a unique 9-digit number found on the top right hand side of your CIBIL Credit Information Report and is generated every time a credit report is generated.   Once you submit the form, you will be given a Dispute ID which you can use for future references. This Dispute id will also be emailed to you. The dispute resolution form looks like this

Cibil report mistakes resolution

Step 2 : CIBIL communicated to Loan Provider to confirm Detail

Once you raise a Dispute request, CIBIL first tries to see if it can verify and rectify the details on its own but incase its unable to do so (which will be the case most of the times) it will then forward your dispute request to the loan provider (the bank which issued you credit card, home loan, car loan etc).  Once the loan provider confirms that there is an error it will provide CIBIL with corrected data. CIBIL then updates the data and informs you as appropriate. Always remember, it is the duty of CIBIL to help you resolve your request.

Please remember that CIBIL does not make changes to any information on its own. It is only a custodian of information received from credit institutions. CIBIL is permitted to make changes to your credit information only when it is confirmed by the relevant loan provider(s). You will receive an email notification informing of the results for the dispute requested. It takes approximately 30 days to resolve a dispute request. Once the dispute is resolved, you can see the status of your CIBIL report by applying to it all over again. A lot of people wish if they could have a CIBIL Login and Password where they can view their report whenever they want. But that won’t happen soon

I hope you have got a clear idea on what to do when there are mistakes in your CIBIL report and you want to correct them. Just follow the steps suggested and you should be able to correct the errors in cibil report of yours and get out of CIBIL defaulter list !

CIBIL Report Online – Get your credit score in your email

Posted on by Jagoinvestor

This article will teach you how to apply for your cibil report online . Some months back, I had written an article on CIBIL report which was well taken. A lot of readers applied for CIBIL score and were shocked to see their CIBIL report was messed up because of some past sin committed in area of credit card, home loans, personal loans. A lot of you applied for CIBIL report which took some time, energy and lot of commitment, but majority of readers didn’t take any action and just told themselves “I will apply soon” .. that “soon” never happened and seems like CIBIL heard your prayers. CIBIL scores are now available online. Fill a form and make the online payment in 10 minutes, authenticate some questions and get your CIBIL score online in your email in next 4 days ! . I applied for my personal CIBIL score and I got it in just 2 days in my email . My score was 835 ! . yippee !

Procedure to get your CIBIL report online

Note that you can only get your CIBIL TransUnion Score (Including CIR) by paying Rs 450. You cant get CIR alone .

1. Fill up the online form

The first step is to fill up a form online here . It asks Name, address, Phone details along with Identity and address proof. At the end it would ask your Loan account number (credit card number in case of credit card) . Make sure you fill up the form correctly and also double-check that you are putting correct address, identity proof related number like PAN number , Passport number etc. Once you are done with this step, you move to step two, which is payment online.

CIBIL Report online

2. Make an online Payment

Once you have filled up the form, and click on “Make Payment” button, you will be redirected to the payment gateway where you can make the payment of Rs 450 by credit card, NetBanking or other ways . I would suggest making a payment using net banking , because I used credit card option myself two times and it failed , but with Net banking option, I didn’t face any issue.

Make sure you do not close the page after making the payment, it will redirect you to a CIBIL page where the 3rd step will be performed. Note that before you move to 3rd step , you will get an IDENTIFICATION ID number , please make sure you note it down properly.

Tip : The reason why we keep getting transaction failures (with payments getting deducted) is because of the way the CIBIL website handles cookies. Its always better to clear off everything in your browser before attempting to pay for your report. I found this the hard way after my payments were deducted a couple of times (1 refunded and 1 waiting for refund). Thanks to Vijay for this finding

3. Authentication

Now from security point of view, now you will have to answer 3 questions which would be related to your credit history. Once you answer these questions, your authentication will be successful and you will get your CIBIL score card in your email in next 4 days. You will get this message once authentication is successful

We will e-mail your CIBIL TransUnion Score (Including CIR) within 4 business days*. The On-Line Payment Confirmation is emailed for your record. For any queries on the status of your request, you can write to us with your Transaction Id at [email protected] after 4 business days.

You will get a receipt of payment which you can print right away and you will also get an email with PDF copy of your payment and other details.

What if authentication fails ?

Incase the authentication step fails while applying for cibil report online, don’t worry .. all you need to do is take the print out of the payment receipt (you get it in email also) , self attested photo copies of the required documents (identity and address proof) which you had put in the form in the start , and send it to CIBIL address. You should get back your CIBIL score in next 10 days.

Documents Required & CIBIL address

1. Online Payment Confirmation
2. Identity Proof – PAN / Passport / Voter’s id (Identity proof should be valid and not expired)
3. Address Proof – Bank Statement / Electricity Bill / Telephone Bill / Passport / Credit Card Statement (Address proof should be not more than 3 months from the date of application and should be in your name)

Address

Consumer Relations – Disclosure Request,
Credit Information Bureau (India) Limited, Hoechst House, 6th Floor, 193,
Backbay Reclamation, Nariman Point, Mumbai 400 021.

Data Security ?

While CIBIL says that the whole process to apply for cibil report online is secure and there has been rigorous testing, I personally realised that it’s not 100% secure. First the email id where you want to order the CIBIL score can be any email id , all i need to know is your important documents numbers and your credit history and some numbers , which I feel a lot of people share with their close friends and relatives sometimes . So the real security would happen when you do not disclose your credit related data to anyone .

In last few months we have seen that there have been many complaints from hundreds of people on how they could not get a loan because of their low CIBIL score or some bad past record . Banks are seriously looking at these scores now and make sure you at least have a look at your CIBIL score once . So if you have any credit card or loan , you should apply for CIBIL score and have a look at it.

Try out ordering your CIBIL report online and let me know if you were successful or not . Also share your experience with CIBIL in comments section.

What is CIBIL report ?

Posted on by Jagoinvestor

What is CIBIL report ? Are you looking to check your credit score and want to know why your loan application was rejected ? Yes, if you are misusing your credit taking capacity, you are being watched at like never before in this country. I am talking about CIBIL here and in this article let me show you how your current behaviour related to credit card, personal loan, home loans are going to affect you in future in a good and bad way. Also see 2 real life cases where a person’s loan application got rejected because of Bad CIBIL report and how they didnt even knew about it ! .

CIBIL Report

What is CIBIL and why you should be concerned ?

CIBIL is Credit Information Bureau of India Limited, which acts like a central repository of credit information in India. As many as 500 different banks and financial institutions are CIBIL’s clients and they report each of their customers (like me and you) actions to them.

So if you take a credit card from ICICI Bank, then ICICI bank reports to CIBIL about it. If you enquire about car loan to HDFC Bank, hold your breath! as even that enquiry is reported to CIBIL, if you can’t pay your EMI for home loan with SBI Bank for a particular month, that also gets reported to CIBIL.

Not just your bad actions, but even your good actions like paying EMI’s on time, paying credit card with punctuality also gets reported with CIBIL. You can see that this way, a history is maintained at CIBIL for each person, which can be good history or bad history depending on the case and this information is very useful for banks to decide if they want to give loan to you in future or not. All the banks are now looking at CIBIL report before taking the decision.

Good and Bad credit Report

CIBIL report is not always bad. It’s an extremely good concept which is now taking shape in India recently. If there are two people A and B and A is a good guy and B is a bad guy, obviously A should get better rates of interest, faster processing, first right to loan. Whereas, guy B should get loan at higher rate of interest (because he is risky) and may be banks can even deny entertaining him at all.

CIBIL gives us the power to build our credit report. So if you become 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. Also note that taking a lot of loans without having the capacity is also a negative thing and that can affect your credit report.

CIBIL Report

I would like to warn you that you have to be super sensitive and careful with credit card and loan repayment, because one small mistake or being lazy in this area can cost you a lot. I would like to share some instances of readers who faced a lot of issues in area of getting loans and finally they checked their CIBIL report and found that they were having bad history

Some bad experiences from readers

Rajaram mentions on our forum how his home loan payment was rejected because of his credit card late payment issues

I had two credit cards one from HDFC and other one from ABN AMRO.

In case of ABN AMRO, salesman told me that if I do purchasing of Rs.1000 within 1.5 month then the annual fees will be waved off. As per his instructions I did purchasing of Rs.1000 within that stipulated time frame. But still I got a bill with annual fees after a month. Hence I complained to the Call center executive gave the brief about my complaint. I also told him that I will be paying the amount which was spent by me and according I paid it through cheque. No further transactions done through the card and subsequently told them that I am returning it to them. But later on bills started coming with annual fees with charges. I again informed the call center executive and told him that I am not going to pay the annual fees which wasn\’t there. Later on bills stopped coming.

In HDFC case I had used this credit card for one year and in one month while paying the dues I dropped my cheque in their drop box 3 days prior to due date. When next month\’s bill received it came with late fee charges. I contacted to call center executive and told him that I had dropped my cheque 3 days in advance then how come this charges. He said it received 2 days later than my due date as was not having any proof I could not prove it. I paid the amount due to me excluding the charges. 2-3 month they sent the later but later on they stopped sending bills.

Above two instance happened to me and had forgotten also. But this year when I applied for Home loan from one of the housing bank then suddenly they put down one condition to give clarification about Credit card issues. They got this information from CIBIL which I was unaware of.

Now I need help to come out of this issue so that my housing loan clearance will be faster.

How Nihal credit report got messed up because he gave his pan card to his friend

One of my friends took a car loan from a nbfc 3 years back and he wanted a reference for this loan (i now realize there is no such thing as a reference for a loan) i obliged and gave him a duplicate copy of my pan card.

For atleast 2 years i have been applying for credit cards and getting rejection letters from all the banks. I finally was fed up with this and decided to get my cibil report and was shocked to see that i was the co-applicant for the car loan my friend had taken 3 years back. He had defaulted on this loan which was reflecting on my cibil report and that being the main reason for me not getting any credit card.

Like i mentioned earlier i had given my friend a copy of my pan card but i had never signed any loan application form, so i followed up with my friend (who still claims that i was supposed to a reference for this loan) and also with the customer care at the NBFC (who i must say were extremely rude). I managed to get the loan application form from the NBFC and i’m a cent percent sure that my signature has been forged on the form. Now my friend (would not want to call him a friend anymore) claims that the person who gave him this loan never told him about me being a co-applicant and he always thought i was only a reference.

How Ganesh faced issue with CIBIL report because of his credit card outstaning bill

Yes, I checked my cibil report last month because i had a suspicion and it was proved right.i had a c/card from icici which for a meagre sum of rs.2000 which i lost track because i was transferred to different city and didnt notice the bill. i also didnt use the c/card at the new place, as i had another card with c/limit of rs.45,000 which i started to use(sbi).

after 7 months, when i tried using the card again, it was getting rejected. when i checked with icici, they said the card is blocked. then only i came to know of the card outstanding, which by this time due to interest, and fine/charges etc had come to about rs.4000. Immediately, it was settled in full and closed the c/card a/c.

Now my cibil report shows “810″ with “history of more than 6 months outstanding 7-12 months back”

i feel cibil should consider the fact that the outstanding was settled in full – including fine/interest/etc…. and give a good score….

so i feel the system is flawed and i am paying a price for it.

my other loans – 2 wheeler loans and other sbi c/card a/cs – was showing prompt payment, either payments finished or under regular payments.

i dont know why i am still given a defaulter score when i have settled in full.

is there any way to reset my score with cibil.. pls advise…

How to get your CIBIL Report Offline

There are two kind of reports which you can get from CIBIL . The basic one is called CIR Report which is nothing but a basic information on how is your credit history and what kind of information is there with CIBIL . This is called CIR report and it costs Rs 142 . This is good enough if you just want to check your status with CIBIL .

Update : Now you can also apply for your CIBIL Report Online

The second thing which you can get from CIBIL is your Credit Score which is called as CIBIL TransUnion Score and ranges from 300 – 900. This is number which scores your credit ranking . A lower number means your credit score is bad and you will be considered as Risky ! . If its 900, you are doing great, Higher the better . The cost of CIBIL TransUnion Score along with your CIR report would be Rs 450 . I would say this is not at all expensive if you can get this vital information at such a cost . If you are facing any rejection for loans or if you fear that your past history can haunt you , then its a good idea to check the CIBIL report each year and find out how does it look like. I have created a step by step procedure for you on how to apply for CIBIL report . Have a look

CIBIL Report

Can you fix the CIBIL report have wrong Information?

A lot of times Banks makes mistakes in Cibil Report and it is mostly manual mistakes or lot of times delay in communicating the details . If you check your CIBIL report and find out any problems , please ask your bank to communicate it to CIBIL as soon as possible . Also if based on your CIBIL report, if you clear some loans , make sure you ask your bank to communicate to CIBIL that you have cleared the liabilities , so that it can get updated in CIBIL report. CIBIL report is your lifeline for future , don’t do anything which makes its dirty, else that will affect you in long run .