CIBIL report of any person is the feedback report of that person from his previous landers. A CIBIL score is the first section in the CIBIL credit information report (CIR). Lenders refer to this score to evaluate your loan application. A CIBIL score ranges from 300 to 900 and is calculated on the basis of information present in ‘Account Information’ and ‘Enquiry Information’ sections.
A score that is closer to the upper limit is considered to be a favourable one for availing a new credit line. That means the lender will be more confident to lend you money as you have kept the lenders’ trust in the past and repaid on time.
Sometimes, your score may be displayed as ‘NA’ or ‘NH’. One of the following holds true in this case:
- You do not have a credit history.
- You do not have any credit activities in the last few years.
- You have all add-on credit cards and no credit exposure.
PERSONAL INFORMATION
The second section contains your personal information including your name, date of birth, and gender as registered on the CIBIL repository. It also contains identity information such as your PAN, passport number, Aadhaar number, driver’s license number, voter ID number, and others as reported by lenders.
CONTACT INFORMATION
The contact information section contains your address, telephone number, and email address as specified by lenders. The address category includes information such as office address, residential address, permanent address, and temporary address. Also, it is not just the recent address, the credit report will contain up to four addresses, telephone numbers and email addresses as provided by lenders.
EMPLOYMENT INFORMATION
The employment information section covers the details of your occupation and income pertaining to the time of opening a credit facility, as reported by the lender.
ACCOUNT INFORMATION
Account information is the most important part of the report; the score depends mostly on this information. The section contains details of all your loans and credit cards. The section comprises of a table with columns such as the name of the lender, type of credit facility, account number, type of ownership, the date of opening the account, the date of last payment, loan amount, outstanding balance, and a month-on-month record of 36 months of payment.
In addition, the Days Past Due (DPD), i.e. the number of days the payment on an account is due, will be mentioned. The most favourable value for this column can be ‘000’ or ‘STD’; all other values are considered a negative indicator. ‘XXX’ implies that there is no payment information received for the corresponding months by CIBIL. Similarly, ‘060’ implies the payment is due by 60 days late. The possible values can be:
- Standard (STD): For payments made within 90 days.
- Sub-Standard (SUB): For payments made after 90 days.
- Special Mention Account (SMA): A special account to report a Standard Account moving towards Sub-Standard.
- Doubtful (DBT): The account has remained SUB for 12 months.
- LOSS (LSS): It determines an account where loss is identified but not recovered.
RED BOX
Sometimes, you can find a red box as shown in the image placed above the ‘Account Details’ table. If there are disputes associated with the account information, the red box will appear with the text stating the fields that are under dispute. The box will be removed once the dispute is closed. There may or may not be any change in the information based on the lender’s input on the dispute.
ENQUIRY INFORMATION
The enquiry section includes information about the recent enquiries made by lenders corresponding to the credit applications made. Every time you apply for a credit facility, the lender enquires about your credit history and this enquiry is recorded. The section includes data such as the name of the lender, date of the application, type of the loan, and the loan amount.
Q. What is a CIBIL Score and what factors affect my CIBIL Score?
CIBIL Score is a 3 digits numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
Q Why is CIBIL Score important?
CIBIL Score is required when it comes to loan and credit card applications. Having a high CIBIL score (closer to 900) implies that you have good financial history and lenders express high confidence in extending credit to such individuals. Your borrowing limit and interest can all depend on your CIBIL Score.
Q How does information get on my CIBIL Report?
Credit Information Bureau of India Limited (CIBIL), which is India’s first Credit Information Company, collects and maintains the records of an individual’s and non-individual’s (commercial entities) credit related transactions such as loans and credit cards. These records are provided by banks and other lenders on a monthly basis to the Credit Bureau. Using this information, a Credit Information Report (CIR) and CIBIL Score is developed.
Q.How can I improve my CIBIL Score?
Your CIBIL score is dependent on various factors. Below are 6 steps which will help you better your score:
- Always pay your dues on time
- Keep your credit balances low
- Apply for new credit in moderation
- Maintain a healthy credit mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards).
- Monitor your co-signed, guaranteed and joint accounts monthly
- Review your credit history frequently throughout the year
Q Would my CIBIL Score be affected if I checked it?
When you check your own credit score or credit report, it is counted as a “soft enquiry”. Your CIBIL score remains unaffected no matter how many times you check your credit score for yourself. However, if banks or financial institutions check your credit report at the time of new credit card or loan application, it is considered as a “hard enquiry” and impacts your score.
Multiple hard inquiries, if done over a relatively short period of time, demonstrate what is called “credit hungry behaviour” and may hurt your credit score.
Q How much do I need to pay to get a CIBIL Credit Report? We have various plans available based on how long you want access to your report. You can view the plans here. In case you are not interested in any of our paid plans, you can still opt for a Free CIBIL Credit Report here. With free, you will just get a one time score. Other features available in the paid plans such as alerts and score simulator will not be available.