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Hassle free access to credit score

Photo: Mohammed Yousuf

Tools: The Credit Information Reports (CIRs) of CIBIL have become important tools.

No more rude shocks from your bank, such as ‘Your loan application is rejected because of CIBIL’s negative/poor credit score’. The Credit Information Bureau (India) Ltd. (CIBIL) has finally heeded to the public demand to allow individuals to have access to their credit information reports.

CIBIL is an independent organisation, rather a storage house of credit information of individuals and commercial establishments. CIBIL collects credit information of consumers and commercial establishments from its members, collate the information and circulate the credit information back to its members, on request.

The members are Banks, Financial Institutions, Housing Finance Companies, Credit Card issuing companies and other lending institutions.

In the recent times, the Credit Information Reports (CIRs) of CIBIL have become important tools in the hands of Credit Officers of lending institutions, as CIRs provide vital information on credit history of applicants.

Until now, the credit information of individuals was accessible only by lenders and there was no opportunity for individuals to verify their credit rating and get the mistakes rectified, if any.

There are many reported instances where lenders had not notified the dues to the borrowers, (especially the credit card payments and personal loans) and such loan accounts becoming irregular, which trapped such customers unknowingly as defaulters.

Thanks to the provision made by CIBIL; now any consumer can access his/her credit information.

Earlier the customer had to request the lending institution for credit information. If the customer finds the credit information incorrect, on his request the lender is supposed to provide him 9 digit unique customer control number. With the control number, the customer was supposed to contact CIBIL to get the exact details of negative/poor scoring details. Many times due to wrong reporting by member organisations, it was found that CIBIL report was incorrect. To get the mistakes rectified, the customer had to undergo many hardships.

In many instances, innocent customers who had approached for home loan after making huge advance to the builder had to undergo traumatic experience, putting them into loss of hard earned money. The home loan application was rejected on account of negative/poor scoring by CIBIL. By the time the customer could get the mistakes rectified, it was too late, resulting into not only losing the opportunity of owning his dream home, but also the forfeiture of the advance made to the builder, running into lakhs.

Now any individual can access his/her credit information as analysed by CIBIL and if any mistakes are found, can take necessary steps to rectify the same.

The procedure to obtain your credit information report is as follows:

You need to download the requisition form from the web link: http://www.cibil. com/pdf/Consumer _Disclosure_ Form.pdf

After filling the form, you need to provide self-attested copies of the following documents to CIBIL:

1. Identity Proof: PAN Card/ Passport/ Voters ID (any one)

2. Address Proof: Bank Account Statement/ Electricity Bill/ Telephone bill (any one)

The prescribed fee for obtaining your CIR is Rs. 142 only. The fee needs to be sent to CIBIL by way of demand draft favouring ‘Credit Information Bureau (India) Ltd.’, payable at Mumbai and dispatched to Credit Information Bureau (India) Limited, P.O. Box No. 17, Millennium Business Park, Navi Mumbai- 400710.

On receiving your documents and fees, CIBIL will process your request and a copy of your CIR (credit information report) will be dispatched to you.

Even if you are not looking for any credit facility, still it is wise to have your credit report from CIBIL, as it will help you to know your credit information and provide an opportunity to get mistakes rectified, if any.

The author is the Director of Institute of Home Finance and can be contacted at deshpanderp2007@gmail.com)

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