Have you checked your CIR?
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Now, loan-seekers can access their credit information as analysed by CIBIL and rectify mistakes
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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 agreed to the public demand to allow individuals to have access to their credit information reports.
CIBIL is an independent organisation, rather a storehouse of credit information of individuals and commercial establishments. CIBIL collects information from its members, collates it and circulates it on request. The members are banks, financial institutions, housing finance companies, credit card issuing companies and other lending institutions.
Credit Information Reports (CIRs) of CIBIL have become an important tool in the hands of officers of lending institutions, providing vital information on the credit history of applicants.
Until now, such information was accessible by only lenders and there was no opportunity for individuals to verify their credit rating and get the mistakes rectified, if any. There have been many instances of lenders not notifying the dues to the borrowers, (especially credit card payments and personal loans) and such loan accounts becoming irregular, which deemed customers as defaulters. Thanks to the provision made by CIBIL, now any consumer can access his/her credit information. You need to download the requisition form from http://www.cibil. com/pdf/Consumer _Disclosure_ Form.pdf
After filling the form, you have to provide self-attested copies of the following documents to CIBIL:
1. Identity proof: PAN card/passport/voter ID (any one)
2. Address proof: Bank account statement/electricity bill/ telephone bill (any one)
The fee for obtaining your CIR is Rs. 142. It must be paid by way of demand draft favouring ‘Credit Information Bureau (India) Ltd.’, payable at Mumbai and sent to Credit Information Bureau (India) Limited, P.O. Box No. 17, Millennium Business Park, Navi Mumbai-400710.
Three ways to obtain your CIR:
By e-mail: Send scan copy of the filled form to myreport@cibil.com. Attach scan copy of self-attested latest identity proof and address proof.
By post: Send the filled form along with DD for Rs. 142 and self- attested copies of latest identity proof and address proof to CIBIL, at above mentioned address.
By fax: Send the filled form along with self-attested copies of latest identity proof and address proof to CIBIL on Fax No. 022-40789007. The DD amount should be sent to the above address.
On receiving the documents and fees, CIBIL will process your request and send a copy of your CIR.
Earlier problems
Until now, the customer used to get credit information from the bank/HFC/FI where he/she has applied for credit facility. The lenders never use to provide the CIR to customers. Once the customer finds that the credit information is incorrect, on his request the lender was suppose to provide him a nine digit unique customer control number. With the control number, the customer was supposed to contact the CIBIL to get the exact details of negative/poor scoring details. Many times, due to wrong reporting by member organisations, it was found that the CIBIL report was incorrect. To get the mistakes rectified, the customer had to undergo many hardships.
In many instances, customers who had sought a home loan after making a huge advance to the builder had to undergo a traumatic experience. 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, losing the opportunity of owning his dream home and forfeiting the advance made to the builder, running into lakhs of rupees.
No more hassles
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. While the customers with good scoring can demand loans at lesser interest rates and with fewer formalities, the customers with lesser credit scores can always plan their finances properly and improve their credit scoring in the near future.
Even if you are not looking for any credit facility, it is wise to have the report from CIBIL, as it will give you crucial information and provide an opportunity to get mistakes rectified, if any. Whenever circumstances push you to seek credit facilities from banks/HFCs/FIs, the credit report will help you.
(The author is the Director of Institute of Home Finance and can be contacted at deshpanderp2007@gmail.com)
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