Hassle-free access to credit score
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Individuals can now obtain their credit information reports from CIBIL directly.
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A must document: The credit information report from CIBIL is an important tool for lenders.
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 paid heed to public demand to allow individuals to have access to their credit information reports.
CIBIL is an independent organisation, a storehouse of credit information of individuals and commercial establishments.
The bureau 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 issuers and other lending institutions.
In recent times, the credit information reports (CIRs) of CIBIL have become important tools in the hands of credit officers of lending institutions, as these provide vital information on the 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 on credit card payments and personal loans), trapping such customers unknowingly as defaulters.
Thanks to the provision made by CIBIL, now any consumer can access his/her credit information.
Earlier problems
Earlier the customer had to request the lending institution for credit information.
If the customer finds the credit information incorrect, the lender, on request, is supposed to provide him a 9-digit unique customer control number.
With the control number, the customer was supposed to contact CIBIL to get the details of negative/poor scoring details. If the member organisations had given wrong information, the CIBIL report would be 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 advances to the builders had to undergo a traumatic experience, making them lose their 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 in not only his losing the opportunity of owning a home but also the forfeiture of the advance.
Now any individual can access his/her credit information as analysed by CIBIL and if any mistakes are found, can take steps to rectify the same.
Procedure
The procedure to obtain your credit information report is as follows:
•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:
Identity proof: PAN card, passport or voters’ ID card
Address proof: bank statement or electricity or telephone bill The prescribed fee for obtaining your CIR is Rs.142. 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.
R.P. DESHPANDE
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