How to Read & Analyze Your CIBIL Report?

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Lenders use CIBIL reports to assess an individual's creditworthiness when considering loan or credit card applications. A higher credit score, based on this report, enhances the likelihood of approval for credit facilities. Understanding this report is vital, as it influences how the CIBIL score is calculated and provides insights on improving it if necessary.

How to Read Your CIBIL Report?

Understanding the CIBIL report is not very difficult once you understand the different sections and components present. These are:

Credit Score

This section of the credit report shows your CIBIL score, ranging from 300 to 900. It's determined based on the data in the "Accounts" and "Enquiry" sections of the report. A higher score, closer to 900, boosts a lender's confidence in your repayment capability and increases the likelihood of loan approval.

Personal Information

This section includes information such as your name, date of birth, gender, PAN, and passport number.

Contact Information

This part of your CIBIL report will have information such as your permanent address, your current residential address (in case the two are different) and your office address. Additionally, it will also have your phone number.

Employment Information

In this section, you can view your employment type (salaried or self-employed) and details related to your monthly and yearly earnings.

Account Information

This section will consist of details concerning your active loan accounts as well as your closed ones. For every account, you can see the amount you borrowed, your payment frequency, EMI amount, and outstanding balance.

Inquiry Information

This section will tell you about the number of lending institutions that have inquired about your credit health.

Common Terms of Your CIBIL Report that You Need to Know

For a better understanding of your CIBIL Report, you will need to learn certain terms that are likely to appear in the report and know what they mean. Some of these are as follows:

DPD (Dues Past Day)

This signifies the number of days that have passed since the repayment’s due date. DPD should ideally be zero.

CN (Control Number)

The Control Number (CN), or the Enquiry Control Number (ECN) is a 9-digit number that acts as a reference to the report. Any person who wants to contact CIBIL over any doubts in their report can use this number.

Settlement Amount

This refers to the amount decided upon by the lender and the borrower in case of a dispute in payment terms. This sum is generally lower than the loan amount.

Written Off Amount

This is the leftover sum from the total loan amount, in cases of settlement between the borrower and lender. It includes both the principal and interest that has been written off.

NPA (Non-performing Asset)

Any payments that are due from over 90 days are referred to as non-performing assets.

Amount Overdue

It refers to a payment that has not been made on time to a lender. These include both the loan interest as well as the principal amount.

High Credit

The high credit refers to the highest amount ever billed by the borrower with an overdraft or a credit card. The interest and the fees charged for this transaction are also included in the CIBIL Report.

Written Off and Settled Status

This section denotes that the borrower and the lender agreed on a certain settlement amount or that the loan was restructured by the lender.

Knowing your CIBIL report is vital for monitoring your financial well-being. Remember, your CIBIL score plays a crucial role in loan approval, so it's important to keep track and take prompt action in case of any adverse changes. A high score enhances your eligibility for a personal loan on Bajaj Markets! You can get collateral-free loans of up to ₹50 Lakhs at competitive interest rates starting from just 9.99% per annum.

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What is a CIBIL Report?

A CIBIL report is a credit information report that provides a comprehensive summary of an individual's credit history and creditworthiness.

How can I obtain my CIBIL Report?

You can request a free copy of your CIBIL Report once a year from the official website of the Credit Information Bureau of India Limited (CIBIL). You can also check your CIBIL Report online on financial platforms like Bajaj Markets.

What information does a CIBIL Report contain?

A CIBIL Report includes personal details, contact information, a summary of credit accounts, payment history, credit utilisation, and details of any defaults or late payments.

How often is my CIBIL Report updated?

Lenders usually update the credit information with CIBIL on a monthly basis. However, the frequency may vary among different lenders.

Can I correct errors that may be present in my CIBIL Report?

Yes, if you find inaccuracies in your CIBIL Report, you can initiate a dispute request with CIBIL. The bureau will investigate and rectify any errors found.

How long does information stay on the CIBIL Report?

Different types of information, such as credit accounts, inquiries, and defaults, remain on the CIBIL Report for varying durations, usually ranging from a few months to 7 years.

Does checking my own CIBIL Report impact my credit score?

No, checking your own CIBIL Report is considered a "soft inquiry" and does not affect your credit score. It is advisable to review your report regularly to monitor your credit health.