How To Access Your Credit Report In India (CIBIL), Its Impact On Your Loan Eligibility
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8 Comments
Many a time, banks reject home loan applications without giving any explanation. This frustrates loan seekers to no end and as the reason is not known, they hesitate to apply to another bank. Here, the loan seekers need to understand that if they are denied a loan even after fitting the criteria described by banks to disburse loans, then there must be something wrong with their CIBIL report.
Home Loan : Apply for Home loan in India
Credit Information Bureau of India Ltd (CIBIL) is one of the four credit bureaus licensed by the Reserve Bank of India (RBI) and also one of the largest databases of credit payment history. As per a recent ruling, CIBIL can make available Credit Information Report (CIR) of a person for a nominal cost. CIR is a factual record of consumers' payment history built up from information received by credit lenders like banks. The main purpose of CIR is to help credit lending institutions make informed decisions and enable faster processing of credit applications so as to help provide speedier access to credit at better terms. So, by law, now everyone is entitled to credit report from CIBIL.
Asking for CIR becomes more important when one finds his/her name in the CIBIL list even after clearing the previous debt. This may be due to laxity or ignorance on the part of lending institutions.
Methods to Secure CIR Report
One can request for a copy of his/her CIBIL CIR in three quick steps, through Email, Mail, Telephone or Fax.
- Email
- Email the CIR Request Form ( attached herewith ) duly filled in to myreport@cibil.com.
- Mail self-attested hard copies of the latest identity proof and address proof documents and fees to CIBIL's postal address.
- Once CIBIL receives the documents and fees, the request will be processed and a copy of CIR will be sent to the person.
- Letter
- One can write to CIBIL with the CIR Request Form duly filled in along with self-attested hard copies of the latest identity proof and address proof along with the prescribed fees.
- Fax
- One can also fax the CIR Request Form duly filled in to 022-40789007.
- Mail self-attested hard copies of the latest identity proof and address proof documents and fees to CIBIL's postal address.
- Once CIBIL receives the documents and fees, the request will be processed and a copy of CIR will be sent to the person.
Fees
The fees will be in the form of Demand draft (DD) of Rs 142 (inclusive of all taxes and express delivery charge) drawn in favour of Credit Information Bureau (India) Limited payable at Mumbai and is non-refundable.
Documents Required
- Valid Identity Proof: PAN Card/Passport/Voter's ID (One has to post the self-attested hard copy of any one of these Identity Proofs)
- Valid Address Proof: Bank Account Statement/Electricity Bill/Telephone bill (One has to post self-attested hard copy of any one of these Address Proofs)
All the self-attested relevant documents along with the CIR request form duly filled in must be sent to the following address:
Address for sending via Speed Post / Regular Post
(Kindly affix the required postage) :
Credit Information Bureau (India) Limited,
PO Box 421, Wagle Industrial Estate P.O, Thane 400 604.Address for sending via Courier / Registered Post
Consumer Relations,
Credit Information Bureau (India) Limited,
Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.Website: http://www.cibil.com/accesscredit.htm
Implications
By obtaining one's CIR, the person knows his/her financial standing while dealing with a credit lender. Moreover, this puts a pressure on lending institutions to send updated information of borrowers to CIBIL on regular basis, thus minimising errors on their part, if any. That means borrowers getting a fair chance in acquiring the required amount of credit. In case a customer notices errors in the CIR after all the upgradation, he/she should notify it to the concerned bank which will revert within 30 days to CIBIL. Acting on the complaint of the borrower, the CIBIL will delete the erroneous entries without delay.
Published on May 6, 2010 · Filed under: Home Loan Articles; Tagged as: CIBIL, home loan, home loan documentation, home loan repayment - Email
8 Responses to “How To Access Your Credit Report In India (CIBIL), Its Impact On Your Loan Eligibility”
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mhaske sk said on November 13th, 2010 at 9:14 am
my name is in cibil report, after celaring all dues of credit card, and if remioved name from cibil, can i get the loan from Bank. Because bank has refused to grant loan being my name is in cibil. and now i am paying the dues of card . How long it will take to remove the name from Cibil and what is fatest process to remove the name from Cibil
sk mhaske
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mhaske sk said on November 13th, 2010 at 9:16 am
give reply to my mail
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SWAPAN MISRA said on April 28th, 2011 at 5:10 pm
my name is in cibil report, after celaring all dues of credit card, and if removed name from cibil, can i get the loan from Bank. Because bank has refused to grant loan being my name is in cibil. and now i am paying the dues of card . How long it will take to remove the name from Cibil and what is fatest process to remove the name from Cibil
Swapan
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Charu said on May 14th, 2011 at 10:59 am
As you have cleared all the dues with your bank, you need to request your bank to initiate the procedure to remove your name from the CIBIL report. Remember that the procedure ha to be initiated by the bank. The stipulated period for this is 1-2 months. Once, the name is removed, you will be able to get loans.
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Kaps said on September 26th, 2011 at 4:18 pm
I have negative credit history. One of the credit card companies put excess interest charges on my outstanding. Though I settled the amount, my name is still showing in negative list.
One of the Non-banking Financial Companies has agreed to provide loan at a higher rate of interest. If I repay my loan properly, will my name be removed from the negative list?
Would look forward to you reply. -
RP said on October 24th, 2011 at 1:33 pm
I had some defaults well in the past, and in due course of time my name had appeared in CIBIL despite clearing all defaults. Perhaps, the issues are so old as not possible to go to the banking institution and insist them on writing to CIBIL. At the moment I am wel lsettled to pay back any loans etc. if available. What could be the alternative to improve the CIBIL score?
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Manjunath c said on March 24th, 2012 at 8:50 pm
dear sir my name is manjunath c my name is in cibil report allready am clear my persional lone. now am applying credit card and persanal lone but many bank my application reject so how long it will be take my name remove in cibil report what could be alternative to improve the cibil report. pls reply me
thanking you
manjunath c -
Vikashkumartiwari said on April 21st, 2012 at 5:57 pm
my name is in cibil report, after celaring all dues of personalloan, and if removed name from cibil, can i get the loan from Bank. Because bank has refused to grant loan being my name is in cibil. and now i am paying the dues of loan . How long it will take to remove the name from Cibil and what is fatest process to remove the name from Cibil
vikash panno. AFFPT0921D
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