How to access your Credit Report in India (CIBIL) – its impact on your loan eligibility

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.

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.

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