This post is written by Shiv Kukreja
You know how increasingly critical your credit score is becoming these days. Nowadays, even one’s employment prospects could be affected by this score as the employers have started asking prospective candidates to submit their credit information report (CIR) during the interview process and a few candidates get rejected due to their poor credit history.
A few days back a friend of mine told me about this case in which a senior level MBA was refused employment in a bank because of his poor credit history. The employer came to know about a credit card payment default by this guy while carrying out his background check. I think time is not very far away when one would be required to upload these reports on matrimonial sites to find a suitable match 🙂 or even during school admissions of their children.
What is a CIBIL Credit Information Report (CIR) and what is its significance?
A CIBIL Credit Information Report (CIR) is a record of one’s credit payment history compiled from information provided by the lenders such as banks and financial institutions. It provides details about one’s basic information, details about all the credit facilities availed, past payment history, amount overdue, current status, inquiries made etc.
Critical attributes of your Credit Information Report:
Payment History – This section of the report shows your history of payments for a period of 36 months against the loan(s) taken or credit card dues. Days Past Due or DPD tells a lender by how many days the payment was late after the “due date of paymentâ€.
Current Outstanding Balances – This section of the report shows the current outstanding balances on all the loans taken by you and accordingly helps the lender to determine your strength to take on additional EMIs in relation to your current income. Naturally, lower the current outstanding balances, the better the chance of your loan getting approved.
New Credit Facilities – This section of the report shows all the credit facilities that have been sanctioned to you in the recent past, as a result of which the proportion of the monthly outflow against your monthly income must have increased and it is a negative factor from the lender’s point of view.
New Inquiries – This section of the report shows all of the inquiries that have been made in the recent past by the lenders regarding your loan applications. So, a higher no. of inquiries indicates an urgent need of money on your part and hence a lower credit score.
Here is a Sample Credit Information Report and we try to make you understand what is there inside this report.
Understanding the terms of a Credit Information Report:
Sanctioned Amount:Â This is the loan amount disbursed by a lender to a borrower.
Current Balance:Â This is the outstanding amount a borrower still owes on a particular credit facility. Lenders typically take 30-45 days after the payment is received to update it with CIBIL.
EMI Amount:Â Equated Monthly Installment that a borrower pays on the sanctioned loan.
Actual Payment Amount:Â This is the amount a borrower has actually paid against the due amount or EMI. If it is a loan, this amount may be more or less than the EMI Amount.
Amount Overdue:Â This is the amount that has not been paid against the due amount.
Repayment Tenure:Â It is the term of the loan.
Collateral:Â An asset like property, shares, gold etc. which has been provided to a lender as a security to protect the lender in the event of a loan default.
Credit Limit:Â Amount of credit available in case of credit card or overdraft facility.
Cash Limit:Â Amount of cash one can withdraw with the credit card.
High Credit:Â Highest amount ever billed against a credit card or overdraft facility.
Days Past Due (or DPD): DPD suggests the no. of days a due payment was late after the “due date of paymentâ€. If it is “XXXâ€, then DPD was not reported by the lender.
Asset Classification (or AC): These are types of DPD based on RBI’s Asset Classification     norms.
STD – Standard – Payments made within 90 days after the due date. After 90 days, it is termed as a Non-Performing Asset (NPA).
SMA – Special Mention Account –Â Special account created for reporting Standard account, moving towards Sub-Standard.
SUB – Sub-Standard –Â An account which has remained an NPA for up to 12 months.
DBT – Doubtful –Â An account which has remained an NPA for a period of 12 months.
LSS – Loss –Â An account where loss has been identified and remains uncollectible.
Enquiry: Enquiries are added to one’s report everytime a lender decides to access the borrower’s CIR.
Control Number (or CN):Â This is a unique number of every Credit Information Report (CIR).
Ownership – Responsibility of Payments:
Single – A single borrower is solely responsible for making payments against the credit.
Joint – More than a single borrower jointly responsible for making payments against the credit. This will also reflect on the other individual(s) CIR.
Guarantor – A guarantor pledges to repay a loan on behalf of a third party who has taken the loan.
Authorised User – This is used for ‘add-on’ credit cards. An authorised user can use the add-on credit card but he is not responsible for paying the dues.
Written-Off and Settled Status:Â If the lender has either restructured a loan or has written it off or has settled it at some amount less than what the lender believes it was owed, then this section would be seen as populated in the report.
Written-Off Amount (Total):Â This field reflects the total loan amount written-off by the lender.
Written-Off Amount (Principal):Â This field reflects the principal amount written-off by the lender.
Settlement Amount:Â This is the amount that the borrower has agreed to pay and the lender has agreed to settle the claim against the amount due. The rest of the amount is written-off by the lender.
Suit filed/Wilful Default:Â In case the lender has filed a suit against a borrower, the lender has to report it as per the RBI guidelines as one of the following: 1) No Suit Filed 2) Suit Filed 3) Wilful Default 4) Suit Filed (Wilful Default).
CIR provide lenders the ability to differentiate between those who have honored their obligations responsibly and those who have defaulted. Individuals who appropriately manage their obligations build a reputational collateral with the lenders. In turn, this reputational collateral allows them to negotiate better terms with a lender.
Hence, whenever you decide to start your loan hunt, it is advisable to purchase and review your CIR. It helps you understand what the lender will review while evaluating your application. So, you have time to identify the discrepancies that you may find on your CIR and get them rectified on time in order to prevent any problems during the loan evaluation process.
Please my credit report see me
Home loan
My cibile report, I have complete paid my loan amount
My pan no ALEPA8567B
Email. [email protected]
Mob 9421271063
I recently received my CIBIL report that showed a score of 615. I also received a report used by a bank for a recent credit card application. The scoring criteria mentioned “Presence of a tradeline 91+ days delinquent in the past 6 months. Presence of a tradeline 91+ days delinquent 7 to 12 months ago. Presence of a tradeline 91+ days delinquent 13 or more months ago. Presence of a minor delinquency 7 to 12 months ago”.
I traced this back to an old personal loan that had a pending amount of Rs 1000 with DPD as 999 (several years old). This was initially a loan from my company, which was transferred to ICICI. When I left the company and completed the exit formalities, I was under the impression that this was cleared.
I have contacted ICICI and paid back this loan. Will the DPD of 999 still show? I was not aware of this amount earlier and received no emails, calls, or letters from the bank.
Thanks for your help.
Will it still show the
I want u check my civil core
Dear Sir,
You can access your CIBIL score and report by filling the score request form on the below given link
https://www.cibil.com/online/credit-score-check.do
This process will be an online process and you will receive your report online. In case if any KYC provided by you is not matching with CIBIL’s database, it will request you to send self attested physical copy of your KYC details for verification.
Regards,
Credexpert
http://www.credexpert.in
My loan account No.00589712291.so one time settlement to paid bank please clarify .
Hi sir m laxmi.i got 1 persnol loan and 1 scoty loan from icici and ge ckuntrywide.but i did not pay anu amount last 8 years .is there till now show my defalt on cibil or not?ge countrywide also close there bussiness in india.if i will aply any loan my default will show or not
Hi Shiv,
I have faced one problem please can you provide me the reason for that.
I have gone to purchase a mobile under Bajaj finance, the told me that my civil credit has gone to “-1” . please can you explain about this ?
Thank you,
Regards Joseph.
please update my CIBIL.I have completely paid my loan amount
Dear Chandra Prakash,
First and foremost, you need to check your credit report and see if this loan is mentioned and what is the current status. For obtaining your credit report, you should follow the steps given on this link:
https://www.cibil.com/online/credit-score-check.do
If the details are not updated, you may contact your lending institution and request them to update the same. Lending institutions update borrower’s credit data to the bureau ideally on a monthly basis. Since you have completely paid your loan amount, the same will be updated by the lending institution in the next reporting cycle. You can obtain your credit report after a gap of 1 – 2 months to check if the details of your loan account are updated on your report.
We would suggest that you follow up with your bank for the NOC (if you have not obtained the same already) and request them to update this loan as a closed loan on your credit report.
Alternatively, the same can be updated by raising a dispute on the CIBIL website. You may have to provide the relevant documents as proof of loan closure.
Regards,
Credexpert
http://www.credexpert.in
Hi CredExpert,
My CIBIL score is 797.
I have one personal Loan of 6lacs without any DPDs. (loan started on aug 2012).
I have 2 Credit cards: one from ICICI, one from HSBC. In 2013, due to my overloaded onsite travel, I have totoally 3 DPDs (17days, 17days, 7days) in Months Feb and March 2013 for my 2 credit cards.
Now I am planning for Car loan. Please let me know the chance of the loan for getting approval.
Thank you.
Dear Jyothiprasad,
As an industry practice, a score of 750 and above is considered to be a good score – the higher the better. However, each lending institution will have their own internal credit policies on score cut-offs and negative remarks, based on which the decision to approve your car loan will be taken.
A score of 797 is a relatively good score. However, the DPDs in the recent past may affect your loan application. However, when applying for a loan, the reason for the 3 late payments, given that you have no other negative remarks on your credit history, can be explained and discussed with the bank.
Thus, when applying for the loan, it will be better to discuss with a bank regarding your eligibility in this case. This will ensure that you do not make too many loan applications, the high number of which can affect your credit score.
Also, please ensure that henceforth there are no late payments on any of your loans and credit cards.
Regards,
Credexpert
http://www.credexpert.in
Thank you Credexpert for your valuable suggestion.
Yes, apart from those 3 DPDs which were registered in the year 2013, I do no have any further late payment charges (including my personal loan) in my credit history
I will contact the finance department of the Car Dealer before applying the loan to check the eligibility criteria of the corresponding bank.
Thank you.
Hi Credexpert,
My CIBIL score is 797.
I have one personal Loan of 6lacs without any DPDs. (loan started on aug 2012).
I have 2 Credit cards: one from ICICI, one from HSBC. In 2013, due to my overloaded onsite travel, I have totoally 3 DPDs (17days, 17days, 7days) in Months Feb and March 2013 for my 2 credit cards.
Now I am planning for Car loan. Please let me know the chance of the loan for getting approval.
Thank you.
just wanna check..that’s all….
please tell my cbil information report
Dear Shamim,
If you wish to obtain your CIBIL report and score, kindly visit the following link and follow the steps given on the page:
https://www.cibil.com/online/credit-score-check.do.
Regards,
Credexpert
http://www.credexpert.in
Dear Bhaveshdabgar,
If you wish to obtain your CIBIL report and score, kindly visit the following link and follow the steps given on the page:
https://www.cibil.com/online/credit-score-check.do.
Regards,
Credexpert
http://www.credexpert.in
Dear sir ,
pls give me my information cebil………………?
Cibil report score
Dear Niesh,
If you wish to obtain your CIBIL report and score, kindly visit the following link and follow the steps given on the page:
https://www.cibil.com/online/credit-score-check.do.
Regards,
Credexpert
http://www.credexpert.in
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http://www.credexpert.in
Hi,
I had credit card and enterd a settlement in 2010.now i am going for Nil outstanding.after doing so what sort of entry would be there for DPDs,will it have last entries as 000.Also if an account is closed,then it seems DPDs cannot be modified.Does this also effect future loan process.
Dear Mr. Rahul,
Your credit report shows the payment history of your account for the last 36 months. If your account is settled and closed, the DPDs will remain as is and will continue to reflect on your credit report. As per our observations, the settled account will appear on your report for at least 7 years.
If you pay back the outstanding amount, this information will be updated in the records and the “settled” status may be removed from your report. Would request you to ask the bank to give you a letter stating the current status of your account along with a confirmation that the dues have been paid and the same will be updated in the credit bureau records.
DPDs on unsecured loans affect your score more than the DPDs on secured loans. Such remarks are viewed negatively by the lenders and may affect your future loan applications.
However, the account which you have settled is not recent, and hence depending on your score and current repayment capacity, lending institutions may consider your application, combined with their internal credit policy.
Regards,
Credexpert.
Hi, I obtained CIR from my Bank. But, the CIR has Members Name as NOT DISCLOSED. How do I ascertain the Member names. There are a total of 21 a/c with members name as Not Disclosed. I tried to enquire over phone, but they were ready to tell max 3 a/c details. I have not yet received reply for email id. Also, I am 57 with a credit score of 560 (because I made settlement on credit cards 2 years bank). Do u think i will be eligible for a Personal Loan. I am PSU Employee with own house.
Hi Mr. Vivek… If you want to know the names of the ‘members’, then you’ll have to buy your CIBIL credit report online by paying Rs. 470. The report will have the names of all the members with which your credit history is maintained. Also, only the lender(s) will be able to let you know whether you are eligible for a personal loan or not, based on your complete profile, we are not authorised to do that.
hi