Credit Information Report is checked by the lender at the time of loan approval and the lender’s decision is entirely based on your CIR. Therefore, it is highly recommended that you to monitor your CIR regularly. This is necessary to ensure that your CIR is updated regularly and that faulty information and inaccuracies, if any, are rectified on time. Here you can check your credit score for free from leading Credit Information Companies (CICs) with no impact on your credit score.
Get Free Credit Score with monthly updates. Check Now
Information in your Credit Information Report
The CIR has all the vital information that defines your creditworthiness and past credit behaviour. It contains details about your credit history which helps you track records when you are trying to avail a loan or when you repay the loan to NBFCs or banks. The four renowned Credit Bureaus operating in India, named Experian, TransUnion CIBIL, Equifax and CRIF High Mark consolidate and integrate all the loans and borrowings of an individual along with the credit history availed.
Credit Information Report Format
Your Credit Information Report is a detailed report comprising of details on the past repayment performance. The details about the individual which are enclosed in the report are reported by the various financial institutions and member banks. You must always monitor your CIR from time to time to check for errors and report them at the earliest to avoid any dip in the credit score. Further, the Credit Information Report (CIR) also has the complete list of enquiries which have been made on your account to avail the desired credit facility from the respective financial institutions.
Know about the Advantages of a Credit Information Report
As already discussed, the Credit Information Report plays a crucial role in helping you attain credit. Therefore, it becomes very important for you to understand the information that is let out by the lending agencies to the credit bureaus. When you have a due understanding of your credit history, you are better able to take charge of your current and future financial situation. Thus, it is more than necessary to have your Credit Information Report correct and updated timely since it makes the loan approval process convenient.
- Always ensure that you repay your dues on time. When you have a good repayment history, your credit score will rise automatically. Given that, you are most likely to avail the best terms from lenders
- Ensure that you repay your dues on credit card bills on time
It is important for you to check the CIBIL report online and check it before you apply for a loan. This is necessary to know where you stand. In case, there is any discrepancy, you must immediately file a dispute and these errors must be rectified at the earliest.
Don’t know your Credit Score? Check it here for FREE. Check Now
How to Read Your Credit Information Report?
Your Credit Information Report has comprehensive details about the past and current loans that you have availed, such as home loans, personal loans, automobile loans, etc. The CIR also offers information related to credit cards and overdraft facilities.
Some of the main sections of your CIR report are listed here:
CIBIL Score: This is your current credit score. This score is derived based on your credit behaviour which can be seen in the ‘Enquiries’ as well as the ‘Accounts’ section of your report. Usually, the credit score ranges from 300-900, wherein any score close to 900 is considered good by various lenders
Personal Information: The next section in your CIR has your personal information, such as your full name, gender, date of birth and various identification numbers, including your Voter ID, PAN and Passport numbers
Contact Information: This section will have your telephone number and address. At present, you can add up to four addresses in this section
Employment Information: Next comes details relating to your employment, such as your annual or monthly income details. This information is reported by the associated members – banks or financial agencies
Account Information: This is the crucial section in the CIR. It will have the necessary details of your credit types which include the loan amount, credit facilities, ownership details, date of last payment, account numbers, current balance, date opened, month-by-month record of all the payments made up to three years, as well as the name of lenders
Enquiry Information: Last is your enquiry information. So, every time you enquire about a loan or credit card, the financial institution or bank will access your CIR. The entire thing is noted in your CIR under the head of ‘Enquiries.’
Denied a Loan? Could be Because of Low Credit Score! Check Now
FAQs
Q. What is the use of Credit Information Report (CIR)?
Ans. The Credit Information Report is a record of your past payment history, as reported by lending banks and NBFCs. Credit Information Report is used to check your creditworthiness and is also majorly used to check your credit score, as well as your eligibility to obtain credit from leading financial institutions.
Q. What are the 4 types of Credit Information Companies (CIC)?
Ans. There are four leading Credit Information Companies or credit bureaus operating in India, such as TransUnion CIBIL, Experian, Equifax and CRIF High Mark. All of these CICs collect and maintain consumer and business credit information, as provided by the banks and NBFCs regularly. Credit bureaus calculate and generate credit rank for individuals and company rank for enterprises, corporates and organizations.
Q. How do I check my Credit Information Report (CIR)?
Ans. You can check your free Credit Information Report from each credit bureau by just mentioning your name, date of birth, PAN card, email address, PIN code and mobile number. You can also visit the official website of each credit bureau and get a free credit report once a year, as directed by the RBI.
Q. How to check the details relating to the member name, as well as the account number as mentioned in the CIR?
Ans: To check your member details or account number, you will have to purchase your CIR or CIBIL report. This report is comprehensive and has all the details relating to your credit history. So, whatever information you need can be easily checked in this report.
Q. Own an add-on credit card but why are the details reflected in my account when I am not the one liable to clear these dues?
Ans: In the case of an add-on credit card, the primary credit card holder is responsible for the dues on both the add-on as well as the primary card. In case of any default made in payments, it will appear in the CIR of both the add-on card holder as well as the primary card holder.
Other Credit Score Related Articles: