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| 1) What information does a CIBIL Credit Information Report (CIR) contain? |
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A CIR contains month on month records of an individual’s loan or credit card repayment.
It includes personal information such as name, gender, date of birth, address and identification numbers like PAN, passport number, telephone number and voter ID. Account related information such as type of loan taken, amount of loan, current balance outstanding, overdue amount (if any), number of days a payment is overdue (if applicable), account opening date, date of last payment and month on month record of up to 3 years of payment history is also included. Enquiries related information is also captured in CIR, when a lender requests for CIR based on credit application from an individual. |
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| 2) Do Credit Information Companies (CIC) maintain a defaulters list? |
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| No, a CIC does not specifically maintain a defaulters list. It collects all the credit information related to borrowers, irrespective of whether they are making payments on time or not. |
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| 3) What factors on CIR are most critical to credit approval? |
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| Some of the important attributes that may be used by lenders are: |
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Payment history: Includes Days Past Due (DPD). Anything other than “000” or “STD” in the DPD field may be considered negative by the lender. Up to 36 months of payment history is retained here, with most recent months displayed first. |
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Current balances: Current balances on different loans indicate the amount of debt. This helps the lender decide the customers’ ability to take on additional EMI in relation to income. |
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Number of recent enquiries: A number of new credit enquiries may indicate a “credit- hungry” customer, making lenders more cautious while approving the loan. |
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| 4) How can a customer improve his credit history? |
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| A customer can improve his credit history by adhering to following rules: |
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Pay all credit card bills and loans on time as late payments are viewed negatively by lenders. |
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Keep balances moderate and control utilisation on credit cards as this indicates a prudent credit user. |
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Maintain a healthy credit mix. A very high number of credit cards may affect your credit approval chances. |
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Monitor your add on cards / joint loan accounts regularly, as joint holder’s negligence can affect your credit approval chances. |
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| 5) What is the meaning of “Written off” in the account status? |
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| The account gets written off if a customer does not pay the dues within 180 days. Lenders may view such accounts negatively while approving any subsequent credit. In such cases individuals should contact the lender & settle the dues. |
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