Are you worth any credit?
You like someone and approach that person, and that person says a big NO on your face. You are broken hearted and the whole world seems to be in complete darkness. You think that this is the worst thing that can happen in anyone’s life. But your loan application getting rejected by the bank can be more disastrous. And banks can easily do so if you have a poor credit score.
The future depends on your credit worthiness
But finding your credit worthiness has become a lot easier these days. Visit the website of Credit Information Bureau (India) or better known as Cibil and fill up the application form. You need to send a demand draft of Rs.142 along with a copy of your identity proof to the Managing Director. A credit report will be sent to you within 7 working days.
Banks use credit scores of various applicants to assess the borrowing capabilities of individuals. Five years back, Cibil started this operation of keeping tag of creditworthiness of every individual and still now Cibil is the only body in India providing such facilities. Currently Cibil assess all financial bank transactions of a person but soon they will keep records of telephone bill payments and insurance dealings too. Presently Cibil is dealing with more than 140 millions account details and they are constantly supplying data to various banks in order to help them in assessing the credit worthiness of a prospective borrower. Depending on the credit score, a loan can be either sanctioned or rejected.
Best way to improve your credit score:
• Never be a defaulter.
• In case you have failed to repay the debt (loan, credit card dues or even your telephone bills) due to some unavoidable circumstances, always try to clear the dues at the earliest.
• In case of credit cards, always try to pay at least 4-5 times of your minimum due amount.
• You can take a loan from the bank and clear your credit card dues. Bank loans are way cheaper than dues on credit card.
• Balance from a low interest credit card can be transfered to clear your dues.
• Only spend when you can afford to repay.
Customers have raised their objection regarding slow updates of their credit score in the past. But situation has already taken a 180 degree. Cibil Credit Report contains various information of an individual ranging from his PAN number, Voter ID number, Passport number, details of bank accounts, credit card limits & outstanding, if any. Even details of loans are available. Your own credit report will give you a clear idea about your own credit worthiness. It will also give you details of enquiries made along with their purposes, if any.
So if your loan is not sanctioned by a bank, always feel free to contact Cibil and estimate your own credit score. Different ways of obtaining a credit score are mentioned hereunder:
Get your credit score online
This is the most convenient way to get your own credit score. Download the Consumer Disclosure Form from the Cibil website, fill it up, attach a Demand Draft of Rs.142 and send a copy to myreport@cibil.com along with an identity proof (scanned) attached to the mail.
Receive it by post
The same Consumer Disclosure Form should be sent to P.O.BOX 17 , Millennium Business Park , Navi Mumbai- 400710 along with a Demand Draft of Rs.142 and self attested ID and address proof.
Or just FAX it
You can also FAX the Consumer Disclosure Form to 022-40789007 and mail the Demand Draft and Identity proof separately.
The Demand Draft should be in favour of Credit Information Bureau ( India ) Limited and payable at Mumbai.
