5 Must-Knows About Free CIBIL Report (With Bonus Feature)

With digitalisation, organizations have started providing free services online. So when it comes to credit information — you can now access your Free CIBIL Report online. The CIBIL report has all the information regarding your credit history and financial health. Anyone who would be interested in lending you a loan would first go through your CIBIL report to check how consistent you have been in repaying the loans.

What is CIBIL Report?

The CIBIL report is a trusted financial document, which displays all your credit history and the timeliness of your repayment. It could include information about your credit card and the loans you have taken like personal loans, home loans, Marriage Loans, vehicle loans, etc.

Ideally, the more consistent your report is, the better is your CIBIL Score. This is good news for anyone who would be interested in lending you money. However, the decision of lending you money is also dependent on your creditor’s discretion.

3 Must-Knows about the CIBIL Report

1. Credit Bureau allows you to access one free Credit Report annually.

2. Your assets like your Bank balance, yearly salary, Mutual Fund investments, tangible properties, gold holdings, etc won’t appear on your CIBIL credit report.

3. Your manner of using credit instruments will appear on the report while your Net worth won’t impact your creditworthiness on your CIBIL credit report.

The credit bureau has all your credit information and the lenders will look at your credit report along with the Credit Score to know your creditworthiness. A score above 750 and close to 900 is excellent and will Land you the credit you desire.

How to Get Free CIBIL Report?

You can also check your CIBIL score online by logging onto CIBIL’s main website CIBIL.com.

Just create an account, enter the necessary identity verification and personal details. Then accept the given terms and conditions.

Image Source- CIBIL

5 Important Information in your CIBIL Report

1. Your CIBIL score

Your CIBIL score is a three-digit number starting from 300 up to 900, with 300 being the lowest and 900 being the highest. The higher your score is, the better are the chance of getting easy loan approvals. You will also be eligible for a higher Credit Limit. In short, your score determines your journey to get credit approval and vice versa. Find your free CIBIL score and report today.

2. Personal information

The report will carry your personal information like:

• Your name
• Date of Birth
• Gender
• PAN number
• Aadhaar number
• Identity proofs like Passport, driving license
• Other relevant documents

3. Account details

The report will have all the information about the types of loan you have taken along with the details of your lenders and the interest rate of each loan taken. Moreover, it will also show the monthly consistency of your repayment and the overdue amount if any.

Additionally, it also displays the number of accounts you have along with the pending dues. This may directly affect your standing with your lenders who may be individuals, bank and so on.

4. Employment details

The report will show the past and present information about your employment status and employment details. This also acts as an indicator as to how consistent you could be with the repayment of loans.

5. Other Information

This section will include your contact information like your past and present residential addresses along with phone numbers and email addresses.

BONUS FEATURE!

Eight must-know key terms while reading a CIBIL report:

1. DPD (Days Past Due)

This column shows the number of days by which a scheduled payment was delayed for the account. If you don’t have any delayed payments, it should display 000.

2. STD (Standard)

This term is known as Standard and is shown against loan/credit card accounts for timely payments.

3. SMA (Special Mention Account)

This term will appear when an account is transitioning from being a Standard to a Sub-Standard account due to overdue loan/credit card payments.

4. SUB (Sub Standard)

If you make a payment after 90 days of taking the loan, your account will fall under this term and this will be seen in your CIBIL report.

5. DBT (Doubtful)

This term appears when an account is in the SUB status for 12 months.

6. LSS (Loss)

If the account is termed LSS, it means that there is a significant loss that remains uncollectible.

7. NA/NH (No Activity/No History)

If you don’t have a credit card or haven’t taken a loan, this term would appear. It could also mean that you have no credit history for the past two years or more.

8. Settled

If you have paid the dues partly and settled a credit, you will see the status "settled" in your credit report. This means that the credit organization is agreeing to settle for an amount that is lesser than the one that was originally owed. This status may be considered negative on your credit report for future lenders.

About CIBIL (TransUnion)

Credit Information Bureau of India (CIBIL) is an accredited Credit Information Company (CIC) by the Reserve Bank of India (RBI) and has been trusted by most of the users throughout the country. Since its inception in 2000, it has been a trusted platform for the collection and maintenance of Indian residents’ credit information.

Conclusion

Since you are eligible for a free CIBIL report annually, ensure you make the most of it. Monitoring your credit score will help you know your credit status, which in turn will help you decide the kind of loan you can apply. Do your credit check today!