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Tata Capital > Blog > Tips to Help You on How to Read Your CIBIL Credit Information Report

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Tips to Help You on How to Read Your CIBIL Credit Information Report

Tips to Help You on How to Read Your CIBIL Credit Information Report

You are regular in paying your dues and have made no defaults. You apply for a loan, but to your surprise, the lender rejects it because of a bad credit score. Have you been wondering why? Well, it could be because of an error in your credit information report,which you missed out on!

While it is always a good habit to repay your dues in time to maintain a healthy credit score, it is also crucial to review your credit score from time to time. For this, you must know how to read and interpret your CIBIL report. Here’s what you should look out for when reading your credit report.

1. CIBIL score

The credit score is the first section of your credit statement. A CIBIL score rangesfrom 300 to 900 and is calculated based on your repayment history, credit enquiries, credit utilisation ratio, etc.

However, sometimes, it might show your credit score as ‘NA’ or ‘NH’. It implies either of the following,

  • You have no credit history
  • You have no credit exposure
  • There has been no credit activity in your name in the past few years

2. Personal information

The next section contains details such as your name, date of birth, and gender as registered with the lender. It also contains other important details, including your PAN, passport details, voter ID, Aadhaar number, and more, as reported by the lender. While skimming through the section, keep a close watch for incorrect details. If any, seek a solution immediately.

Additional Read: All You Need to Know About CIBIL Score

3. Account information

This is the most important part of your credit report. It includes details of all your previous and current loans and credit cards. It contains information such as –

  • The name of the lender
  • Type of credit
  • Date of opening of account
  • Account number
  • Loan amount
  • Date of last payment
  • Outstanding amount
  • Monthly payment record for the past 36 months

This section also includes your account status, including your credit limit, repayment tenure, EMI amount, interest rate, etc. It also shows whether you have settled your account (you have made a partial payment) or if it is written off (you have made no payments for over 180 days). Your Days Past Due (DPD), the number of days the payment on the account is due, is also shown for every credit availed. Make sure this section is updated and free of errors. But if there are any discrepancies, you should resolve the dispute at the earliest.

4. Enquiry information

Every time you apply for a loan or a credit card, the lender requests your credit information from the CIBIL called a hard enquiry. This segment includes all the recent enquiries by the lender about your application. It also contains details such as the name of the lender, date of application, type, and amount of the loan.

Additional Read: What is Company CIBIL Report?

Understand your credit statement

In need of a quick loan to fulfil your various financial needs? Then, a healthy CIBIL credit information statement is a must! Now that you know how to check and evaluate your credit statement, perform a CIBIL score check free online with Tata Capital.

To know more about our loan offerings, visit our website today.

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