Required to Know About CIBIL Credit History

Do you know term CIBIL , this is a credit information bureau called CIB who keeps his eyes on the credit history of loan or credit card ? It is brought by Govt. of India and RBI to make controls on Credit history and It looks on bad credit history and good credit history both. So many banks are member of CIBIL and they are restricted by the RBI to send the credit data of customer to RBI in case if not a regular payments from customer.One thing I want to make clear you CIBIL does not deny of any loan request it keeps only track record of repayment of your dues on loan or credit card, It denies by Bank itself on basis of repayment record and CIBIL score.

CIBIL Credit history means – transactions of the credits which you have done while repayments of loan or credit card.History is getting considered for both bad credit record and good credit record.Bad credit record is called bad cibil data and good credit record is called as good cibil data .

What does mean by Bad Credit History or Bad Cibil Rating ?
The bad credit history means that you have not paid amount of your credit card outstanding or loan. If you are not paying regularly the payment then your credit history will generate as poor history and you will be demerited by credit information bureau and will be also demerited with bank from where you had taken credit card or loan as well as you will be getting demerit from RBI.It can create a big difficulty while you are applying for a home loan or business loan.

Do you know it can be very much dangerous to have a credit card, if you have a credit card and outstanding of that amount which you not paid till this time, please clear all outstanding amounts immediately and repay your outstanding always on the time, otherwise it creates sum of huge amount by adding interest every month.Do not ignore it, this can kill our dreams, so repay as soon as possible.

What does mean by Good Credit History or Good Cibil Rating ?

This is meant by regular payment of the credit card or personal loan and no ECS or check bounces while loan is running or having a huge outstanding on your credit card.

If demerit by CIBIL itself and CIBIL score will be decreasing  in the same proportionality.Immediately contact to the bank or CIBIL to find the reason being a CIBIL score down.

You would be surprised to know that CIBIL records are not only maintained  for bad history even good history records are also maintained by the cibil . It means once you have taken a loan or credit card then your transaction history will be inserting in the CIBIL data report .Only difference over here is that bad history records are inserted with some different codes and good history records have some different codes in the cibil data which used to recognize that your repayment has history of bad record or good record.

When you are applying for the loan or credit card then bank authority person reads these codes and basis on these codes they are deciding that loan or credit card will be applicable to applicant or not.

If your credit history is good then it is very easy to get easily loan or any credit card but other side it would be rejected from the bank in case of bad record of repayment in the CIBIL data.To make the good credit history make the payment as soon as possible of credit card or loan and save your future.

Do not proceed with the settlement procedure, if you go with the settlement process then different code will be written / inserted  in the cibil data report and there could be chances that you won’t get the loan or credit card in the future and banks are able to read these codes.

In case of loan after all EMI or  in finishing of loan, get the NOC ( No Objection Certificate ) from the bank and If you have repaid all outstanding of the credit card then get NDC ( No Dues Certificate ) with zero balance statement . In case of NOC and NDC bank will have to send data to CIBIL to update your record for your zero outstanding.

Ask to bank officer about the above these documents and make good and happy future, Be little cautious when your are using the credit card or making repayment of your loan or credit card.

CIBIL report is not a free, It is chargeable, and you can make payment online too.Learn to Get Your CIBIL Report : Click Here

Official CIBIL Website :
 http://www.cibil.com/

Please also Watch below Videos to Understand the CIBIL –

 

8 thoughts on “Required to Know About CIBIL Credit History

  1. Ravinder

    Hello Sir,
    I am facing a lot of problem regarding which i need some expert guidance.

    I Ravinder Kumar Budhiraja and my DOB is 09-10-1981 . I have never take credit card from any bank but when apply a loan from bank bank told me that ur name is in CIBIL .and your a/m is 96270 is pending . But I know that I have never ever receive credit card from any bank .So kindly please let me know that how to know the name of the bank it is and to whome should i contact for ..? I have contacted the CIBIl by sending them lots of Email but I don’t think so that they people are in the mood for giving me any support, they just asking me the money and when I raised the issue at Consumer Court http://www.consumercourt.in/personal-loan/12006-defaulter-list-cibil.html they just told that I have a strong reason to drag the Bank to the Consumer Forum .If any one have any idea or faced such issue in past or facing such issue please contact me I need some help in Removing my name from defaulter list and form a group to fight against such agency who are forcefully taking our hard earned money.

    Regards
    Ravinder

    Reply
  2. makemyvision.com

    Ravinder
    This made me surprised too that you had not taken any card or loan in the past and your name is listed in the CIBIL, Really this is too bad which had done with you.

    Actually RBI and SBI looks upon on CIBIL, you can ask directly to RBI, try to find out any helpline number or emailid by which you can report the issue. I think this is major issue you have to fight for.Really there is something happening wrong in the CIBIL Report.If I get any information then will let you know for resolving this issue.

    Reply
  3. jemmin

    That’s because it costs money to credit bureaus to investigate the differences. This is why some people have found it useful to hire a credit repair company professional who is familiar with the credit bureaus tactics.

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    Reply
  4. MakeMyVision.com

    Kuldip,

    I took initiative to tell to people how much harmful irregular payment of credit card and personal loan and you had given an example of incorrect data in CIBIL record, Please get first CIBIL report apply from CIBLL Website , it has cost 142 Rs then go to SBI or RBI and write a application about the matter they will definitely look into the issue since CIBIL handled by SBI and RBI only.
    Process how to get CIBIL Report – http://www.cibil.com/accesscredit.htm

    Reply
  5. Ravinder

    Hello Sir,
    I am facing a lot of problem regarding which i need some expert guidance.

    I Ravinder Kumar Budhiraja and my DOB is 09-10-1981 . I have never take credit card from any bank but when apply a loan from bank bank told me that ur name is in CIBIL .and your a/m is 96270 is pending . But I know that I have never ever receive credit card from any bank .So kindly please let me know that how to know the name of the bank it is and to whome should i contact for ..? I have contacted the CIBIl by sending them lots of Email but I don’t think so that they people are in the mood for giving me any support, they just asking me the money and when I raised the issue at Consumer Court http://www.consumercourt.in/personal-loan/12006-defaulter-list-cibil.html they just told that I have a strong reason to drag the Bank to the Consumer Forum .If any one have any idea or faced such issue in past or facing such issue please contact me I need some help in Removing my name from defaulter list and form a group to fight against such agency who are forcefully taking our hard earned money.

    Regards
    Ravinder

    Reply
  6. Hari Prasad

    I had no idea my credit was bad. The guys at Credit Sudhaar analysed my report. The process took some time but my credit was restored, enhanced and protected. I have no reason for complaints.

    Reply

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