What Is The Control Number In CIBIL (ECN)?

Your CIBIL score represents your credit behaviour and creditworthiness. When you apply for a loan, your credit score plays a crucial role in the loan approval process. Having a good score will make the loan approval process easier, whereas a poor score might lead to loan rejection. Hence, it is necessary to conduct a CIBIL score check before applying for a loan. Doing so will help you understand whether you are eligible to apply for a loan in the first place.

What Is The Control Number In CIBIL (ECN)?

Enquiry Control Number (ECN) is generated when a bank accesses your credit score. The ECN number is a unique nine-digit number that allows a lender to find the credit records of borrowers. Also, note that the control number will be different for every borrower and you will never find two people with the same ECN number. The control number can be acquired by requesting the lender for your CIBIL report, where the number is listed on the top right corner. Note that the control number gets generated every time a credit report is pulled out. Thus, CIBIL requires the ECN number to get the exact details a lender viewed or referred to when the credit report was pulled.

Purpose of the Control Number in CIBIL (ECN)

The below-mentioned points explain the importance of an ECN number:

 

• ECN number helps banks and financial institutions acquire a borrower's credit information from CIBIL.

• ECN number maintains the information of the borrower's credit history and score.

• The control number keeps millions of CIBIL reports organized and easy to track.

How To Get An ECN Number?

Under the Credit Information Companies (Regulation) Act, 2005, you have the right to acquire your control number in CIBIL. You can request the lender for the control number or else you can request for a CIBIL report. For your ECN number, you can contact the CIBIL helpline by dialling 1800-224-245. Another option is to log on to the CIBIL website and retrieve a one-time CIBIL report.

Now that you’re fully equipped with all there is to know about your CIBIL score and credit report, you can get access to your credit information whenever required. The above-mentioned information on ECN will help improve your borrowing experience. To get financial assistance you can apply for an online instant personal loan of up to Rs. 25 Lakhs at affordable rates. Check for pre-approved offers on Bajaj Finserv Personal Loans at Bajaj Markets. Avail collateral-free loans with flexible repayment tenure of up to 60 months. Also, make the most of the added services like online free CIBIL score check and Credit Health Report to understand your overall credit standing.

What is CIBIL Report?

CIBIL credit information report contains all the data related to an individual's credit history. Whenever you apply for a loan, the lender runs a check on this credit information. The Reserve Bank of India (RBI) has made it mandatory for all credit bureaus to offer a detailed CIBIL report once a year for free. So, you are entitled to get one free copy of your credit report every 12 months from these credit bureaus, namely CIBIL, Experian, CRIF High Mark, and Equifax.

How to Check Your CIBIL Report

You can check your CIBIL score and credit profile through the CIBIL website. Usually, a maximum of Rs. 550 is to be paid to obtain a CIBIL report. The payment applies to both individuals and institutions. Moreover, some lending institutions offer a free CIBIL check service online. At Bajaj Markets, when you avail a loan, you can get a free CIBIL score check and Credit Health Report online. This report will help you understand your credit standing and you can get tips on improving your financial health.

The data mentioned in the CIBIL report helps a lender decide the borrower's repayment capability and determine how much to lend, the interest rates, and loan tenure. To release your credit records, CIBIL uses a unique control number to get your credit details.

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