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Solutions for Your CIBIL Credit Report Problems

By Finserv MARKETS - Mar 31,2020
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Solutions for Your CIBIL Credit Report Problems

A CIBIL Credit Report contains all the records of your credit payments pertaining to loans and credit cards. Once the CIBIL score is calculated, it is sent to banks and financial institutions for further evaluation. Each bank or credit institution has its own benchmark that constitutes a good CIBIL score. Your credit score is one of the significant metrics that is used to measure an individual’s creditworthiness. Hence, it is necessary to pay all your bill payments and clear your debts on time to maintain a good CIBIL credit score.

Where will the CIBIL Credit Report be used?

Your CIBIL credit report helps the banks and credit institution in determining your eligibility to avail credit. Hence, it plays an important role in your financial journey. Your CIBIL credit score acts as the first impression for the lender, the higher the score the better the chance of your loan being approved.

Let’s have a look at some of the ways your CIBIL score/ credit report can help you.

  • Quicker and hassle-free loans and credit card approval.
  • Lower interest rates on the loan amount.
  • Having more negotiating power.
  • Get approved for higher limits on the loan amount.

CIBIL Credit Score Problems and its Solutions

  1. Error in your CIBIL Credit Report

You need to check your CIBIL credit report for any errors. It can be something as minor as a spelling error in your name or address. Though this might seem like a minor error, it can cause major damages. The other sort of damage you might incur is from a mistaken identity where your loan details are replaced by someone else’s loan details or an overdue amount on a loan that you haven’t taken. These minor errors might bring down your CIBIL score drastically and might even lead to rejection of your loan application.

Check CIBIL Score

Kind of errors that might occur in the CIBIL report

  • Inaccurate statement of the current balance
  • Inaccurate information of amount overdue
  • Errors in personal details

Solution: The first step of the solution is to obtain a copy of your CIBIL report from CIBIL. Once you get access to the reports, analyze the errors and initiate a dispute by filing a dispute resolution form available on the CIBIL website. You are required to provide your personal details like name, address, date of birth, and a control number when filing a dispute resolution.

  1. Days Past Due (DPD)

Days Past Due(DPD) indicates the number of days payment on that account is late that month. Anything other than ‘000’ is considered negative by the lender. If your DPD indicates anything other than ‘000’, it will mean that you haven’t met your financial obligations and this might have a negative impression on your financial record.

Solution: The best way to avoid unfavorable DPD you need to pay all your bills on time and avoid taking excessive, unnecessary debt so that you can honor your financial obligations without any hassles.

  1. Bad credit history

A poor credit score or credit report will sabotage your chances of availing a loan, credit card or any other kind of credit.

Solution: Listed below are the steps to follow to avoid or repair bad credit.

  • Pay your bills on time- Never delay your payments.
  • Avoid making minimum payments- Making minimum payments will land you in trouble in the longer run.
  • Avoid excessive debt- Moderation is the key. Take what you need.
  • Converse- If you are unable to make payments on time make sure to contact your bank or financial institution about a credit plan.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522