All About Cibil Consumer Report: Bajaj Finserv

A CIBIL Consumer Report is important as it records an individual and organisation’s credit history. CIBIL has two main sections, the Consumer Bureau and the Commercial Bureau. The Consumer Bureau Report is responsible for maintaining individual credit records, and the Commercial Bureau is responsible for maintaining credit records for organisations. The CIBIL Consumer Report contains personal information, including name, date of birth, gender, telephone number, mobile number, bank account number and permanent account number.

Overview of CIBIL Score and Report

The CIBIL score is the most important aspect of your CIBIL report and represents a numerical summary of your creditworthiness in three digits. The score is calculated based on the credit history included in the CIBIL Report. An individual’s CIBIL consumer report contains details about the EMI payments they have made over a while across many credit lines, including loans from banks and other financial institutions.

Importance of CIBIL Consumer Report

The bank or financial institution needs to be convinced that the borrower can repay the loan, so they need information about the borrower’s borrowing and repayment history. Using the Credit Information Report and Scores, it can access information regarding the previous repayment history of the loan. Using the credit report, lenders can understand the possibility of default by a certain individual due to their prior credit history.

Factors affecting your CIBIL score

Hard Enquiries

A hard enquiry is a credit check conducted by a lender or institution to examine your credit score. Your credit score will be affected if you have more than one enquiry on your account.

Payment History

Paying your bills on time will reflect well on your credit report and will be helpful when you apply for a loan. In addition, it is a good idea to pay your bills on time to avoid any late charges.