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Understanding your credit report and credit score

Last updated on: February 03, 2014 16:43 IST

Harshala Chandorkar, senior vice president, consumer relations, CIBIL, answered readers' queries on credit score and credit report in an online chat on February 3.

Unedited chat transcript:

Harshala C: Thank you for participating in the Rediff Zara Bol CHat show. It is advisable to check your CIBIL Report and CIBIL TransUnion Score before applying for a loan. Timely payments of loan EMIs is most important for maintaining a good credit history and a healthy credit score!

shaishav: Can I can get a free copy of my credit report if I’ve been turned down for a loan. How does that work?

Harshala C: There could be several reasons for which a bank declines a loan application. Please check with your bank the reason for declining your loan.

sudhakar B: I donot hold any credit card. Also, I dont have any bank loans. Whenever I apply for Credit card the banks rejects my application stating my CIBIL score is -1. How is it possible? can you please explain.

Harshala C: A score of -1 implies: a) You do not have a credit history or you do not have enough of a credit history to be scored, i.e. you are new to the credit systemb) You do not have any credit activity in the last couple of yearsc) You have all add-on credit cards and have no credit exposure

omi: How do I contact the other national consumer reporting agencies?

Harshala C: You may check the websites of the other agenices for contact details.

alex: How do I place a fraud alert?

Harshala C: If there is any fraud on your credit card you will have to contact you bank.

naman: How do I place a security freeze on my credit report?

Harshala C: There is no option of placing a security freeze on your credit report.

Shekhar Singh: Hi, recently i have cleared my 2 credit card dues which was pending for last 1 year and got noc from bank. now my question is there is a DPD (Day Past Due) filed in cibil report and will it affect to me for getting loan bcoz i have not paid anything to credit card for 1 year.

Harshala C: If there any delinquencies in past there will be an impact on the CIBIL TransUnion Score. You can build your credit history and score by making timely payments on you loan EMIs and credit card dues. Your score will improve gradually over a period of time.

ramdeo krishna: MY CIBIL SCORE WAS 784 IN AUG 13, WILL IT BE CONSIDERED VALID TODAY ?

Harshala C: CIBIL TransUnion score is a dynamic score and calculated on the basis of the information present on the credit report. Your credit information would have been updated since August 2013.

kapadia: Why can’t information be deleted from the credit report?

Harshala C: In accordance with the Credit Information Companies (Regulation) Act 2005, credit information has to be maintained for a minimum period of 7 years and cannot be deleted.

rahul: How does a collection account appear on the credit report?

Harshala C: Only loans and credit cards will be reflected on a credit report. I do not know what are your referring to as a collection account.

Sudhir-Puri: I changed few jobs in short span and due to busy schedule I am unable to close those accounts, so due no transaction from long time can affect my credit rating. If Yes then would that impact going to be very critical ?

Harshala C: If you are referring to savings bank account - CIBIL does not collate information pertaining to savings bank accounts.

nayan: Can credit repair clinics fix my bad credit?

Harshala C: No one can fix your bad credit. If you have defaulted on loans and credit card dues, you will have to ensure that you start making timely payment which will ensure that your credit history improves gradually.

manoj: Why does student loan information appear more than once on the credit report?

Harshala C: Student loan information will apear only once unless you have availed multiple student loans.

vijay: Why are my rent payments not on my Credit Report?

Harshala C: CIBIL collates information pertaining to loans and credit cards only. We cannot collect information pertaining to the rent payments.

Minesh Rohit: How much time does it takes to get things updated for credit score

Harshala C: Credit information is updated on a monthly basis by banks and credit institutions. The CIBIL TransUnion Score is derived by using the details found in the the Credit Information Report and is generated when the report is accessed.

umesh sharma: i want to see my credit and transaction details from CIBIL.i have transaction no

Harshala C: I presume that you have made a payment to access your CIBIL Report and Score.

If you are successfully authenticated you can download your credit report consisting your CIBIL TransUnion Score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery

RAJ SHAH: i HAVE REPAID MY CREDIT CARD PAYMENT.HOW SHOULD I UPGRADE MY SCORE IN CIBILI NOW ?? FURTHER STEP TO IMPROVE SCORE AS SCORE WAS 550 DUE TO CREDIT CARD OUTSTANDING BUT NOW IT IS CLEARED

Harshala C: You should make sure that you make timely payments on the loans and credit card dues. Maintain a positive credit history and your CIBIL TransUnion score will improve gradually. Do access your CIBIL Report and Score periodically to look at the improvement.

Minesh Rohit: Apart from cibil do we have anay credit rating agency in india

Harshala C: CIBIL is a credit information company or a credit bureau. Credit Rating agencies are CRISIL, CARE.

Minesh Rohit: How to get credit score and credit history from cibil

Harshala C: You can access your CIBIL TransUnion score and report on CIBIL’s website in 3 easy steps:• Step 1: Fill online form- Visithttp://rediff.ly/1gsxk and duly fill in the online request form • Step 2: Payment – Make payment of Rs. 470 via Net banking / Debit / Credit / Cash Card• Step 3: Authentication – Answer 2 questions based on your credit history

If you are successfully authenticated you can download your credit report consisting your CIBIL TransUnion Score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery

Prakash Shah: how to chk credit score

Harshala C: You can access your CIBIL TransUnion score and report on CIBIL’s website in 3 easy steps:• Step 1: Fill online form- Visithttp://rediff.ly/1gsxk and duly fill in the online request form • Step 2: Payment – Make payment of Rs. 470 via Net banking / Debit / Credit / Cash Card• Step 3: Authentication – Answer 2 questions based on your credit history

If you are successfully authenticated you can download your credit report consisting your CIBIL TransUnion Score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery

Aatish Jagmanani: Does Experian approve or deny credit?

Harshala C: If you have a good credit score and a healthy credit report you may be able to avail loans and credit cards faster. With a good credit score you may even be able to avail instant loan approvals from some credit institutions.Another benefit of a high credit score and a healthy report is that banks prefer such loan applicants.

Typically, no credit information company will approve or deny credit. Respective banks and financial institutions take a decision whether to approve or deny credit.

menisha: Why does my credit report show an outstanding balance for my apartment lease when I don’t owe any money?

Harshala C: CIBIL Report will only reflect loans and credit cards availed by you. There won't be any information pertaining to your apartment lease in the report.

Vinayak Tavade: What’s the difference between a consumer disclosure and a credit report?

Harshala C: Both the terms refer to the Credit Report of a consumer.

Consumer Disclosure is typically referred to a report accessed by a consumer himself/herself. This report will have the Bank names and account numbers disclosed which are not reflected in a report accessed by a credit institution.

umesh sharma: I have ref control no 674027474 can i get more details about transaction

Harshala C: Send us an email on info@cibil.com requesting for the details pertaining to your credit report.

Amol Dhurve: Why does my credit report show a credit limit for my apartment lease when it is not a line of credit?

Harshala C: CIBIL Report will only reflect loans and credit cards availed by you. There won't be any information pertaining to your apartment lease in the report.

shirish: Why does student loan information appear more than once on the credit report?

Harshala C: Any loan information should appear only once in your credit report. If you have availed of two student loans it will appear twice.

dinesh: If I am deaf or hearing impaired, how can I order my credit report or talk to a customer service representative for assistance with my report?

Harshala C: You can access your credit score and report on CIBIL’s website in 3 easy steps:• Step 1: Fill online form- Visit http://rediff.ly/1gsxk and duly fill in the online request form • Step 2: Payment – Make payment of Rs. 470 via Net banking / Debit / Credit / Cash Card• Step 3: Authentication – Answer 2 questions based on your credit history.

If you are successfully authenticated you can download your credit report consisting your credit score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery

umesh sharma: harshala can you advise how do i check status of transaction on your web site..I have transaction number

Harshala C: If you are successfully authenticated you can download your credit report consisting your CIBIL TransUnion Score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery.

Through this chat session I am happy to answer your queries on CIBIL report & CIBIL TransUnion score and help you understand the factors that impact your chances of loan approval.

Hitesh Shah: I Have Settled the credit card payments through EMI more than 1 year ago, now what step to take for good credit score.

Harshala C: You should make sure that you make timely payments on the loans and credit card dues. Maintain a positive credit history and your CIBIL TransUnion score will improve gradually. Do access your CIBIL Report and Score periodically to look at the improvement.