TransUnion CIBIL is the leading Credit Information Company in India that records and maintains data related to the credit history of individuals and companies. The company uses this data sourced from lenders and credit card issuers to generate credit reports and credit score/rank for individuals and organisations. The credit report for individuals that is generated by CIBIL is known as the CIBIL Report. The CIBIL Report takes into account the handling of credit instruments – how an individual/company has handled credit (loans, credit cards, etc.) in the past. It helps lenders determine the creditworthiness of an individual/company based on their credit history and past repayment behaviour with respect to all forms of credit and lending institutions. There are 2 types of Credit Reports generated by CIBIL- the Credit Information Report (CIR) which pertains to individuals and the Company Credit Report which pertains to Companies.
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What are the types of CIBIL Report?
There are 2 types of reports generated by CIBIL for consumers. One is for individuals and known as the CIBIL Report and the other one is for companies known as the Company Credit Report (CCR).
- Credit Information Report/CIBIL Report: This contains records of the credit history/credit behaviour of individuals with respect to all forms of credit and lending institutions. It helps lenders gauge a person’s credit worthiness as it includes a person’s credit repayment history with respect to all prior loans and credit cards. The CIR does not take into account a person’s investments, savings, fixed deposits, etc. This report also features the CIBIL Score, which is a 3-digit numeric summary of your credit history and ranges between 300 and 900. The higher the CIBIL Score (i.e closer to 900), the better are the chances of approval of your new loan or credit card. The CIBIL Report contains the following key sections – your CIBIL Score, personal information, contact information, credit account details and enquiry information.
- Company Credit Report: A Company Credit Report (CIBIL CCR) is a record of a company’s credit history. It is based on the data submitted to CIBIL by lending institutions across the country. It indicates the past payment behaviour of a company and is often used by lenders while evaluating loan applications to gauge the risk of lending to the company. It is used to determine the CIBIL Rank, which is the summary of your CCR and ranges between 1 to 10, where CIBIL Rank 1 is the best (least risky for lenders) and 10 is the worst. It is similar to the CIBIL Score provided for individuals. However, the CIBIL Rank is currently only available for companies who have a credit exposure of Rs. 10 lakhs to Rs. 50 crores.
Login to CIBIL Report
Both individuals and companies must login to the CIBIL portal to access their CIBIL Reports and CIBIL Scores/CIBIL Ranks. To login to the CIBIL portal they must register themselves online. Though individuals can access one free CIBIL Report and CIBIL Score every year, companies must pay a single amount of Rs. 3,000 to get their one time CCR (Company Credit Report) and CIBIL Rank (if applicable). Individuals who want regular access to the CIBIL Score and Reports can opt for a monthly/bi-annual/annual subscription. Once consumers -both individuals and companies, have registered themselves on the CIBIL portal, they can simply log in to access the CIBIL Reports by following the steps given below:
1. Visit the official website of CIBIL.
2. On the top right corner of the homepage click on ‘Partner Login’ and select ‘Consumer’.
3. On the page that opens hereafter, log in using your registered email-id and password.
Alternatively,
Upon successful registration with CIBIL, consumers are given access to myCIBIL section which is meant for users. You can login to myCIBIL using your registered email id and password. One can also access myCIBIL by checking https://www.cibil.com/cas/consumer/portal/login.
How to Download CIBIL Report for Free
You can download your CIBIL Report for free by following the steps given below:
- Visit the official TransUnion CIBIL website
- Click on ‘Get Yours Now’.
- Enter personal information like your name, date of birth, pincode, contact number, select the ID type and ID number, etc. and create your own username and password.
- Click on ‘ Accept & Continue’
- An OTP will be sent to you to verify your identity or additional details may be asked to confirm your identity.
- Upon the successful verification of your identity, you can download the CIBIL Report and check your CIBIL Score.
CIBIL Report Correction
You need to get a CIBIL Report correction in case you notice that there are any discrepancies in your CIBIL Report such as administrative errors or errors in reporting by banks/financial institutions. Make sure you get errors rectified immediately to avoid any major impact on your CIBIL Score/Rank. To do so you can make use of CIBIL’s Dispute Resolution mechanism. The steps involved in the Dispute Resolution process are given below:
Dispute Resolution Process for Individuals:
- Login to myCIBIL and go to the Credit Reports Section.
- Navigate to Dispute Center and click on Dispute an Item.
- Fill in the online dispute form.
- Choose the relevant section as per the nature of your dispute and click on ‘Submit’. In case you disputing data inaccuracies, enter a value for the disputed field and click on ‘Submit’.
Dispute Resolution Process for Companies:
- Visit the official website of TransUnion CIBIL.
- Click on ‘Dispute Resolution’ and choose ‘Company Dispute Resolution’.
- On the page that opens next, click on ‘Raise an Online Dispute’.
- Fill in the Online Commercial Dispute Form, enter the captcha code and click on ‘Submit’.
Once the dispute form has been submitted online, the disputed field(s) under relevant section(s) are marked ‘Under Dispute’. Then the dispute is taken up with the concerned lenders and the lender can either reject or accept the dispute. Corrections are made if the dispute is accepted and ‘Under Dispute’ is removed from the disputed field(s) under relevant section(s). The dispute resolution process involves a turnaround time of upto 30 days.
Alternatively, you can also raise a dispute by writing to CIBIL at the following address:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
Common Terms Used in CIBIL Report
Some common terms used in both the Credit Information Report (CIR) and Company Credit Report (CCR), are discussed below:
- SF/WD/WO/SETTLED: Credit Accounts that have Suit Filed/ Wilful Default/ Written Off/ Settled.
- DPD: Days Past Due. It refers to the number of days that have passed from the agreed payment due date of EMI.
- DPD ‘0’: It indicates that the payment is made as agreed i.e. on time and the credit account is up to date.
- DPD>0: The number indicates the “Days Past Due” reported by the respective lender i.e. how many days the payment was late as compared to the due date.
- When any of the following letters are shown in the DPD table, it means that the lender is reporting Asset Classification and indicates the following:
| S : Standard | As per RBI guidelines, an account which is overdue for less than 90 days is considered as a Standard asset. |
| B : Substandard | As per RBI guidelines, an account which is overdue by 90 days for a period of less than or equal to 12 months is classified as Substandard asset. |
| M : Special Mention | These accounts are “Standard” assets but for some discrepancy the lending organization would like to monitor this account closely. |
| L : Loss | As per RBI guidelines, an account where loss has been identified but the amount has not been written off, wholly or partially is classified as Loss asset |
| D : Doubtful | As per RBI guidelines, an account which is overdue by 90 days for more than 12 months is categorized as doubtful asset. |
- Control Number (CN): It is your report number and is essential in case you want to raise a Dispute Request.
- ‘NA’ or ‘NH’: A credit score of ‘NA’ or ‘NH’ is not a bad thing. It may mean any of the following:
- You do not have a credit history or enough credit history to be scored, that is, you are new to the credit system.
- You haven’t had any recent credit activity.
- You have all add-on credit cards and no credit exposure.
- Class of Activity: It refers to the Classification Activity/Occupation of the Borrower as reported to CIBIL by the Credit Institution(s).
- Overdue CF: Indicates the number and amount of credit facilities which have ‘Amount Overdue’ reported.
Benefits of CIBIL Report
Some important benefits getting a CIBIL Report are given below:
- Better Checking of Credit Health: TransUnion CIBIL is one of the 4 leading Credit Information Bureaus in India. The credit reports generated by CIBIL are reliable and widely used by both individuals/companies and lenders. A CIBIL report helps individuals understand their own credit behaviour and credit worthiness. By accessing the credit report consumers can identify and correct mistakes relating to defaults in payments, improve their debt-income ratio, etc. Having regular access to CIBIL reports helps consumers to keep a check on their credit health.
- Easier Credit Approval: The CIBIL Report also includes the Credit Scores of individuals and Credit Ranks of Companies (if applicable). Credit Score and Credit Rank are among the most important things that lenders look for when evaluating loan applications. By accessing the CIBIL Report both individuals and companies can identify the errors in their credit behaviour and take appropriate steps to improve them. This may eventually help them improve their CIBIL Score and CIBIL Rank and thus, enable them to secure credit more easily.
- Faster Identification and Rectification of Errors: Regular access to CIBIL Report also enables consumers identify any administrative errors such as incorrect reportings by banks and financial institutions or any fraudulent usage of data/information and to get them rectified timely.
- Helps Lenders identify best borrowers: Lenders also look for the CIBIL Reports of individuals and companies when making lending decisions. It helps them gauge the risk of default in repayments by giving them access to a person’s/company’s past credit behaviour and history of repayments.
FAQs
Q1. What is the difference between CIBIL Report and Credit Report?
Credit Report contains information about the credit history and credit behaviour of individuals and companies. There are 4 major Credit Bureaus in India -TransUnion CIBIL, Equifax, Experian and CRIF Highmark, each of which generate their own credit reports and scores. The credit report that is generated by TransUnion CIBIL is known as the CIBIL Report.
Q2. What is the difference between CIBIL Report and CIBIL Score?
CIBIL Report contains detailed information relating to the credit behaviour and credit history of individuals and companies across loan types and lending institutions. A CIBIL Report (or CIR) contains the following key sections such as Credit Score, personal information, contact information, along with a person’s employment, account and enquiry information. However, CIBIL Score is one of the components of the CIBIL Report. It is a 3-digit numeric summary of an individual’s credit history and ranges between 300-900. The closer your score is to 900 the better are the chances of approval of your personal loan application.
Q3. How can an error in the CIBIL Report be rectified?
Consumers- both individuals and companies can get the errors in their CIBIL Report rectified by reporting the same to CIBIL. This can either be done via the online Dispute Resolution mechanism available on CIBIL’s website or by writing to CIBIL at the following address-
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
Q4. What is considered to be a good CIBIL Score?
A CIBIL Score of 750 or higher is typically considered to be a good credit score. As a rule of thumb, the closer your credit score is to 900, the better your chances of being approved for new loans or credit cards.
Q5. Can I have a CIBIL Score of zero?
No. The minimum CIBIL Score that you can find on your report is 300. However, in case you have a very short credit history or haven’t taken a loan/credit card in the past, you can have a credit score designated as NA (Not Available) or NH (No History).