CIBIL-CREDIT REPORT CAN HELP TO FIND IRREGULARITES

For new learners, a credit report is a report that provides financial horoscope of the borrower’s information i.e. name, address, PAN, passport, election card details and relevant details which were submitted earlier to get the credit facility.

A credit report with good credit score of 750 or above is a must to get a loan from financial institutions. When borrower applies for a loan,  the lenders get his credit report from  CIBIL, if his credit score is below than expectation, lenders will refuse application.

Credit score is a mathematical arrangement between 300 and 900 of borrower. It is a part of credit report. For most banks, 750 is a threshold, while CIBIL claims that 79% of all new loans sanctioned are to individuals with CIBIL score (credit score) above 750. Higher the score is positive chances to get the credit.

Identity theft means posing as someone to obtain credit in that person's name. Fraudsters manage to access documents like pan cards, election cards, residence proof by false promising to avail the loan and then establishing identity and address of individuals. Loans and Credit Cards are issued in the name of innocent individuals and fraudsters use that money and never pay back.

Credit reports of such innocent individuals show a “default” or “written” status against such loans. Worse, these individuals have no clue on what's happening, and face a rude shock when they apply for a loan.

The only solution is perhaps to keep accessing one's credit report at regular intervals. Credit reports capture loan enquiries made in an individual's name as well as new loans disbursed. Most credit observers recommend accessing credit report at least once a year.

FOR MORE INFORMATION PLEASE VISIT CIBIL WEBSITES

Loan,credit card rejected ? low credit score ?

Call 079-40099917 VERITAS - Independent Financials Advisors, Ahmedabad INDIA. 

www.veritastheteam.com. 

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