Factors that do not impact your CIBIL Score Ahmedabad 9426497770 / 079-40099917

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Factors that do not impact your CIBIL Score

Many times, we get worried that a chance delay in any of our obligatory payments such as tax or utility bill payments may get reported as a CIBIL default and impact our score adversely. However, many of these events are not reported to Credit Bureaus and hence, do not impact your CIBIL Score. Few factors that do not impact your Score are:

• Payment track record of utility bill payments including mobile and electricity
• Prepayment of loans or transferring your loan to another bank
• Payment track record of rent payments
• Cheque Bounces in your bank account
• Your Spouse’s CIBIL Score
• Checking your CIBIL Score regularly
• Any delay or defaults in tax payments
• Delay or default in paying to your suppliers or trade partners

While you may breathe easy that the above events are not going to affect your adversely, one word of caution : many of these factors may still be evaluated by the bank while taking a decision to lend. So, indirectly they may impact your eligibility to get a loan. Our advice is to follow a healthy and disciplined practice towards paying all your dues in time as:

• Many banks and NBFCs check your bank statements for cheque bounce information or your utility bills payment track-record to evaluate your credit-worthiness. This is especially true in the case of unsecured business loans or SME loans.
• Similarly, the banks may also check your spouse’s CIBIL score to establish the creditworthiness and calculate the eligibility of the household as a unit or in cases where you have filed a joint a loan application or are business partners.
• In the recent past, there have been increasing consensus on including utility bill payments records as a part of CIBIL score calculations. This is a popular practice in many developed countries and there is a likelihood of it getting implemented in India as well.

Why do I have a poor CIBIL Score?

It is extremely important to consider any early warning signs and take corrective actions to improve your score. Typically, poor CIBIL rating reflects the past credit repayment track record of the borrower. But sometimes, it may be a result of reporting errors by banks.

Below is a list of parameters that can adversely impact your CIBIL score:

Low CIBIL score due to wrong reporting by banks

Though CIBIL Score is ought to reflect the credit behavior of a borrower, sometimes wrong reporting by banks may translate into a low CIBIL Score. Some of the common errors by banks that can impact your score are:

• Wrong credit info provided by banks
• Record not updated even after the customer has paid
• Lenders classifying a/c as “settled with loss” while actually the dues were disputed
• Lenders showing amount as “overdue” even when the demand is contested by the customer

Low score due to past behavior of the borrower

Credit behavior and repayment track record of the borrower are some of the factors that result in a low CIBIL score. Some of the common credit behavior factors that result in a low CIBIL score of borrowers are:

• Write-offs reported, particularly in last 2-3 years on secured loans, unsecured loans, and credit cards
• Outstanding credit card dues
• Delay in payment of EMI’s on the home loan, loan against property, personal loan, consumer loan, gold loan or any other loan
• Too many loans already availed
• High credit availed on credit cards
• Too many loan applications made in the recent past
• The higher proportion of unsecured loans in total loans outstanding

તમને જો નીચે પ્રમાણે ની કોઈ સેવાઓની  જરૂરિયાત હોય, તો  મેહરબાની કરીને અમારો  સંપર્ક કરવા વિનંતી  ઘર બેઠા સર્વિસ આપવામાં આવશે

• Gumasta Dhara (દુકાનો અને મહેકમ) લાઈસન્સ & નવીકરણ
•  સોગંદનામું / Affidavit 
• જન્મ પ્રમાણપત્ર/ birth certificate
• લગ્નની નોંધણી / લગ્નનું પ્રમાણપત્ર/ marriage registration
• પાસપોર્ટ તાજા, નવીકરણ, મુખ્ય નાના passport new renewal correction fir 
• નામ ટ્રાન્સફર વીજળી, મ્યુનિસિપલ કોર્પોરેશન, ગેસ એજન્સી, property card
• Land revenue records and updation, pedigree  
• પાન કાર્ડ નવા / કરેક્શન
• GST return filing (through C.A.)
• આવકવેરા રીટર્ન/ Income tax return
• કાનૂની દસ્તાવેજો સુધારાઓ / correction of any government documents 
• મિલકત, બેંક, સરનામાં ટ્રાન્સફર માટે અરજી
• વેચાણ કરાર, વેચાણ ખત sale deed, and other documents 

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Nr Swaminarayan Temple

Shahibaug Ahmedabad 380004

Ph: 079-40099917,9426497770

Mail :veritas.smeet@gmail.com

www.veritastheteam.com